Taxes

posted 7 days ago in The Lounge
Post # 2
Member
149 posts
Blushing bee
  • Wedding: Las Vegas, Nevada

Are you in Ontario?

Post # 3
Member
6772 posts
Busy Beekeeper
  • Wedding: June 2015

bertchelbee :  that really sucks. The worst I got was $3000 once. It really blows when you take too many deductions. Also something to bear in mind when political leaders start promising free this and that for everyone… as a middle class family eventually that’ll be you footing the bill via taxes. 

And now I’m super hoping my taxes won’t be as bad as yours… we just built an addition and are therefore broke. Good thing I had a tax break baby in October! 😉

Post # 4
Member
13842 posts
Honey Beekeeper
  • Wedding: November 1999

Are you in the US?  Did the mortgage interest deduction and property tax deduction not help you significantly? That’s the only real deduction we get.  As far as student loans, it’s actually capped at $2,500 of interest payments, so it isn’t going to be much help. 

Edited: Did you try doing married/filing separately and see if the results were any better? There are some deductions you don’t quaify for when you file that way (student loan interest is one), and if one of you itemizes, both of you have to, but it might be worth playing around in TurboTax or something to see. 

Post # 5
Member
3193 posts
Sugar bee

JiminyCricket :  with the new standard deductions, most people won’t be able to itemize even with mortgage interest and property taxes.  

Post # 6
Member
13842 posts
Honey Beekeeper
  • Wedding: November 1999

sharpshooter :  Fair enough. I’m in an exceptionally high COLA area, so our mortgage interest still pushes us to itemize (we file separately, so based on different numbers anyway) 

Post # 7
Member
9672 posts
Buzzing Beekeeper
  • Wedding: August 2012

 Is this the first year you’re filing together?

Post # 8
Member
6 posts
Newbee
  • Wedding: March 2020

If you are taking the standard deduction and making 0 elections, you should not owe this much money unless you have substantial income outside of your W-2 jobs. Is there other income being taxed? 

Post # 9
Member
2792 posts
Sugar bee

That doesn’t sound right at all if you’re both claiming zero on your W9. I’d definitely have someone else look at it as well. Also consider filing jointly vs separate and see if that makes a difference.

I’d also talk to both employers em make sure they’re taking out the max in taxes. Something is off.

Post # 10
Member
1120 posts
Bumble bee
  • Wedding: August 2019 - City, State

mrsaime :  I agre. I think it would be worth the money for a tax accountant to look at this for you. H&R Block is not necessarily known for being the best out there.

Post # 13
Member
6 posts
Newbee
  • Wedding: March 2020

I’m a CPA and work in Corporate Tax – shoot me a PM if you want to ask any specific questions. Surface level, something seems off. 

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