Tax questions?

[Krynn72]

I just got my w2 so I went to H&R block's website to do their free Federal return thing. I did it last year and it worked out well. But this time it says I owe $512. Last year I got $950 in return, so I don't understand why I go from almost a grand in refunds to half a grand in payment. Nothing changed, I still have the same job, still live in the same place, still single, still paying back student loans, etc.

I made a bit over 35,400 this year, and and the total taxes withdrawn come out to about $5,130. Thats for federal, social security, and medicare taxes. Does the taxes withdrawn seem low? Is there a way to calculate roughly how much tax should have been withheld, so I can double check?

Also, I went to TurboTax and did their free thing, to make sure it wasnt a glitch with H&R block, its the same deal.


EDIT: Wait a sec... When I add all my paychecks for the year together (after taxes), and then add back in the total taxes withdrawn (fed and state) I should get my salary right? My calculations are coming up $5,000 short. I have automatic payments withdrawn from my paychecks for my dental insurance, but thats only 40 bucks a month, and only started a few months ago. So that doesn't come close to accounting for the difference.

 

[Maestro]

I'd check the figures you put in, you may have made a typo. I odn't know why you would, since there hasn't been any significant tax policy changes that I know of.

 

[Wizard]

Maybe you've been preempted to start paying for national healthcare?

 

[Adabiviak]

Does your employer attempt to check/update your tax status every year? That's an opening for a mistake, though not likely. $5000 even sounds like a typo on someone's behalf. Around $5000 sounds like a deduction was missed. Do you itemize your deductions?

Seriously though, a good place to start would be to go to your payroll clerk and review your witholdings.

 

[unozero]

I bet it's ****ing Obama's fault.
lol

 

[The Monkey]

You have a 15% tax rate? Holy shit.

 

[Krynn72]

My roomate (and co-worker) said he had almost a 25% rate, and is getting a big refund. But two other coworkers said they ended up owing money too.

 

[Sedako]

I'm single and claimed 1. My taxable income was about $29,000, and through TurboTax I'll be getting back $131 from Fed and $1 from state. My only deductions were roughly $1200 in school loan interest paid. What did you have in box "H" on your W-4?

 

[Krynn72]

It would have been 3.

 

[Sedako]

Not sure why there's such a discrepancy with the year before, but you might owe so much because you weren't withholding enough. Did you change your W-4s?

 

[Krynn72]

Not that I can remember. I vaguely recall having a discussion with my dad after I got my last refund about how I could change it so I didnt get so much money back at refund time, and would have more money in each paycheck, but I don't think I ever did anything about.

 

[Darkside55]

It might be time for you to go down to an H&R Block in person, Krynn.

 

[Vegeta897]

You mean in dog lolololol

 

[Danimal]

I was going to say "No Dogs Allowed"

Fu­ck you, Vegeta.

 

[Darkside55]

I'm surprised it took so long for the dog comments. I expected "You're a dog, you don't pay taxes, you can't even claim anyone" or something long before this.

But yeah, the internet probably won't do you much help in this department. Best to see someone who can look over your forms and help you sort this out.

 

[Warped]

last year I got back like $1600 I don't know how I did it but I had the biggest smile on my face for a long time. for NY state taxes I usually have to pay back like $300 because NYC steals like a baby sucking on a massive tit which would be the rest of NY state