Tax season 2016

[snickerd3]

Playing that waiting game to see how close to Jan 31 our employers are going to wait before sending out the W2.  At least the stock info deadline matched the W2s this year.  no having to wait until feb 15th

 

[Supe]

Waiting for W2's from two companies this year.  Switching from single filing to married with Mrs. Supe being a sole proprietor is going to be a nightmare.

 

[snickerd3]

Waiting for W2's from two companies this year.  Switching from single filing to married with Mrs. Supe being a sole proprietor is going to be a nightmare.

this might be worth a trip to a tax person just for this year to get it right.  

 

[Supe]

this might be worth a trip to a tax person just for this year to get it right.  

Confident that is going to be the case.  Her side is the impossible side, since she does everything with hand notes and piles of old receipts...

 

[SNAPE/SMOTT PE]

Mine will be mailed on the last day, but not received until Feb.

 

[wilheldp_PE]

I should get a pretty epic return this year, what with the $7500 tax credit for buying the Tesla.

 

[Road Guy]

thanks Obama!

 

[snickerd3]

we still have carryover from last year return on stock losses.  still can't believe you get credit for bad financial choices.  

 

[Road Guy]

So what's the best way to try and estimate having a cash windfall of say $30,000 next year?

Say that "hypothetically" I get offered a new job with a $30K signing bonus (or sell this place to the Devil), I am trying to find out if I am going to get T-Totally F'd on taxes?

My plan was to do my taxes this year and then just add $30K to my salary in turbo tax and see what I would have to not do to give some of that back?

 

[knight1fox3]

@mudpuppy, correct if me if I'm wrong, but based on my own experience, he would at the very least have to adjust his withholdings since the standard deductions will likely not cover the taxes owed for the calendar year. That bit us but it was attributed to using the IRS tax calculator which didn't account for everything that our earnings was based on. 

 

[matt267 PE]

I'm holding my new tax deduction right now. 

 

[Road Guy]

apparently I am wealthy and don't get those anymore  even though I have three of them

 

[matt267 PE]

Try having another one. 

 

[Ble_PE]

That's because you need to pay your fair share filthy 1%'er!

 

 

[mudpuppy]

So what's the best way to try and estimate having a cash windfall of say $30,000 next year?

Say that "hypothetically" I get offered a new job with a $30K signing bonus (or sell this place to the Devil), I am trying to find out if I am going to get T-Totally F'd on taxes?

My plan was to do my taxes this year and then just add $30K to my salary in turbo tax and see what I would have to not do to give some of that back?

If you receive a signing bonus, the new employer should withhold tax either at your normal wage rate, or a flat 25%. You could double-check with the employer they will do this, but the IRS really frowns on employers not withholding so I'd be surprised if they didn't.  If you wanted Turbo Tax to estimate the effect on your taxes you'd add $30k to your income and also add $7500 to your withholding.

If you sold Engineerboards (or sold anything else you've owned more than a year), that would be a long-term capital gain, and you'd owe a flat 15% tax on the gain (you can subtract out your cost basis from the total sale price--I'd get some professional help on this because I'm not sure what all is deductible).  You'd be responsible for paying an estimated tax on this.  If you don't pay the estimated tax, they'll slap you with a penalty of 0.5% per month of the tax owed, which could be as much as $2700 extra.

If you get it by some other means where no tax is withheld, say, smuggling Mexicans over the new wall, then you could just add the $30k to your income in Turbo Tax.  Again there would be a penalty if you don't send estimated quarterly payments to the IRS.

BTW, you still get a $4k personal exemption for each dependent on your return, unless you make more than $311k.  It's not as beneficial as the child tax credit, but you still get a deduction for them.

 

[MetsFan]

I'm hoping I won't have to pay $7,500 like I did last year, but I'm assuming it's going to be something crazy high again.  

 

[snickerd3]

got all the W2 yesterday...haven't gotten the investments paperwork yet, but as of right now a return is in our future...federal side at least.  

 

[Road Guy]

I do like it when we put in our W-2's in turbo tax and before entering any deductions we only owe $1000!  Should translate into a refund once we put in the mortgage interest deduction and all the other stuff for the privileged

 

[envirotex]

I've already done the exact same and we're getting $$ back before I even itemize this year!  On a similar note, that means I really need to adjust my W-4...

 

[snickerd3]

this year was another let's see how it turns out since mr snick was switched from salary to hourly....same base pay but OT was paid.  He finally got his wish of being the bigger bread winner in a non-maternity leave/normal work year.