2016 Income Tax Talk

[Ericb]

 

[sweeney]

now days yes some pay nothing in and then get 8-10000 back. Started in earlier 70s with earn income credit.
wish they would just spent those funds I send in wisely.
It all does get old but life is good as it needs to be. Db

How is that possible to pay nothing and get 8-10k back?

 

[Kickemup]

I just dropped of all my tax paperwork today. I'll know by Wednesday how big the shaft is going to be.

 

[JUSTWINGNIT]

I just dropped of all my tax paperwork today. I'll know by Wednesday how big the shaft is going to be.

It will be black......

 

[ShootnBlanks]

So it will be big then...

 

[LBrandt]

The question is "can you afford it". Its the price you pay to be able to complain about it.

 

[huntinforfish]

I would personally like to see more of a deduction for student loans. $2500 does not do much for me. Wife and I will be paying in again this year. I have increased the percentage deducted from my 401k a couple years in a row to try and alleviate the burden, but it looks like I need to take more.

 

[ranger150]

It's parents on welfare. They get the child earn credit even if they didn't pay taxes. I wish they would call it what it is. Another welfare program! How can you call it taxes when one gets more in return than they paid in???!!!

How is that possible to pay nothing and get 8-10k back?

 

[savage270]

what percent would be fair? just curious what the peanut gallery thinks.

I figure that if 10% is good enough for Jesus, it should be good enough for Uncle Sam.

ndwalleyes - if you and your wife already have your 401ks maxed out ($18,000 for 2017, $24,000 if you are over the age of 50), I would consider buying a rental property or two. They typically lose money creating a large deduction on your taxes, provide a great extra source of income in retirement and can then be passed on to your children when you die, tax free.

 

[FishSticks]

I dated a girl a few years ago with a completely psycho sister (ex was also crazy but did not hold a candle to her older sis) who lived at home with her parents with her 3 year old kid. She did not pay rent, did not pay bills and did not pay for food/clothing/etc. She did not really work all that much and for whatever reason her parents didn't claim her and her daughter as a dependent. Each year she would get this giant refund and take her toddler to Hawaii, telling everyone how much she deserved a vacation from her super stressful life instead of paying her parents for being a burden or saving to get her own place or anything. It absolutely baffles me how flawed the system is and how much of a leech some people are.

 

[BrokenBackJack]

I dread tax time too. My bride and i pay in quarterlies too and still come tax time we just pay out some more.
Hate to see what it is this year.
One of our friends has a daughter with 2 kids and divorced and she gets 5-10,000 bucks back every year and she doesn't hardly work . This past year she probably had 6 jobs and worked a total of 30 days or less. Damn Meth head and works the system. Kids are going to be nuts just like her. What a shame as i feel sorry for kids in these situations.

 

[martinslanding]

Getting the house paid down is a blow on the taxes….but between 401’s and IRA’s and itemized deductions usually our ND state return is pretty close to what we pay into Uncle Sam…however that gap has been growing every year…..

 

[guywhofishes]

Paying in big $$ to the tax man does suck - but sure beats the other way around (getting someone else's taxes given to you). :;:howdy

 

[1pingonly]

Old Thomas (Jefferson) knew what he was talking about...
"the democracy will cease to exist when you take away from those willing to work and give it to those who aren't"

 

[Ragnar]

The days of getting a refund are long gone for me. Still have my youngest in College, but was only allowed to write those expenses off for two years and now income is to high to write any of it off. Wife maxes out IRA and I max 401K.... Still gonna have to write a check north of $8k.... but wtf, the gov knows better how to spend my money than I do right?

 

[eyexer]

How is that possible to pay nothing and get 8-10k back?

it's called re-distribution of wealth.

 

[johnr]

I have a company I no longer represent that has yet to send out the tax info, is this not now like 2 weeks late?

 

[guywhofishes]

you're lucky johnr - most companies don't supply turnips with tax info until March

 

[Ericb]

I have a company I no longer represent that has yet to send out the tax info, is this not now like 2 weeks late?

1099's dont have to be sent out untill beginq of feb. I think I get a stray one in April every year just to piss me off.

 

[labhunter66]

What really sucks is that both me and the wife claim zero on our w-4's ended up sending a substantial check to Uncle Sam on April 15 last year and then get a notice that we owe a penalty because we didn't have enough withheld from our checks. The system sucks and needs to be fixed. If we're both claiming zero, sending a 5-figure check in April, and still getting a penalty it's f-ed up.