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So long you file your taxes and pay any taxes due (including interest and penalties on underpayments) the IRS does not usually make a big deal out of it. It’s pretty normal for people to screw with their withholding in lean months, or to file “exempt” W-4s on a bonus paychecks, much to the chagrin of payroll departments who don’t have the automated employee portals. While you do sign your W-4 under penalties of perjury, as far as I can tell it only seems to come up when the IRS is pursuing people who do it to frustrate tax collections. The worst effect I ever saw from an intentionally wrong W-4 was years ago when I picked up a new client who had worked at a large employer that just closed down locally. The client was part of an incentive program for the workers to stay until the end, where they each received $25,000 after taxes were taken out. Because he had claimed exempt on his W-4, his final paycheck was for about $27,000 ($25,000 after social security and Medicare taxes) while all of his friends’ gross paychecks were about $40,000. Sadly for him, this was not the dumbest financial move he had made that year and his tax return review meeting was incredibly tense. Missing Donut fucked around with this message at 04:09 on Nov 19, 2023 |
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Nov 19, 2023 03:58
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| # ¿ May 11, 2024 18:14 |
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smackfu posted:I assume this was for tax reasons since he could have just waited to do the donation if he wanted to control it. The deduction was made in 2017, so I assume that he wanted the deduction before the 2018 tax cuts went into effect.
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Dec 15, 2023 22:20
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The IRS really needs to change the "Married Filing Jointly" box on the W-4 to say something like "Married Filing Jointly where only one spouse has income" or something like that. That stupid box is nothing but a source of headaches for taxpayers everywhere.neogeo0823 posted:I think I may have found the issue(s). The first one being that my W4 was set from single zero to married zero early last year, which I forgot that I had done. The other being that my wife owns a small business, and we filed jointly last year, but it was a headache to do so, so she wanted to file separate this year. I can see getting less of a refund with the W4 change, but I'm unsure how much less. Likewise, I know that filing separate vs. filing jointly changes some things, but I'm unsure exactly what those differences are. Between the two though, would that really add up to a $1500 difference in my return? That seems kind of ridiculous if so. As stated previously, MFS is often not a good choice. Also, if you are in a community property state, correctly filing your taxes as MFS will also make your taxes much, much, much more complicated with a very high chance of processing issues. What state do you live in?
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Feb 7, 2024 18:32
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Harveygod posted:I believe that there is a box that says "Married but withhold at single rate", which would be appropriate for someone with a working spouse. That is true. You know that. I know that. But most people do not realize that would be a good option for them, and the instructions do not provide any clarity for it. Boris Galerkin posted:Can I still file my taxes or do I need to wait for a bullshit corrected version from the HSA custodian? I mean as far as I care, my W2 is 100% correct and it’s the HSA’s form that is wrong. I wouldn't wait. The due date for the HSA custodian to provide you and the IRS with the form is May 31st, so they will probably have it all handled by then.
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Feb 8, 2024 00:06
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KodiakRS posted:I currently live and pay taxes in AZ but I am planning on moving roughly halfway through this year. Thanks to my high AGI I get to make quarterly estimated tax payments this year. Should I: Usually my advice would be “B” as a first choice and “A” as the second choice unless you’re positive you are moving in May. Also make sure you don’t need to make estimates to your new state.
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Feb 29, 2024 14:48
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Epitope posted:Inheriting and then selling a business certainly seems like hire a pro territory for lots of reasons, but for tax isn't it more or less a capital asset, and the basis is the value at death? Maybe, but it would depend on how the estate was set up. Also, how the business was organized might have repercussions on the design of the business sale. OP, see a professional. You don’t want to be relying on strangers from the Internet for this one.
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Mar 8, 2024 14:32
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Flora Finching posted:I didn't get any forms from disability and there wasn't anything on the tax return that included it. Unemployment is on there which I remember doing from COVID lockdown but not SDI. Stab in the dark here: how much in taxes did you have taken out from your unemployment pay? It should say on the 1099-G.
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Mar 25, 2024 15:53
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Hadlock posted:How do I tell HR to withhold more money from my paycheck If you have just one job each and no other significant income sources: Read the directions to the W-4 form or use the IRS’ website tool and fill it out the way they tell you to (hard, may require reading or math) - OR - Both you and your wife just fill out W-4s as single (easy, does not actually require a divorce)
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Apr 7, 2024 03:38
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If getting a refund makes someone feel a bit better or more secure, and it isn't causing other problems (such as leading them to build up credit card balances), I'm never going to shame, lecture, or call them "cuck minded" for preferring to set their financial life in that way. Seriously, if getting a tax refund is the biggest financial mistake you're making, you're doing brilliantly in life.
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Apr 15, 2024 17:35
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KYOON GRIFFEY JR posted:I think it's fine to try to equalize your withholdings, but sometimes people seem not to understand that being under-withheld is not related to your actual tax burden. Oh, absolutely. It's a never-ending struggle, especially with the new W-4. Every year I get a few phone calls from new clients who started their returns in TurboTax, saw the balances due, and decided that they'd like a second opinion from a CPA. Then I get to explain what a refund is, and what it means to owe. Missing Donut fucked around with this message at 22:05 on Apr 15, 2024 |
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Apr 15, 2024 21:59
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| # ¿ May 11, 2024 18:14 |
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Ne Cede Malis posted:So, this gets even worse! I dug back through my emails and I found that I got an automated response from the preparers software with a form 9325 showing that my return 2022 return was electronically accepted on 4/18/2023. Just for clarity -- was the 9325 for the extension or for the return itself? Box 2 would be checked for the return, but box 6 would be checked for the extension.
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Apr 23, 2024 21:07
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