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      04-07-2013, 08:11 AM   #1
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Anyone else OWE Uncle Sam this year?

For the third straight year I will not be getting a tax refund; again I owe the government money. Maybe it's because I'm single with a decent income Uncle Sam is like, "Hey, you don't need all that money. I'll be taking some of that now."

Naturally I'm waiting until the very last second to file my return. For those of you getting refunds I hope you get something pretty for yourself or a loved one.
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      04-07-2013, 08:59 AM   #2
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I hate when that happens. I have owed the IRS a couple times in the past. It can get kinda weird/sketchy sometimes for us single guys who make a decent living from hard work. Now it is nice if and when I get a little something back... but honestly My main concern is "as long as I don't owe, i'm happy with that"!.... is that kinda sad...? lol
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      04-07-2013, 09:19 AM   #3
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It doesn't quite work that way. Basically you paid less in taxes over the course of the year than you should have... So you made more every pay check than you should have. I'm single with no kids too, but I got a refund. Has something to do with how your job is taking taxes.

I'm no tax expert, but I'd rather have no refund or owe a small amount. I could have used that money earlier in the year, put it away, and made something off of it.
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      04-07-2013, 09:49 AM   #4
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Quote:
Originally Posted by Templar View Post
It doesn't quite work that way. Basically you paid less in taxes over the course of the year than you should have... So you made more every pay check than you should have. I'm single with no kids too, but I got a refund. Has something to do with how your job is taking taxes.
Well obviously I paid less than I should have otherwise I'd be getting a refund. However I have noticed that as I move into higher tax brackets things such as paying off student loan interest, paying for grad school, and my generous charitable contributions - all of which are typically deductable - haven't been as beneficial to me.
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      04-07-2013, 10:27 AM   #5
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If it bothers you, then you should work with your HR folks to see if they can adjust your pay so you don't owe anything. It seems it can be done. There's a whole thread on this already, where a couple of tax people chimed in as well. But in reality, you're making more throughout the year than you would if you were to get a refund, and personally I'd rather have it that way IMO.
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      04-07-2013, 11:23 AM   #6
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I was on 1099 for a couple years.... sucks having to write a check for $20k during tax time.
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      04-07-2013, 11:52 AM   #7
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Maryland took $555 out of my $1100 federal return. Since I'm in the military I don't actually live in the fucking state, its just my home of record. They take income tax all year too, but HALF my federal return went to the craptastic state.
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      04-07-2013, 12:00 PM   #8
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It's called a W-4 people. On that form you state the number of exemptions and that determines how much is withheld from each paycheck. You can even claim exempt which would make them not withhold any money for FICO. The trick with that is that if you do owe more than a certain amount (something like $1000) you have to pay a penalty for underpayment.

The most ideal thing is to have to owe a small amount when you do your taxes. That means you didn't give Uncle Sam an interest free loan over the course of the year. You can adjust your W-4 up or down depending on how much you owed (or were refunded) to better align things.
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      04-07-2013, 01:29 PM   #9
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if you claim the maximum number of dependents it'll minimize the taxes withheld on your w2.

anyway, i lost money last year.
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      04-07-2013, 02:03 PM   #10
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I owe every year and also pay extra taxes every quarter. And I'm happy it's that way.

It is better than getting a huge refund. Refunds are for poor people or those who don't know how to manage the tax man.
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      04-07-2013, 06:16 PM   #11
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Yes... A lot.

Quote:
Originally Posted by Nate4641 View Post
Maryland took $555 out of my $1100 federal return. Since I'm in the military I don't actually live in the fucking state, its just my home of record. They take income tax all year too, but HALF my federal return went to the craptastic state.
Sounds like someone's moving when they get back....
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      04-07-2013, 06:39 PM   #12
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I owe but not nearly as much as last year. Funny thing is my accountant told me if I maxed out my 403b contribution I would have gotten a refund. So this year I will contribute more tax free money to my 403b which in essence lowers my taxable income. That's something turbotax won't tell you.
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      04-07-2013, 08:21 PM   #13
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Quote:
Originally Posted by upstatedoc
I owe but not nearly as much as last year. Funny thing is my accountant told me if I maxed out my 403b contribution I would have gotten a refund. So this year I will contribute more tax free money to my 403b which in essence lowers my taxable income. That's something turbotax won't tell you.
Talk to a financial advisor. You may want to pay the taxes now and go with a Roth 403b. The largest debt we face in retirement is ............., wait for it......... Taxes. Most people think its insurance or health care. If you only have taxable money to draw from then all your money will be taxed and at what rate?
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      04-08-2013, 07:43 AM   #14
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Quote:
Originally Posted by Nate4641 View Post
Maryland took $555 out of my $1100 federal return. Since I'm in the military I don't actually live in the fucking state, its just my home of record. They take income tax all year too, but HALF my federal return went to the craptastic state.
That just doesn't sound right to me. Do you file yourself or have someone do it for you? Technically that money you earned was not in Maryland, even if it is your home of record. That's how I file my PA taxes. PA is my home of record, but none of my income is earned there, so they don't take anything from me.

I'd check with a tax advisor, but I don't think MD should be taking anything from you.
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      04-08-2013, 09:18 AM   #15
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I haven't received a refund in 10+ years. My wife knows to avoid me next weekend, writing a fat check to the IRS makes me pretty grumpy.
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      04-08-2013, 10:34 AM   #16
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That's actually a good thing. Who wants to give an interest free loan to the government?

I haven't gotten a refund check since my mid-20s.
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      04-08-2013, 10:54 AM   #17
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I pay quarterly estimated and typically can come out just below what I owe around this time of year. As has been said, interest free loans to people aren't my thing. If you think it is too much this time of year, you can look into taking a few small deductions to get it closer to even.
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      04-08-2013, 11:13 AM   #18
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Quote:
Originally Posted by wv128bmw View Post
Talk to a financial advisor. You may want to pay the taxes now and go with a Roth 403b. The largest debt we face in retirement is ............., wait for it......... Taxes. Most people think its insurance or health care. If you only have taxable money to draw from then all your money will be taxed and at what rate?
Can't do Roth.
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