View Poll Results: How did you come out for the 2013 tax year?

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  • Overall I paid in more than 50% in taxes.

    2 6.90%
  • Overall I paid in more than 20% but less than 50%.

    13 44.83%
  • Overall I paid less than 20% but more than 10%.

    4 13.79%
  • Overall I paid less than 10% but more than 5%

    2 6.90%
  • Overall I paid less than 5% but more than 0%

    1 3.45%
  • Overal I didn't pay any taxes.

    7 24.14%
  • I am just guessing. I didn't calculate it. I could be lying.

    1 3.45%
  • I calculated it my answer. My answer is true.

    3 10.34%
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Thread: April 15th is over. How did you come out for the 2013 tax year?

  1. #21
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    Ah. So you must be married.
    Yes but how did you come to that conclusion?

    Quote Originally Posted by Lutherf
    Hmm...you mentioned that the income wasn't from a job. Are you being subjected to backup withholding on a 1099?
    I cashed in a 401(k) while the market was up. I'm not so sure I came out as good as I thought.

    I paid in about $1,800. I took out $3,678.93. I paid a penalty tax of $368. The $3,678.93 also put my income on a less lucrative part of the EIC chart. I still got back the money that I put into it but I don't think I made 12% gain overall.

  2. #22
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    Job 1 $15,832.92
    Job 2 $13,504.81
    Additional income $3,678.93

    Job 1 Social Security $981.64
    Job 2 Social Security $837.80
    Job 1 Medicare $229.58
    Job 2 Medicare $195.82
    Job 1 Federal Income Tax Withheld $38.03
    Job 2 Federal Income Tax Withheld $0.00
    Additional income Federal Income Tax Withheld $735.79

    Federal tax ($523.00)
    Child Tax Credit $523.00
    Additional tax ($368.00)
    Earned Income Credit $3,233.00
    Additional Child Tax Credit $1,477.00

    I hope you can follow all of these figures.
    Those figures tie back exactly to what I calculated but I don't understand the 20% withholding on the "other income". Generally speaking mandatory backup withholding is 28%, not 20% and if it isn't mandatory then you damned sure don't need it to be withheld.

  3. #23
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    These weren't part of the equation. There is a reason that I referenced April 15. Also, you should have chosen option number 7 as well. You are allowed to choose more than one answer.
    But we don't have a state income tax, so not including those numbers is not genuine.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  4. #24
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by ksu_aviator View Post
    But we don't have a state income tax, so not including those numbers is not genuine.
    I still don't see how sales tax or property taxes are connected to April 15th. There are people who keep up with the amount of sales tax that they actually pay. Non-profit organization do this. I have heard of individuals who do that but they are extremely rare.

    What is your motivation for keeping every single receipt and adding up the sales taxes that you pay? It seems absurd. To be honest I doubt that you did that.

  5. #25
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    Yes but how did you come to that conclusion?



    I cashed in a 401(k) while the market was up. I'm not so sure I came out as good as I thought.

    I paid in about $1,800. I took out $3,678.93. I paid a penalty tax of $368. The $3,678.93 also put my income on a less lucrative part of the EIC chart. I still got back the money that I put into it but I don't think I made 12% gain overall.
    Figuring out you were married is easy. It's the only way your EIC could be that much. It's also how I know you must have 2 kids under the age of 17 but I just guessed at that before you posted the details of your tax calculation.

  6. #26
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    Unknown. Ask again on Oct 15th.
    Ah, the "extender". Lazy.

  7. #27
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    Those figures tie back exactly to what I calculated but I don't understand the 20% withholding on the "other income". Generally speaking mandatory backup withholding is 28%, not 20% and if it isn't mandatory then you damned sure don't need it to be withheld.
    I cashed in a 401(k).

    The amount was $3,678.93.

    They withheld $735.79 in FITW and $147.16 in North Carolina taxes. I didn't have a choice to fill out a W-4 or anything similar.

    You really aren't supposed to cash in a retirement account until you turn 59 1/2 so I figured I deserved the inconvenience.

  8. #28
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    Figuring out you were married is easy. It's the only way your EIC could be that much. It's also how I know you must have 2 kids under the age of 17 but I just guessed at that before you posted the details of your tax calculation.
    In most cases it is more beneficial to be married. There is an exception. It seems like you are somewhat familiar with tax returns. Maybe you will understand what I am talking about.

    Two people live together for 10 years but never get married but have two kids. They make about $20,000 each. They are both eligible for EIC and Child Tax Credit. One claims one kid. The other claims the other kid.

    If they were married they would make $40,000 and be ineligible for EIC.

    There are a few unmarried people that would lose out if they were married. It's just a fluke or a "sweet spot". It's not really something to plan your life around because you could have a larger or smaller income in subsequent years and screw yourself.

    Does this make any sense?

  9. #29
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Gipper View Post
    Ah, the "extender". Lazy.
    No. It's saving him money. He doesn't have to pay his taxes yet because he is special and deserves an extension because his situation is just oh so unique.

    (Let's not tell him about the penalties.)

  10. #30
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    No. It's saving him money. He doesn't have to pay his taxes yet because he is special and deserves an extension because his situation is just oh so unique.

    (Let's not tell him about the penalties.)
    He's a CPA. He knows all about it.

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