jIMOh
Thinks s/he gets paid by the post
Anyone on this board know the basic tax code reasonably well? I am still w*rking and just did turbo tax...
in 2008 our fed refund was $1800+
in 2009 our taxes owed are $2600+
That is a $4400 swing. I changed no allowances, no deductions removed, one credit was added in (stimulus) and still owe.
I use turbo tax. I cannot see my 2009 return until I pay for it, but in the year over year summary I see I paid $4000 less in taxes in 2009 that 2008. I changed NOTHING year over year in allowances. I do not expect such large fluctuations in tax returns year over year ($4000 is 3% of our income, more or less, which to me is a high change in taxes year over year).
I do claim around 14 allowances on my salary which was done to break even in years past (the $1800 refund was because I did not factor child tax credit into withholdings and we would have owed about $200 otherwise). Would the stimulus have reacted to that and withheld $4000 less?
in 2008 our fed refund was $1800+
in 2009 our taxes owed are $2600+
That is a $4400 swing. I changed no allowances, no deductions removed, one credit was added in (stimulus) and still owe.
I use turbo tax. I cannot see my 2009 return until I pay for it, but in the year over year summary I see I paid $4000 less in taxes in 2009 that 2008. I changed NOTHING year over year in allowances. I do not expect such large fluctuations in tax returns year over year ($4000 is 3% of our income, more or less, which to me is a high change in taxes year over year).
I do claim around 14 allowances on my salary which was done to break even in years past (the $1800 refund was because I did not factor child tax credit into withholdings and we would have owed about $200 otherwise). Would the stimulus have reacted to that and withheld $4000 less?