Sunday, January 31, 2010

Uncle Sam scaring me

So I downloaded the 'ol Turbo Tax last night. We have very simple taxes at this point, and the regular "deluxe" version covers us well. We had the W-2's & pretty much mostly everything. I put in Lee's info, and then got started on mine.

There's nothing at all in the Federal withholding box. It's completely blank.

I kind of freaked a bit. I don't recall changing my withholding from last year... How did this happen? How much are we going to have to owe now? Eeeeek!!

Well, it's Saturday night, and there's nothing I can do about it at this point in time, so I just go ahead to see what the damage will be, figuring I'll call the payroll folks on Monday anyway.

Turns out there was some legislation passed in the last year to allow people to keep more of their money if they're within a certain income level. Apparently, we are in that level. So nothing was taken out of my check, because I wasn't going to earn enough to have to pay the Feds.

Don't worry, the state still took a hefty chunk, and all the other FICA, Social Security & everything else. It was just the Fed that was affected.

So, we're still getting a refund. We would have owed on the State, but Connor's disability gives us another child credit, so we get a few bucks back from the State too.


I'm not completely done - I have a few questions about Diana's scholarships & whether she's filing & claiming that or we are (she's talking to the scholarship folks at school). There are a couple of other little things - but yeah - *whew*

I hate taxes.

1 comment:

keeka said...

Well, I don't really do anything about it other than give Carl my W2form (which he had to ask for-oops) and he handles it from there on out. The only other thing I have been doing with the help from my mom in law is donating quite a bit to a women't shelter store called the Sheepfold, a Christian org. that I get receipts from and Carl uses that for our deductions.
But I still go whew!