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Author Topic: Uh Oh, The Magic Herb Owes Taxes  (Read 1611 times)

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Offline Dori

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Uh Oh, The Magic Herb Owes Taxes
« on: February 07, 2014, 08:59:35 AM »
http://www.democraticunderground.com/1018568201

Quote
magical thyme (6,381 posts)

Uh-oh! this is the 1st year in many that I've owed taxes
 
and it looks to me like they've made a big change to the long form somewhere along the way. I've been filing the EZ forever (or as long I can remember...there was a time when I had deductions but it's been a long time). But this year to file my taxes free online this year, I ended up with a plain 1040.

I had to file in a hurry to re-apply for my student loan IBR, so I just did what I needed to do. But this morning I was looking through the form for future reference, seeing if there would be any retirement/age-related deductions.

And I discovered line 50. I've been living paycheck to paycheck for so long, I haven't had anything left to put into a retirement fund, although I've been coming close this year. But what I just realized is if I'd been able to, I could have wiped out my entire federal taxes. Just $400 more than my taxes would put me at the minimum to open an ira with the client at one of my part time jobs.

I think if I can scrape up the money to do that in time, then I can file an amended return and get a refund on my payments.

So on the one hand, I have a bunch more paperwork in my future. Craps. I wish I'd had more time to find this out. I didn't get my W2s until early February, and had only until mid-Feb to get my IBR filed.

On the other hand, instead of supporting the war machine, I'll be saving for myself!!!!!

But but.. who is going to pay for all the DUmmies freebies if you don't pay taxes?
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Offline wasp69

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #1 on: February 07, 2014, 09:41:52 AM »
Quote
magical thyme (6,381 posts)

And I discovered line 50. I've been living paycheck to paycheck for so long, I haven't had anything left to put into a retirement fund, although I've been coming close this year. But what I just realized is if I'd been able to, I could have wiped out my entire federal taxes. Just $400 more than my taxes would put me at the minimum to open an ira with the client at one of my part time jobs.

I think if I can scrape up the money to do that in time, then I can file an amended return and get a refund on my payments.

So on the one hand, I have a bunch more paperwork in my future. Craps. I wish I'd had more time to find this out. I didn't get my W2s until early February, and had only until mid-Feb to get my IBR filed.

On the other hand, instead of supporting the war machine, I'll be saving for myself!!!!!


****in' traitor...
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C.S. Lewis

A community may possess all the necessary moral qualifications, in so high a degree, as to be capable of self-government under the most adverse circumstances; while, on the other hand, another may be so sunk in ignorance and vice, as to be incapable of forming a conception of liberty, or of living, even when most favored by circumstances, under any other than an absolute and despotic government.

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Offline jukin

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #2 on: February 07, 2014, 12:23:12 PM »
The DUmp, the biggest collection of stupid people on the internet. They think they are super smart but keep losing in the game of life. No wonder they think everyone is cheating. What else could it be.
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When you are the beneficiary of someone’s kindness and generosity, it produces a sense of gratitude and community.

When you are the beneficiary of a policy that steals from someone and gives it to you in return for your vote, it produces a sense of entitlement and dependency.

Offline dane

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #3 on: February 07, 2014, 12:36:52 PM »
Unless my memory is faulty, all the information on his W2 is on his pay stubs, just in small increments.  Save the pay stubs all year, or transfer the information on those stubs to some sort of spreadsheet, and behold! all the information he needs and doesn't need to whine about not enough time.
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I wish I'd had more time to find this out. I didn't get my W2s until early February
You had the time, Magic Herb, you just failed to use it.
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Offline Purple Sage

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #4 on: February 07, 2014, 12:43:49 PM »
MyRA bouncie.  I call bullshit.
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Offline Dori

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #5 on: February 07, 2014, 01:10:14 PM »
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instead of supporting the war machine, I'll be saving for myself!!!!!


So the Dummy doesn't like paying taxes to the government.

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magical thyme (6,384 posts) Jan 24, 2012

7. waiting on the university form
 
for education credit. I'm low income, so will get back all the fed income taxes I paid, along with ~$1,000 education credit. The state refund will be miniscule by comparison, but at least their online form is simple and works.

Must be nice to get an unearned credit for going to school.  Which tax payer do you think paid for that? 

And why are you still going to school?  Didn't you say your about ready to retire?



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Offline thundley4

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #6 on: February 07, 2014, 02:09:56 PM »
Quote from: dane on February 07, 2014, 12:36:52 PM
Unless my memory is faulty, all the information on his W2 is on his pay stubs, just in small increments.  Save the pay stubs all year, or transfer the information on those stubs to some sort of spreadsheet, and behold! all the information he needs and doesn't need to whine about not enough time.You had the time, Magic Herb, you just failed to use it.

I use my last pay stub of the year to precalculate my taxes, before getting my W-2s . However it involves some math, because the section 125 isn't deducted from the gross earnings. Remember, math is hard and damn near impossible for DUmmies.
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Offline JohnnyReb

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #7 on: February 07, 2014, 04:07:26 PM »
Hey DUmmie, you owe taxes.....You have entered the Twilight Zone.
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Offline I_B_Perky

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Re: Uh Oh, The Magic Herb Owes Taxes
« Reply #8 on: February 07, 2014, 05:13:01 PM »
Quote from: jukin on February 07, 2014, 12:23:12 PM
The DUmp, the biggest collection of stupid people on the internet. They think they are super smart but keep losing in the game of life. No wonder they think everyone is cheating. What else could it be.

You nailed it there Jukin!!!   :cheersmate: :cheersmate:

It never fails to amaze me how the smartest, bestest, most edumacated  people on the internets just cannot figure out how to get ahead. Even when they are told how!!!!  Then they wonder why they live in poverty when the good old boy that crawls under houses when it is 5 below and fixes your pipes makes upwards of $100.00 an hour... and has a nice house.  And they hate him for it.
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