Anyone else going to owe?

[Telephus44]

I haven't told DH yet, but I ran a bunch of our tax stuff through the old version of TaxCut today - and we're going to owe. Probably big time. I didn't put in everything, but between out W-2's and 1099's it showed us owing about $1500 federal. I'm hoping that when we get the new version (revised limits and stuff) and I get all the rest of the info to put in I can get it down to under $1000.

Ugh!!

I was really hoping to get money back this year, but we had so many oddball things - my layoff, the birth of our son, DH switched jobs, he had a ton of consulting work that was paid without taxes taken out, some 401K distributions... blah.

[Missy]

we are gonna owe.

[Cricketlegs]

Well that stinks. We always get money back but we pass a bar(on dh's pay) this year and got quite a bit less.

[AmyBoz]

We are getting quite a bit back from the feds, but owe NJ a couple hundred. My work at summer camp doesn't take enough out for us to get it back, and instead, we wind up paying. Same with the stipend positions I have throughout the year.

[Mom23boys]

We owe too, but only $37. WHEW!! When I added my education credits it helped bring ti down. We also were penalized for a 401K distribution. We don't hardly ever receive a large tax refund because we claim every dependent in our home on our W4's. This way we get our money throughout the year, instead of in one lump sum at the begging of the new year. I prefer to take it all year long to put it in savings so it can draw interest, instead of the government keeping it and earning interest on it.

[Marie78]

I don't know what it will be yet, but I can already tell I will owe. I worked 2 jobs this year and then collected unemployment for a few months ( I had them deduct 10% but I know it will not be enough!) Each year my "combined" income sends me into another income level. Last year was the only year I made so little that I got some moeny back, but in order to "survive" I had to borrow money from my fiance. He didn't mind and I paid him back in full in August, then I got let go from my job and this month I had to borrow $300 from him to help cover emergency dental work Now I owe him $300 and will have to pay him back slowly! Not sure where I will get the money to pay the taxes I will owe, probably have to borrow more from my fiance. I owe him so much each year, it sets me back paying off my cc debt!!! TAXES!!! ARGGH!

[kaykwilts]

I would rather owe than to let the government have free use of my money all year round; however, my DH differs in opinion. He likes to get money back every year.

[nwmissourigal]

We always owe. I can't remember the last time I got a refund. My dh and I own a trucking company and I work for surgeons. We pay the quartely taxes that the government has told us to pay according to our income and it still isnt enough. It just drives me crazy. We work and work and it still isn't enough. Maybe there really isn't a middle class...hmmmmm..

[Laurie in Bradenton]

I wish I just owed a couple of thousand we usually owe somewhere between 15,000 and 10,000. See what happens when your a small business! The only people the government helps with taxes are the big business and the wealthy. The rest of us poor smucks just pay the way. Those who've got it can keep it and those who are bearly getting by can pay more!

Laurie in BRadenton

[celina]

i have no idea, we normally get back cause dh used to work in a diff prov that we lived in and they taxed differently, BUt he got laid off and got a big severance, then got a better paying job, i didnt work....so who knows..i think we'd be getting back about 2k for the 6 months and severance taxes we over paid to the other prov...i just hope it cancels out what we'd owe....here in canada employers have until feb 28 to get us the docs...and we have till april1 or 30th i forget to file..

[suzysaver]

We usually owe every year. We have no write offs and I should have them take more out of mine, but we usually pay around $400-$700 each year and I always save up for it. This year I hope it won't be so much..since we donated a vehicle to charity and can write it off at $500.

[Telephus44]

Normally I aim for "break even" - where we don't owe or get any back, and I've been able to do this every year for the past 5 years (well, I think the most we've ever owed or gotten back was $96 - close enough for me). So this is the first year we're going to get hit with a big tax bill. When I was single I had some years where I owed a few hundred and I was ok with that, but I think every here know how money attitudes can differ between spouses - and DH hates owing anything.

The biggest issue is that DH did some consulting work and made about $3000 - no taxes taken out, so in addition to owing income taxes on it we also owe "self-employment" tax. I was kind of hoping that having a child would cover it, but of course it doesn't.

I finally told DH this morning that we were going to owe about $1000 - he took it better than I thought, although he said that he's going to stop and get the software tonight - I just ran the numbers through last year's software yesterday to get an estimate. I also feel really good making him pay for his last class in December - our tuititon deduction will save us about $700 in taxes!

[pkellyc]

$18. Dh needs to have more withheld.

[JustJoy]

This is the first year in quite awhile that we don't owe. DH cut out all his freelance work a little over a year ago.

[Emerald_Mommy]

We always get money back from the IRS & state taxes but we do have to pay a good chunk to our city. Philip is actually employed five minutes from where we live, but it's not in our city limits. A few years ago we had to pay A LOT because we hadn't paid it several times (actually didn't realize we had to).