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Taxes

Posted by on Jan. 28, 2013 at 11:17 AM
  • 11 Replies
Has anyone used a tax calculator? Has it been accurate? I've used four or five and all of them say we're getting close to 5300 back. This seems a bit much, but I've never filed with a dependant before.

UPDATE
It seems this is correct. Does anyone know of a good way to invest this? We were thinking of opening a Roth IRA and maybe finding a mutual group. DF wants to look into stocks for quick roll overs so we can easily add to these. I have no idea how to manage stocks, but mutuals are a bit slow to build for following years to increase investments.
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by on Jan. 28, 2013 at 11:17 AM
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Replies (1-10):
mz_erica03
by on Jan. 28, 2013 at 11:20 AM

That sounds about right when you're claiming head of household and have dependants :)

OHgirlinCA
by Silver Member on Jan. 28, 2013 at 11:23 AM

 It depends on how many exemptions you're claiming on your W4 form for your paychecks and your overall deductions.  If you're getting that much back, you may want to adjust your W4 form.  That way, you have more money throughout the year.

coreilly89
by on Jan. 28, 2013 at 11:24 AM
Yeah. My fiance is claiming head of household with a 15545 gross.


Quoting mz_erica03:

That sounds about right when you're claiming head of household and have dependants :)


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funmommy123
by Bronze Member on Jan. 28, 2013 at 11:25 AM
1 mom liked this
Yeah, it's been pretty accurate for me.
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coreilly89
by on Jan. 28, 2013 at 11:25 AM
His actual return is 1129 but we're well under the poverty line.


Quoting OHgirlinCA:

 It depends on how many exemptions you're claiming on your W4 form for your paychecks and your overall deductions.  If you're getting that much back, you may want to adjust your W4 form.  That way, you have more money throughout the year.


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Lindalou907
by Silver Member on Jan. 28, 2013 at 11:27 AM

Congratulations! I hope you will open a college savings account with some of it.

coreilly89
by on Jan. 28, 2013 at 11:28 AM
Well, isn't someone catty this morning?


Quoting Lindalou907:

Congratulations! I hope you will open a college savings account with some of it.


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OHgirlinCA
by Silver Member on Jan. 28, 2013 at 11:30 AM

 Ahhh... It sounds like you're getting alot of credits then that are actually giving you more back than what you put in.  That certainly does happen...

Quoting coreilly89:

His actual return is 1129 but we're well under the poverty line.


Quoting OHgirlinCA:

 It depends on how many exemptions you're claiming on your W4 form for your paychecks and your overall deductions.  If you're getting that much back, you may want to adjust your W4 form.  That way, you have more money throughout the year.


 

coreilly89
by on Jan. 28, 2013 at 11:31 AM
Odd. I've never thought of credits. Thanks for the info!


Quoting OHgirlinCA:

 Ahhh... It sounds like you're getting alot of credits then that are actually giving you more back than what you put in.  That certainly does happen...


Quoting coreilly89:

His actual return is 1129 but we're well under the poverty line.



Quoting OHgirlinCA:


 It depends on how many exemptions you're claiming on your W4 form for your paychecks and your overall deductions.  If you're getting that much back, you may want to adjust your W4 form.  That way, you have more money throughout the year.



 


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Lindalou907
by Silver Member on Jan. 28, 2013 at 11:36 AM

What? I am genuinely pleased for you, sheesh. When my daughter was born we put $2500 into a mutual fund and that ended up paying for most of her college. You can't start early enough saving for college.



Quoting coreilly89:

Well, isn't someone catty this morning?


Quoting Lindalou907:

Congratulations! I hope you will open a college savings account with some of it.




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