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unOFFICIAL Thanks Trump thread.

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I didn't withhold enough, I'll probably owe just over a grand. Fuck the man taking away my yearly motorcycle stimulus package.

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I always claim zero allowances so I get a bigger refund.  It's a motorcycle/vacation fund without me having to actively save any money.

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Haven't done this years yet but the past several years both wife and I claim zero on everything and I pay an extra $75 per paycheck. Last year we about broke even. Expecting the same this year. We have nothing to itemize except mortgage insurance and no kids. The higher standard deduction should help us out this year but we will see. 

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I need to do my taxes. I've only been getting like $300 back each year, hopefully I won't owe this year. 

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19 hours ago, ludwb675 said:

Haven't done this years yet but the past several years both wife and I claim zero on everything and I pay an extra $75 per paycheck. Last year we about broke even. Expecting the same this year. We have nothing to itemize except mortgage insurance and no kids. The higher standard deduction should help us out this year but we will see. 

You can itemize insurance???

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Tax refund with employer insurance ($120/month): $2000

 

Tax refund with Obamacare insurance ($440/month): I owe $700

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2 hours ago, Qman said:

You can itemize insurance???

Depends. It is a medical expense if it is health insurance, so it can be deducted.  If you are paying it yourself out of your checkbook, deduct it. If your employer is taking it out of your pay you need to find out if it taken out pre-tax or post-tax. If it is taken out post tax yes you can deduct it. But if it is taken our pre-tax you can not, because it wasn't taxed originally.

If your employer isn't taking it out pre-tax you should tell them they suck. They should do that for everyone, it is very helpful for folks that just take standard deductions.

Edited by Tonik

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24 minutes ago, Tonik said:

If your employer isn't taking it out pre-tax you should tell them they suck.

They suck and are out of compliance.  If you are an actual EE and participating a company Med, Den, or Vis plan, it needs to be paid with pre-tax dollars.

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1 hour ago, Tonik said:

Depends. It is a medical expense if it is health insurance, so it can be deducted.  If you are paying it yourself out of your checkbook, deduct it. If your employer is taking it out of your pay you need to find out if it taken out pre-tax or post-tax. If it is taken out post tax yes you can deduct it. But if it is taken our pre-tax you can not, because it wasn't taxed originally.

If your employer isn't taking it out pre-tax you should tell them they suck. They should do that for everyone, it is very helpful for folks that just take standard deductions.

Thanks...I thought maybe I was missing something all these years with house, car, bike insurance!!!

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9 minutes ago, Qman said:

Thanks...I thought maybe I was missing something all these years with house, car, bike insurance!!!

MORTGAGE insurance is deductible too. Regular house insurance is not. Bike would be awesome.

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3 hours ago, Qman said:

You can itemize insurance???

Oops..... i meant mortgage interest.

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