So started preparing my taxes and had the shock of my life. Preliminary results, we owe tax and have an under payment penalty... What did I do wrong?
Income of only 37,000 between me and the Mrs. 2 kids, daycare, meal allowance, etc. Do I really owe 1505.00? If not, then I have no business doing my own taxes. Could it have been the ACA fine? We shouldn't have been fined, on account of all of us being insured. Not to mention, I never saw a prompt for ACA Health Insurance anyhow.
Any advice appreciated.
Tax Shock
Discussion in 'Trucker Taxes and Truck Financing' started by Dark Squall, Feb 2, 2014.
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Do you have turbo tax? If your wife did not work are you claiming head of household? What are your dependent claims on your w4
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Was using Esmart Service on Liberty Tax Online.
Wife is working. She made 17000 and the rest was split of my old job and roehl.
Dependent Claims? Like 4. Me, wife and two kids.
Oh and couldn't find enough deductions to beat the standard deduction. Only been with Roehl for 4 months, so meals and allowance only added up to 4###.oo or so. -
No obamacare penalty this time.
Dark Squall Thanks this. -
Was your wife's job a 1099 and was your previous job Roehl a 1099 job? As far as ACA I don think the fine kicks in until 2015 and even prior to them changing it, it would have only counted 2014 taxes, not 2013. If they were 1099, it could the self employment tax is kicking in - with those numbers you mentioned it is within range. Give us a few more details and if it turns out to be true just try and throw $50 or $100 at it every once in a while or ask around and figure out if you can lump your own loads at certain places and get the Comcheck made out to yourself.
Dark Squall Thanks this. -
I'm going to have to have a pro look this over next week. IDK. My anxiety just jumped from a 1 to a 100. We really needed this to be 0 or a refund this year. I've never owed before. Always a refund...
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No, none of the jobs were self employment in nature. 3/4 year as a Minimum wage cashier for me. Wife is still a minimum wage employee. The 1/4 year with Roehl matched my earnings with my old job.
Lumper my own loads?? Never thought Roehl would go for that. -
Did you figure the $58 a day using form 2106? You get that deduction at $58 x .80 less 2% of AGI for each day you are away from home. My usual deduction is around $11000 just for this one deduction.
This is of course unless Roehl is paying you mileage plus Per Diem on your payroll.
Try TacAct, its FREE and ask if you are subject to HOS.
And did you fill out the earned income tax credit worksheet? That should also bring your refund higher.
If your total income was only $37000 then you can't owe $1500 unless your employers haven't been taking any Federal income taxes out of your checks.NavigatorWife Thanks this. -
How many dependents is your wife claiming on her w-2's, also yours. If you are claiming too many, they may not be withholding enough money out each week or pay period. It was many years ago about $4.00 per week per dependent; it could add up to a lot of money over a years time if you are claiming to many dependents at one time.
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Only a partial year for the deduction, but did run the work sheet.
Roehl has me on a tax advantage plan and no, with the exemptions I have in place during my two jobs and my wife's job. Not much was with held for Fed Taxes.
I tried the Earned Income Work Sheet and it stated I earned too much to do the work sheet.
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