Tax Shock

Discussion in 'Trucker Taxes and Truck Financing' started by Dark Squall, Feb 2, 2014.

  1. MrIT

    MrIT Light Load Member

    292
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    Dec 13, 2013
    Pittsburgh
    0
    A tip.. on your w4's. Both sit it to married. And only on of you claim yourself and your kids. Dont claim you wife and dont have your wife claim you. Have her just claim herself and not the kids. With you both claiming the kids you run into issues and potential underpayment during the year.

    However with how little you made I think your doing Something wrong. Redo it with turbo tax which is super easy and see what the numbers say.
     
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  3. CondoCruiser

    CondoCruiser The Legend

    19,726
    18,734
    Apr 18, 2010
    Tennessee
    0
    Just a straight out return with Earned Income Credit I show you getting back $343. That's not including your Child Tax Credits other than EIC or your per diem. $48,378 is the EIC ceiling on married with 2 kids.

    If you want to PM me each category on your W-2's I'll figure it out for you. Of course you can withhold the personal info.

    I also need to know daycare $, any 401K contributions, and number of overnights spent on the road, any amount paid for health care including premiums in 2013.
     
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  4. Dark Squall

    Dark Squall Medium Load Member

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    Aug 11, 2013
    Grand Rapids, Michigan
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    It could be the site I used last year isn't functioning well enough this year. I wanted to get H&R to do it, but wasn't able to catch them. I'll have to wait on doing it till next week, when I get back home for home time.
     
  5. chicknwing

    chicknwing Medium Load Member

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    Jan 4, 2014
    Charlotte, NC
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    Use turbotax, It has a place for the perdiem..I always end up with a refund, 37k for the year and you made to much for the EIC....wrong the cutoff is just over 50k. Try a different piece of software...
     
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  6. MrIT

    MrIT Light Load Member

    292
    167
    Dec 13, 2013
    Pittsburgh
    0
    H and r block sucks and they rip people off.. get turbo tax... they even have a free version.
     
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  7. LoboSolo

    LoboSolo Heavy Load Member

    737
    4,267
    Jun 21, 2013
    Highway 20
    0
    Think you need to go to H & R Block. Don't know your situation (married or not, etc) but a 2 minute runthrough showed me this: ( using married filing jointly, 4 exemptions, standard deductions not itemized),

    line 7 and line 38: wages $37,000
    standard deduction married filing jointly (line 40)= minus $12,200;
    Line 42 exemptions = minus $15,600,
    taxable income = $9200 (line 43) ,
    taking earned income credit (line 64a) = plus $2391 against taxes owed,
    no taxes taken out of your checks all year = tax on $9200 = $923
    minus the earned income credit of $2391 gives the IRS sending you a check for $1468.

    But, I could be wrong - that's why I said go see H & R Block.
     
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  8. silverdrifter

    silverdrifter Heavy Load Member

    740
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    Oct 31, 2013
    athens georgia
    0
    if your employers took out taxes on you I don't see how you could owe anything I would say go have it filed with a pro the money you spend on that would be worth it
     
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  9. CondoCruiser

    CondoCruiser The Legend

    19,726
    18,734
    Apr 18, 2010
    Tennessee
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    All good but your not using the correct AGI on the EIC table. He also can use schedule 8812 Child Tax Credit which can be up to $1000 a kid. Then the dependent care deduction. He's definitely getting a refund.

    H&R are crooks
    Turbo Tax last time I used it has the transportation employee 80% box but if you look carefully at the end it still gives you 50%. They might of fixed it by now.

    Tax Act and Tax Simple has good software.

    Unless you have a mortgage and a bunch of medical bills your return is fairly simple.
     
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  10. Dark Squall

    Dark Squall Medium Load Member

    557
    237
    Aug 11, 2013
    Grand Rapids, Michigan
    0
    Sent ya the break down. No mortgage, but some unpaid medical bills, along with my shiny new CPAP and second confirmation Sleep Study for Sleep Apnea.

    Spent just short of 100 days out on the road this last few months. So, not sure on the per diem.
     
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  11. orangepicker

    orangepicker Road Train Member

    1,159
    679
    Nov 9, 2011
    florida
    0
    sound like you screwed up you should get money back find a good C.P.A and bring him/her your past 3 years tax forms and 2013 so that 4 years. i bet you got some good money coming your way..
     
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