Anyone good at taxes?

**zggill04** · 10-27-2008, 08:23 AM

Ok, so things changed for me a little this year. I'm trying to see if I'm going to owe the bastard government or if I will get anything back this year. I will have made about 86k gross income this year, I'm single 0 dependents. I don't know if owning property or anything plays a part in this, but I do not. I'm in the Marine Corps and live in the barracks. Any help is appreciated. Need to know so I can start a little late planning lol.

**Crimson Sin** · 10-27-2008, 10:38 AM

Turbo Tax is your friend. It's online and its Fast and Super Easy. Unless you have a TON of deductions IE T&E, Gas ect. Then you really should get a pro.

**Tide** · 10-27-2008, 11:02 AM

Zero dependents, and little to no deductions?

Yeah, prepare to be proper fucked.

**Nastyfoot** · 10-27-2008, 11:04 AM

you will get a rebate of about $1200.

Oh, and let me see, you have paid about 23k in taxes to date?

**zggill04** · 10-27-2008, 11:07 AM

Yeah, that's what I was waiting to hear. They taxed the shit out of 61.5k already. 28% from the government and I think another percentage from Ohio.

As far as using turbo tax. I know all about that. But I need to know if I'm going to have to pay the government any more. I usually get money back though. But I just jumped from about 28k gross to 86k gross. Not sure what to expect.

**zggill04** · 10-27-2008, 11:09 AM

Yeah, that's about right 23-24k in taxes.

**Nastyfoot** · 10-27-2008, 11:10 AM

Originally Posted by zggill04

Yeah, that's what I was waiting to hear. They taxed the shit out of 61.5k already. 28% from the government and I think another percentage from Ohio.

As far as using turbo tax. I know all about that. But I need to know if I'm going to have to pay the government any more. I usually get money back though. But I just jumped from about 28k gross to 86k gross. Not sure what to expect.

Turbo Tax is a rip-off. I suggest www.taxact.com
Excellent site for your status. Don't pay more than you have to.

**bluefields88** · 10-27-2008, 11:12 AM

you need a jewish friend.

**zggill04** · 10-27-2008, 11:16 AM

haha. Well one my taxes are free since I'm a Marine. And two... I got a couple Jewish friends...lol

**Kennedy** · 10-27-2008, 11:34 AM

Originally Posted by zggill04

haha. Well one my taxes are free since I'm a Marine. And two... I got a couple Jewish friends...lol

86k in the USMC? Wow!

**bluefields88** · 10-27-2008, 11:38 AM

Originally Posted by Kennedy

86k in the USMC? Wow!

seriously, do you have the job no one else wants or what?

**Crimson Sin** · 10-27-2008, 11:43 AM

Originally Posted by Nastyfoot

Turbo Tax is a rip-off. I suggest www.taxact.com
Excellent site for your status. Don't pay more than you have to.

Hmm good to know, Just made a 35k a year jump myself, just me an the wife... So I am paranooooooid about the IRS...'
I will check it out.

**ztrouble** · 10-27-2008, 11:52 AM

I'm good at paying taxes

**gwballin** · 10-27-2008, 01:17 PM

Based on the limited info you have provided:

AGI ~86,000
Standard Deduction (5,450)
Personal Exemption (3,500)
Taxable Income 77,050

Tax Liability 15,606

Note: Tax liability calculated using 2008 tax bracket schedule, not the chart the IRS publishes. Also note that I did not take into account any of your pay being nontaxable which may be the case if it were combat pay for example.

**zggill04** · 10-27-2008, 04:08 PM

haha, sooo, I'm going to owe the beautiful government 15.5k?? Is that what that means? And all my wages were taxable this year. I'm really hoping that since I was taxed 24k already, that I will get about 10k of that back!!

Pretty please. Can someone clarify that for me?

As far as having a job nobody else wants. I re enlisted into Op4. Simply put, I re enlisted back into infantry. I have to do a total of 4 more years. 2 have to be with an infantry unit. 61.5k to do that in lump sum. I saw about 44k of that. The rest was taxed away.

**gonzo99ta** · 10-27-2008, 07:51 PM

Originally Posted by zggill04

haha, sooo, I'm going to owe the beautiful government 15.5k?? Is that what that means? And all my wages were taxable this year. I'm really hoping that since I was taxed 24k already, that I will get about 10k of that back!!

Pretty please. Can someone clarify that for me?

As far as having a job nobody else wants. I re enlisted into Op4. Simply put, I re enlisted back into infantry. I have to do a total of 4 more years. 2 have to be with an infantry unit. 61.5k to do that in lump sum. I saw about 44k of that. The rest was taxed away.

so you got a 61.5K re-enlistment bonus
+
Base pay of roughly 24.5K
=
86K Gross income for the year

I'm guessing they already taxed you 17.5K on the bonus since you mentioned you only saw 44K of it. add whatever else they have been withholding from your monthly checks and you will see a return. Not the 10K your looking for though. Based on someone elses calculation of your 15.5k tax liability you should get 2K + whatever else you paid in from your base pay. Check your LES to see what you have paid in Fed YTD.

On a side not that had to be one hek of a reenlistment bonus to get to 61K

. the largest one i saw was 15K and that was on a 1.5 multiplier. Of that i only saw 7.5K at reenlistment. Do the marines handle the bonus differently? AF we got half up front the in the rest in yearly increments throughout the reenlistment timeframe.

**Smkn_TA** · 10-28-2008, 05:06 AM

Fuck, I gotta enlist, thats tight cash.

**gwballin** · 10-28-2008, 06:40 AM

Originally Posted by zggill04

haha, sooo, I'm going to owe the beautiful government 15.5k?? Is that what that means? And all my wages were taxable this year. I'm really hoping that since I was taxed 24k already, that I will get about 10k of that back!!

Pretty please. Can someone clarify that for me?

You tax liability at the end of the year is estimated at 15.5k. That liability is paid throughout the year with your federal income tax withholdings.

At the end of the year if your withholdings are more than your liability you get a refund which seems to be your situation.

**zggill04** · 10-28-2008, 04:04 PM

It's not the ENLIST that you get the money... It's the (RE)ENLIST!! That means do your 4 then sign for another 4

**Kennedy** · 10-28-2008, 04:38 PM

Originally Posted by zggill04

It's not the ENLIST that you get the money... It's the (RE)ENLIST!! That means do your 4 then sign for another 4

Well, more power to you then, most people in the poli forum know my thoughts on this subject. When people start calling for a draft, instead of that they should offer triple pay, or more. That would get volunteers.

We piss away so much tax money on so many things, what we should do is spend more of it keeping our military strong, because I guarantee that's what's keeping America safe from more terrorist attacks.