2006 Income Tax Return

[BoredWithNoSB]

Just finished my returns. Had my Federal nailed to within $6. I wish I could say they could keep my $6 since it'll take $40 to process it, but oh well.

State, I expected to owe about $200. Turns out I still qualify for a property tax credit here that I thought I was phased out of and am getting a nice $571 check back.

Bueno Bueno.

Taking into account Fed Tax, FICA, and State my total income tax liability for the year was only 22%. I'll take it. 22% of my income and I get roads and schools, and parks, and police, and Amtrak, and a judicial system (including court appointed attorneys), and the illusion I'll get social security someday, and entertainment from the government at all levels.

Hell, Fed liability was only 11%. Love that interest deduction. Too bad I can't take a house depreciation credit. I'd be in the money. Now, if only I could withhold funds supporting the war or check a box saying put my money into education or at least military technology that can realistically be spun off to civilian purposes, I'd be uber-happy.

[Vegas]

Just finished my returns. Had my Federal nailed to within $6. I wish I could say they could keep my $6 since it'll take $40 to process it, but oh well.

State, I expected to owe about $200. Turns out I still qualify for a property tax credit here that I thought I was phased out of and am getting a nice $571 check back.

Bueno Bueno.

Taking into account Fed Tax, FICA, and State my total income tax liability for the year was only 22%. I'll take it. 22% of my income and I get roads and schools, and parks, and police, and Amtrak, and a judicial system (including court appointed attorneys), and the illusion I'll get social security someday, and entertainment from the government at all levels.

Hell, Fed liability was only 11%. Love that interest deduction. Too bad I can't take a house depreciation credit. I'd be in the money. Now, if only I could withhold funds supporting the war or check a box saying put my money into education or at least military technology that can realistically be spun off to civilian purposes, I'd be uber-happy.

Police service normally comes out of your local property taxes and roads are paid for from use tax every time you buy gas. It significantly adds to what you're paying.

[LSU]

I owed 1735 to the feds.

350 to the state.

This is not a happy time.

[i_hate_righties]

I owed 1735 to the feds.

350 to the state.

This is not a happy time.



How come you owed so much? Aren't you an impoverished college student?

[LSU]

How come you owed so much? Aren't you an impoverished college student?



I certainly am. The wife has a decent job though.

It was actually because of my income...

I was on a fellowship for 8 months...the U treats a fellowship like a scholarship. So they don't take taxes out monthly. I knew this, and we put money away every month just for this purpose. We had a good chunk of money ready to go for this purpose, and boom...wifey ended up in the hospital at 31 weeks...5 day stay...then 5 weeks later, c-section on a kinda emergency...she was in for 3 days, baby in NICU for 15 days. Just to be in the NICU was, I believe 800 a day...not including meds and stuff. Now, we have decent insurance...but they have what's called an HRA...basically the first 1750 or 2000 in bills is covered completely, then there's our share of the deductible, which was 2000, I think, and now we're in co-pay 10% in network.

What that all boils down to is that our money we had set aside for taxes got used up paying unforeseen med bills.

so that's that.

[i_hate_righties]

I certainly am. The wife has a decent job though.

It was actually because of my income...

I was on a fellowship for 8 months...the U treats a fellowship like a scholarship. So they don't take taxes out monthly. I knew this, and we put money away every month just for this purpose. We had a good chunk of money ready to go for this purpose, and boom...wifey ended up in the hospital at 31 weeks...5 day stay...then 5 weeks later, c-section on a kinda emergency...she was in for 3 days, baby in NICU for 15 days. Just to be in the NICU was, I believe 800 a day...not including meds and stuff. Now, we have decent insurance...but they have what's called an HRA...basically the first 1750 or 2000 in bills is covered completely, then there's our share of the deductible, which was 2000, I think, and now we're in co-pay 10% in network.

What that all boils down to is that our money we had set aside for taxes got used up paying unforeseen med bills.

so that's that.

Well next year youll have another tax deduction, you couldnt claim her this year right?

[LSU]

Well next year youll have another tax deduction, you couldnt claim her this year right?



Jan. 11.

Plus we'll have all the med bill deductions, so we'll see if that makes much of a difference.

Just for comparison, if we could've claimed her, I think our refund would've been like 500 or 1000...

[ryr8828]

CPA has mine and I'm living in sheer terror of the results.

[Jiddy78]

CPA has mine and I'm living in sheer terror of the results.

If it makes you feel any better, I work with so many contractors and I'm in sheer terror of your guys' reaction when I make the call as well.

[Jiddy78]

22% Income and FICA....about 25k down the pisser....Whilst contractors like ryr are all around me paying not even half that and doubling my income in the pocket....then b*tching about the little that they do pay and the mexican in the social security office. :rolleyes: