Obligatory US Tax Day Thread

[mattkime]

Speedy wrote:
I’m not thrashing through my return to figure out the difference between the marginal and effective.

marginal tax rate - rate you pay on each additional dollar of income (the highest rate in a graduated tax)

effective tax rate - the percentage you're paying against your income. $10 on $100 income is 10%.

[Acer]

wurm wrote:
But noooo, TurboTax makes you enter all income and deductions and credits "to get you the most back", which, after three hours, nets me what i first wanted to do.

That's just one of the things I like about FreeTaxUSA. It states something to the effect that "Most people find that taking the Standard Deduction is more beneficial than itemizing deductions. But if you choose to, here is a worksheet where you can figure....blah blah blah." with a SKIP button.

Block presents the itemized deduction questions whether you want them or not. I know I'm not anywhere close. I just put in zeros where necessary to get through. A skip button does make sense though.

[Speedy]

mattkime wrote:
[quote=Speedy]
I’m not thrashing through my return to figure out the difference between the marginal and effective.

marginal tax rate - rate you pay on each additional dollar of income (the highest rate in a graduated tax)

effective tax rate - the percentage you're paying against your income. $10 on $100 income is 10%.
Thanks!

[DavidS]

Looks like I'm paying penalties this year. I got most of it done last week with TurboTax, but my wife's LLC may have screwed up her K-1. I was unable to get the answer I needed and held off on submitting last week. We were out of town this weekend, but no problem, I'll get it submitted with a 5868 Extension and pay what I think I owe.

Well, our flight from LGA back to ATL was delayed several hours last night, and we did not get home until 1:30am. So not only am I paying a lot more than I expected, I'm also paying a late fee and penalty. I guess that teaches me to wait until the last minute (like I always do).

[Paul F.]

Got a couple hundred back from the Feds.... owe California nearly $1200.
This was... unexpected. And unwelcome.

Getting awfully tired of this state...

[Sam3]

Paul F. wrote:
Got a couple hundred back from the Feds.... owe California nearly $1200.
This was... unexpected. And unwelcome.

Getting awfully tired of this state...

Or blame your employer for not taking enough out.

[Paul F.]

Sam3 wrote:
[quote=Paul F.]
Got a couple hundred back from the Feds.... owe California nearly $1200.
This was... unexpected. And unwelcome.

Getting awfully tired of this state...

Or blame your employer for not taking enough out.
It was enough last year. I'm not getting paid any more this year than last (less, actually...). Same withholding...
Good guess, though.