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underpants

(182,277 posts)
Thu Feb 4, 2021, 01:24 PM Feb 2021

Taxes - 2020 W-2 had quite a surprise almost nothing withheld

$130 for the entire year. Should be a couple thousand.

My wife opened the W-2’s we got in the mail only to find I’d barely paid anything. I switched positions within an organization last February. My withholding for the first 5 weeks was about right.

I contacted HR. They got back with me today. They said that’s correct. I checked off 2-Married filing Jointly and one dependent ($2,000). HR said it had something to do with people getting their EITC during the year rather than at tax time. I have no idea how that affects me but ....here we are. The person I spoke to at HR said she’s been getting a lot of calls on this. I’ll bet she has.

The pandemic nest egg will be diminished a bit but we’ll be okay. I’ve filed a new W-4 for 2021.

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Taxes - 2020 W-2 had quite a surprise almost nothing withheld (Original Post) underpants Feb 2021 OP
This is what everyone said would happen. Phoenix61 Feb 2021 #1
Yep, I remember this at the time sdfernando Feb 2021 #2
It was always all about "cooking the numbers" to help Trump win the election Tom Rinaldo Feb 2021 #5
I cut my withholding to the bone and still will end up owing the Feds $3k because of their IRS BS. haele Feb 2021 #3
I should have been more diligent I guess. underpants Feb 2021 #4
Monkeying around with withholding has a two-fold purpose. Yavin4 Feb 2021 #6
I adjust mine to the job. Tink41 Feb 2021 #8
Social Security and Medicare BlueLucy Feb 2021 #7

Phoenix61

(16,952 posts)
1. This is what everyone said would happen.
Thu Feb 4, 2021, 01:28 PM
Feb 2021

That “tax cut” for the non billionaires was nothing but screwing with the withholding amount. Sure checks were bigger but come tax time you better be able to scrounge up the money.

sdfernando

(4,896 posts)
2. Yep, I remember this at the time
Thu Feb 4, 2021, 01:58 PM
Feb 2021

I upped my additional withholding so I wouldn't get screwed at tax time. Looks like I'll owe the FED less than $200 this year.

Tom Rinaldo

(22,911 posts)
5. It was always all about "cooking the numbers" to help Trump win the election
Sat Feb 6, 2021, 12:17 PM
Feb 2021

He didn't give a fuck if a whole lot of folks unexpectedly ended up owing money to the IRS when they had been counting on a refund. That bill came due after their votes were already cast.

haele

(12,581 posts)
3. I cut my withholding to the bone and still will end up owing the Feds $3k because of their IRS BS.
Thu Feb 4, 2021, 02:21 PM
Feb 2021

Doesn't help that I had a one-time $12K settlement, a new job in March (with slightly higher pay)and my Reserve Retirement started last year. I do get ~$1200 back from the State of California, but that will only cover just under 1/2, and we still have to come up with registration fee for the girl's next year of school - around $800 for the both of them. Just another big ould ouch, added to still paying off the Student Loan and the HVAC replacement we needed to get last month.

Being a working adult is a never ending empty pocket.

I started upping the tax taken out from the Retirement back in October when I ran everything through the IRS calculator, but that tax trick T**** and Mnuchin pulled back in October was still worse than useless for those making over $60K a year.

And this year, who knows? I don't mind paying my fair share of taxes to provide services, but still, I'd like to see those services materialize at least for those below me on the economic food chain.

Haele

underpants

(182,277 posts)
4. I should have been more diligent I guess.
Sat Feb 6, 2021, 12:02 PM
Feb 2021

The HR person called and said that according to their calculations $2.59 would none the proper amount per payday (26 annually). I increased the withholding up to 12%.

Yavin4

(35,357 posts)
6. Monkeying around with withholding has a two-fold purpose.
Sat Feb 6, 2021, 12:20 PM
Feb 2021

1. Give you the illusion of a bigger paycheck when it's not.

2. Make you angry at tax time when you have to pay it back. So angry that you will vote for Republicans.

Tink41

(537 posts)
8. I adjust mine to the job.
Sat Feb 6, 2021, 01:04 PM
Feb 2021

At least I used to, all the write offs I had are long gone, thanks to one who shall remain unnamed. For example some jobs could work 70 hrs a week with the pay totaling 91 hrs a week. I'd be taxed like I made that all year not a few weeks, months. On a big OT job you would claim max deductions, and normal 40hr drop down to 0. It all evened out, not anymore. Whatever they did with the standard deduction has screwed things up so badly. Have to claim 0 deductions all the time now. Nothing can be written off, mortgage, work expenses, dues, parking, clothes, tools. GONE!

BlueLucy

(1,609 posts)
7. Social Security and Medicare
Sat Feb 6, 2021, 12:27 PM
Feb 2021

Trump with the blessing of Republicans stopped collecting for SS and Medicare. In a effort to sink the programs.

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