OT - Grumpy Old Man Thread

[GopherRock]

No sign of any yuuuuuuuge tax breaks here, either.

That said, something got goofed up with Mrs. GR's withholding. Both of us were convinced we were going to owe $10K+, and we got refunds instead.

[847badgerfan]

My brothers got the big breaks, but they don't have the income that my house has.

These breaks were never intended to be for well-off people.

[betarhoalphadelta]

Maybe that was it....I dunno.

All I know is we were way off this time.  I thought if tax laws changed, HR departments kind of adjust things based on how you set up your W-4 withholdings (married claiming 1, etc.).  Usually, when we've set up our W-4's to match our real situations, we've come out about even, which is where I like it.  I guess I had it in my head that if tax law/code/whatever changes, the W-4 info is used to adjust withholdings and you still come out about even.  Maybe not? 

It was especially a shock because in the past, when it wasn't our year to claim the kid (his dad claimed him every other year), that was usually a break-even year.  On year's we did claim him, we usually got a little bit back.  This was his first year to claim himself, so since we weren't, I thought we'd break even.  But, that wasn't the case. 

I believe they were expecting larger-than-normal refunds for people because HR departments weren't required to change withholding on expected 2025 tax rates going up from 2024 when the 2024 rates were extended. So people were over-withholding during CY25 and this should be rectified now. 

[MikeDeTiger]

I believe they were expecting larger-than-normal refunds for people because HR departments weren't required to change withholding on expected 2025 tax rates going up from 2024 when the 2024 rates were extended. So people were over-withholding during CY25 and this should be rectified now.

Wait, so if I'm understanding you correctly, this was a one-off and now HR depts. should begin withholding roughly the correct amounts? 

I'm gonna have to see if the wife's HR will help settle this for me, because I already changed line 4(c) on her W-4 to offset the massive return.  If I'm understanding you correctly, that was a mistake and we're headed for owing big this year if I don't put it back the way it was. 

Getting grumpier by the moment.

[MikeDeTiger]

It makes me grumpy to think about readjusting all this again.  I want to be maxing out her 401k, which we weren't (still aren't, by a little bit), and after changing her withholdings, we were able to divert a lot more to the 401k and still meet the budget requirements.  If we go back to withholding how they were already doing it, her take-home is a lot less and the bulk of that is going to have to come out of the 401k allotment.  

I look at our budget sometimes and think there surely has to be something we can give up to require less money.  But the truth is, we have an extraordinarily non-extravagant lifestyle.  Other than canceling a couple of things like Netflix and Prime....we aren't doing things much beyond necessity.  And those things are really chump change that won't significantly dent the budget.  

Life is just expensive now.  Ugh.  

[betarhoalphadelta]

Wait, so if I'm understanding you correctly, this was a one-off and now HR depts. should begin withholding roughly the correct amounts? 

I'm gonna have to see if the wife's HR will help settle this for me, because I already changed line 4(c) on her W-4 to offset the massive return.  If I'm understanding you correctly, that was a mistake and we're headed for owing big this year if I don't put it back the way it was.

Getting grumpier by the moment.

This is my understanding of the situation. You'd be better off asking someone in her HR dept. 

[utee94]

Tax talk continuing to make us all grumpy!

[betarhoalphadelta]

Getting back on track with the grumpy old man theme...

On my way into the office I was listening to the radio about Coachella. One of the hosts was talking about how Teddy Swims brought out David Lee Roth. 

Did the crowd go wild? Nope. Nobody had a clue who he was.

So Teddy Swims reintroduced him as Van Halen.

Any improvement? Nope. Nobody knew who Van Halen was. 

Am I really this old? 

(TBF, the idea of going to Coachella makes me want to vomit.)

[utee94]

Yeah I have no desire ever to go to Coachella.  I won't even go to Austin City Limits Festival anymore and it's only half as pretentious and useless as Coachella.

[MikeDeTiger]

Am I really this old?

If it helps, I have no idea who Teddy Swims is, and I thought Coachella was an expensive brand of purse/handbag.

[MrNubbz]

Had to look them both up

[Riffraft]

If I am not paying the IRS on April 15th I am not happy.  I will ensure that I have paid in at least why my tax liability was for the previous tax year so I won't owe a penalty for under withholding but otherwise would rather have my money working for me.  Being retired now, I work to the best of my ability to have a very minimal tax liability by adjusting where and when I get my money during the year.  When I got married my wife was use to having a big tax return every year and when we were owing between $5k to $10k every year she was not happy, but ultimately understood. 

[bayareabadger]

I saw something about a continuation of the music festival. I went to when I was in Early high school. And I thought about standing in the sun for 10 hours listening to some good music, but ultimately just wandering around eventually listening to rage against the machine.

I’m happy someone wants to do it, but Lord have mercy I don’t.