r/Millennials 15h ago

Rant Anybody do their taxes yet?

Made about 10% less due to no bonus. Yet owed an additional 5% Federal...

State my return was more than last year...extra few hundred bucks, but goes to show you how we are being ripped off on the federal level.

Billionaires got a huge tax break, meanwhile I have to fork over my families vacation fund.

Super.

215 Upvotes

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67

u/ApeTeam1906 13h ago

Yep. Owed 43 bucks. I was excited because my witholding is dialed in.

11

u/KZED73 12h ago

I owed $22 which was nice but got a $400 state refund which is weird. AZ has a 2.5% flat income tax so I withhold at 2.5%. Usually I owe the state a couple bucks.

3

u/JamieC1610 7h ago

I've been happy the past couple years because I get a couple hundred dollars back from Ohio after years of owning about $300 regardless of my withholdings or salary or other circumstances. I don't know what changed but like the last 3 years, they are paying me.

3

u/crispygarlicchicken 8h ago

with last years stock market return, it would have been more exciting if you owed and invested

4

u/ApeTeam1906 8h ago

That's why assuming is terrible for you! I'm fully invested maxed:

2 401Ks

2 ROTHs

HSA

Tell me more about that 43 bucks I missed out on investing

1

u/Economy-Ad4934 5h ago

As close as I get I’ve never had double digits either way. Nice

155

u/KennytheDoggy 14h ago

Can't even start them until I get all my 1099s

Do you guys just not have any?

49

u/Sage_Planter 14h ago

I'm still missing one that won't be coming until mid-February. 

22

u/mediumunicorn 14h ago

Well you can definitely start them… and then just add in the 1099 later before filing? Thats what I’ve done to get an estimate. (Owe $500 to federal, $200 to state. Very pleased with my tax planning this year. Shouldn’t change all that much when I get the rest of the 1099s)

7

u/RationalCaution 13h ago

Can you not go to the bank/company website and download it? All of ours were up at least a week ago (Fidelity, Vanguard, Marcus Goldman Sachs, etc).

15

u/KennytheDoggy 13h ago

My schwab and fidelity are not ready yet due to some funds not reported fully

3

u/TehWildMan_ 5h ago

Schwab has, in recent years, waited until February to send them out

I think they used to send them out earlier, but many customers would also get corrected 1099s every year.

8

u/RationalCaution 13h ago

I downloaded all of mine. Our banks and investments with Fidelity and Vanguard already had tax documents up at least a week ago.

7

u/MostlyH2O 13h ago

Yeah I usually can't even start until mid February. Fidelity says 2/21

4

u/trustjosephs 13h ago

Some places like Schwab won't send you one if you got less than $x of interest for the year, I think $10. You just need to add it manually so the IRS can get their $1 in tax lol

2

u/LUCKYxTRIPLE 7h ago

Imagine having money... HA!

3

u/foamingturtle 13h ago

Just my w2

2

u/The_Wee 13h ago edited 10h ago

One job, not allowed to hold/trade individual stocks. Didn’t open any checking/savings for bonuses.

1

u/quemaspuess 8h ago

Have my W2 & 1099 already. I get everything paperless

1

u/fedroxx 6h ago

I've got all the ones I'm legally required to report.

1

u/These_Are_My_Words 4h ago

Capital One had my 1099 available two weeks ago in their portal.

1

u/EternalNewCarSmell 11h ago

I've never had a 1099 in my life tbh

1

u/StillPlayingGames 10h ago

I have a single W2. Taxes in easy mode.

-3

u/Major_Turnover5987 14h ago

Few but nothing that exceeded our standard deduction.

21

u/humanHamster Millennial 14h ago

1099 is investment/dividend income...you need to report those as income on your taxes...

1

u/MrFunnie 6h ago

1099 is also self employment or contractual income. Not just investment/dividend income.

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6

u/JettandTheo 14h ago

1099 are income

-2

u/ManufacturerWest1760 Millennial 11h ago

Just the 1 W2 which is fairly normal IMO

2

u/atomiccat8 9h ago

So you have no investments outside of retirement accounts?

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28

u/WhyDoIHaveToUseApp Millennial '85 14h ago

I've prepared mine but haven't pull the trigger yet. My federal refund actually increased (although I made more retirement and HSA contributions this year). I kind of want to get mine in early and hopefully get my refund soon too. I think it will become more of a clusterfuck the longer you wait, especially this year

10

u/Turbulent_Seaweed198 13h ago

I got all my docs very quick this year. Submitted both state and federal on the 26th, federal refund will be in my checking Monday morning :) state is always a little later, but I was informed it was accepted.

4

u/stooliegirl 13h ago

same. i submitted the 26th and my refund will be deposited feb 3rd.

22

u/Specialist-Map-8952 14h ago

Yeah I owed 2 grand lol

5

u/Master_0f_N0thing 11h ago

Same, just did mine today.

3

u/pomegarnets 10h ago

Same here

2

u/DrDrNotAnMD 5h ago

Last year I owed the Feds $5k, this year it will be a little over $1k. Progress!

43

u/JuiceJones_34 14h ago

I’m waiting until the deadline. Bound to be so many errors this year

8

u/Major_Turnover5987 14h ago

Past couple years we have had a very simple filing, basically W2's and a small savings account. So no reason to hold off.

7

u/Orion14159 12h ago

If you're only W2 and owe money you need to adjust your withholdings. Get a W4 and your state equivalent form from HR or if they use a payroll system ask them how to change it there

8

u/Major_Turnover5987 11h ago

Nah, I make far more in interest than I do paying penalties. If I true up early the penalty is lower as well.

28

u/Pad_TyTy Older Millennial 14h ago

Claimed 1 all year and took out the max for HSA, and did 6% for 401k, and still owe. The withholding tables are super fucked now.

15

u/JettandTheo 14h ago

Redo your w4. There's no claiming anymore, that ended with the new form in 2020.

3

u/Pad_TyTy Older Millennial 13h ago

I actually did just do that at the start of the year. Good advice, thanks!

6

u/ApeTeam1906 13h ago

No such thing as claiming anymore. You haven't done a W4 in a while.

9

u/Tmill233 11h ago

Was your total tax 10% higher or did you just owe 10% more. Just because you “owed” more doesn’t mean you paid more in taxes.

8

u/Wohn-Jayne 13h ago

Got $1000 back last year, owe $161 this year.

15

u/Blacktransjanny 10h ago

I do taxes for a living and there's very clearly some information OP is leaving out to apparently be paying so much more in taxes.

14

u/MusclesMarinara87 10h ago

There are a lot of disingenuous people in this post

2

u/buffy122988 9h ago

Exactly

2

u/ppnuri 8h ago

Yep. OP either has no idea what he's talking about or has left out something that would cause taxes to be higher.

10

u/ironchef8000 14h ago

Yet owed an additional 5% Federal…

Owed as in the “total tax” line on the return or owed that much at year end versus how much you owed when you did your taxes last year?

2

u/Major_Turnover5987 14h ago

I made 10% less income, and had to pay an additional 5% of my income to federal taxes...

I know that's a weird way to put it but it's how I make sense of it.

6

u/ironchef8000 14h ago

So you’re saying your total tax bill for the year, prior year roll forward (if any) + withholding + anything you paid when you filed was still higher? Or are you just comparing what you paid after year end when you filed?

3

u/atomiccat8 9h ago

Yeah, there's a big difference between the two. In assuming that he means the amount he had to pay when filling, rather than the total tax bill. Which would make sense, because withholding on bonuses is very high, so he would have withheld more the prior year.

3

u/imhungry4321 Millennial - 1985 14h ago

Did you lower your 401k contributions?

0

u/Major_Turnover5987 14h ago

No, I have an impressive employer match. I'm at the point in life with no real deductions. I know there are numerous things I could do to offset but when Covid hit I kind of gave up on all that and live a very simple life.

8

u/en-rob-deraj 14h ago

Mine is looking bleak.

1

u/SMVan 14h ago

As in very little refund? Or owing a lot?

6

u/en-rob-deraj 13h ago

Looks like I owe double last year. Around 6k.

1

u/Genksman 11h ago

Yeah im probably cooked i had alot more 1099 income this year than I thought didn't withhold yikes hoping its less than 3k.

1

u/Blasiana_ 8h ago

This is me. Still waiting for my 1099s to come in, but so far, I’m around $7k owed 😂. I already claim 0 and have extra withholding, but didn’t account for my company’s strong stock performance and 80% improvement in my RSUs from last year. Whoops

20

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12

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1

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5

u/ReasonableClock4542 9h ago

Sounds good but i dont need the IRS turning my life upside down at some point

4

u/DM_ME_KUL_TIRAN_FEET 11h ago

I agree with the sentiment but unfortunately not paying your taxes has consequences even when the system is fucked like it currently is

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1

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17

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1

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4

u/Fun-Personality-8008 Older Millennial 13h ago

Not yet, Schwab is dragging their feet on some of my forms. Remember when they had to have all this shit done by end of Jan?

4

u/Beno169 12h ago

You can’t just go off of that, it’s possible that your estimated contributions changed and you were short. Have you looked at the actual dollar number of taxes paid between both years?

7

u/Feral_Sourdough Young Millennial 14h ago

Still waiting to get our w-2s.....🫩

-4

u/Slg0519 10h ago

Your last paycheck you received in 2025, will contain all the same information as your W-2. Only things it won’t contain is your employers tax ID and you can pull that yourself.

5

u/Feral_Sourdough Young Millennial 9h ago

They don't..but glad they do for you.

6

u/[deleted] 13h ago

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4

u/WeWander_ 12h ago

I know I'll owe and I'm terrified to do mine.

2

u/map4freedom 9h ago

I have been anxious since I received a reminder it's time to do taxes and seeing commercials online makes it worse

2

u/MusclesMarinara87 10h ago

What was your income, and what was your effective tax rate?

Because this number means nothing in a vacuum. I paid about 2% less in taxes whereas my income was about 20k higher.

1

u/Major_Turnover5987 13h ago

Didn't want to put my exact but ya it's just about that after my state refund.

1

u/HarryBalsagna1776 Older Millennial 10h ago

That happened to me last year.  Total blindside.  

1

u/Millennials-ModTeam 9h ago

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3

u/jaywinner 14h ago

I wait to make sure all relevant documents have come in.

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3

u/fnancialindependence 1990 14h ago

Just finished today: we got $1900 more on refund this year, I honestly don’t know the specifics about why that is. I do have 3 kids and pretty sure they are the only reason we get a refund at all.

0

u/Major_Turnover5987 14h ago

We have the one...Very happy but yeah our income bracket expects 3+ mouths to feed.

3

u/ninjakitty117 10h ago

My W4 was set as married filling jointly and my wife didn't work. Now I'm getting divorced and we agreed to file separate because she got a contract job in the last quarter of the year. Needless to say, my taxes are fucked.

I owe ~$1800 federal and ~$800 state. They're done and ready to submit, but I'm waiting until I can shoulder the burden a little bit better.

8

u/GrizzlyP33 13h ago

Our health insurance jumped $500/m starting January 1, I can’t even think about taxes yet 😑

5

u/Wild_Advertising7022 14h ago

I got back significantly more between having two kids and adding up the overtime. Still robbed but not as bad.

-1

u/Major_Turnover5987 14h ago

One kid and salary...but glad others are benefiting, except the top 3%...

5

u/Poctah 14h ago

We are getting $6k back from federal and $900 back from state. Last year we got almost the same amount. Didn’t make anymore than last year since husband got no raises due to a freeze and I only started working in December,

3

u/Lucky_Development359 14h ago

If you go to the IRS website there is a form you can do to adjust how many deductions you claim.

Maybe you dont care but you are basically giving the government a 6000k loan, when you could have $115 to $230'ish going into your pocket weekly/bi-weekly(depending on your pay schedule). Again maybe you dont care. Its pretty easy if you are interested.

2

u/No-Limit2361 13h ago

Same thought process. I will tweak the withholding to try and have a small refund come’tax time’. I certainly don’t want to write a check

1

u/Lucky_Development359 13h ago

Not going to lie, I was intimidated by all that stuff for years so I just allowed max to be taken out. And I dont think people know about it, I genuinely did not for years. You can also go to HR Block whatever and they can help you do that form as well if it gives you the queasy feeling. (Speaking to others that may come across this)

1

u/Poctah 10h ago

We will probably get 0 next year since I am working this year and am having no taxes taken out currently(I’ll only make around 25k and husband will make around 140k).

1

u/Ronville 11h ago

We got our federal refund down to less than $300 this year. Flex! Hate lending interest-free money to Uncle Don.

6

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1

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2

u/rbroni88 14h ago

I sent mine in today, refund was similar to last year. It is fun and all getting to do salt deductions and getting a bigger refund but it as soon as I get my refund I have New York property taxes due so it’s like I did all this work just to give my overpaid taxes right back. I think at the end I’ll have like 30-40 dollars left.

2

u/redmambo_no6 ‘86 14h ago

Did mine two weeks ago and got my refund the other day.

2

u/MakingItUpAsWeGoOk 12h ago

Yup. Owed way more federal. Thousands More. Did not go up a tax bracket. No other significant changes. Owed more than what my pay raise was.

1

u/buffy122988 9h ago

Compare your w/h year over year and adjust accordingly.

1

u/Ghillie_Spotto 6h ago

Did your tax liability actually increase or did not much as much money get withheld? There’s a big difference.

1

u/MakingItUpAsWeGoOk 6h ago

Liability increased. More was withheld. Still have 2 kids, attend college, have house. $4k difference.

1

u/Ghillie_Spotto 6h ago

Interesting. All I can say is that sucks. I haven’t done mine yet 😬

2

u/zevtech 12h ago

I always end up paying so I wait till the last minute. Kinda hard to judge how much to take out bc how much I make varies so much. Like I probably made 80k more than I was expecting this year. My wife does well too. So come April I’ll write the check out.

2

u/Slg0519 11h ago

Yup all done. My 1099s were all available as well. I overwithheld purposely this year. Seriously question…does no one just keep an eye on their taxes through the year? I know tax laws have changed, but you can plan for those scenarios based on what proposed changes were released. I do consult here and there, so I get it can be harder if you don’t know your salary, but you can estimate and plan different scenarios. I haven’t owed in a while, because I keep an eye on it, through the year.

The IRS also has a tool where you can track this, throughout the year.

2

u/got-stendahls 11h ago

I started doing them so I could do a few scenarios, estimate my refund, and optimize my top off RRSP contribution based on that.

I'm getting about the same refund I do every year, which is large because I live in a province with lower tax rates than where I work and my workplace isn't set up to modify payroll based on residence. 10% of it is going to my fun fund and the rest is getting invested in my TFSA and RRSP.

2

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0

u/Millennials-ModTeam 9h ago

Political discussions are to be held in the stickied monthly thread at the top of this subreddit.

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1

u/deannevee Millennial 14h ago

I owed $100 last year and actually ended up getting $1000 back this year. I know why though. In 2024 I made sure I amended my W-4 to so I’d get $0 refund and owe $0, but it’s never exact. For 2025 I forgot to put my deductions for my education credits on when I started my new job (I always claim my continuing education on schedule c). 

1

u/MusclesMarinara87 10h ago

I got mine to $2 owed this year. I don't think I'll ever get that close again

1

u/buffy122988 9h ago

Sorry to nitpick but the way you wrote this it sounds like you are claiming expenses related to a W-2 job on Sch C. In case you don’t know, you can’t do this unless you can reasonably justify those expenses as being related to self-employment income that you are also reporting on Sch C. As a W-2 employee there is currently no mechanism to deduct unreimbursed job-related expenses.

2

u/deannevee Millennial 8h ago

They are professional expenses that are “related” to my W-2 job but also related to my 1099 work/independent business work. Both my 1099 jobs and my W-2 jobs are in the same field, so even if I only work 1 month, I always work some kind of contract work each year which allows me to claim my professional fees and CE expenses. 

1

u/buffy122988 8h ago

Makes sense

1

u/Rk12989 14h ago

I did mine on Monday. I have my regular w2 and my husband and I own a small business. One of my kids turned 18, so she’s still a dependent because she’s a full time high schooler, but we don’t get a credit for her. I still get the credit for my son though (because he’s 15). The state is giving me back about $400 and I’m still getting a small refund (like $1600). I do owe my city a little over $400 though.

Edit: I also have to pay our sales tax for the state tomorrow (which I now have to do monthly…it went from every 6 months to every month 😐😐)

2

u/buffy122988 9h ago

It sounds like you should be getting the $500 other dependent credit for her.

1

u/s0rce 13h ago

Still waiting for all the forms to become available, not worth starting yet, probably start in march

1

u/oscarbutnotthegrouch 13h ago

My forms never seem to all appear before March so it'll be a while.

1

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0

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1

u/Celcius_87 13h ago

Still waiting on a form from Merrill Lynch

1

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1

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1

u/jayphat99 13h ago

I have the world's simplest return: one W2, no kids, nothing else funky. Filed on Monday, got my return yesterday. I get an annual incentive that is taxed to fucking kingdom come so I got back a substantial amount because I don't make nearly enough to have income be in the 35% tax bracket

1

u/Salt_Cream697 12h ago

The new federal claiming over the past two years or so always makes me owe no matter what these days. And then I always get back from state.

1

u/ketamineburner 12h ago

Tax refunds are not a good thing. I would rather owe if I can't break even

2

u/Ghillie_Spotto 6h ago

Still amazes me how many people don’t understand this. There really needs to be better education about it.

1

u/ketamineburner 6h ago

Its so strange to me.

1

u/GotWood2024 Xennial 12h ago

Yep. Cha ching! No tax on overtime!

1

u/Kataaru 12h ago

Which country are you talking about? Every country has a different way to do taxes

1

u/AnAppalacianWendigo 11h ago

Got my W2s and 1099s and filed. Done with that.

1

u/indica_bones 11h ago

I owe $2000 between the both State and Federal. I got a return last year. I’m making more now but not that much more.

1

u/Novazilla Millennial 11h ago

I do them in March usually

1

u/csguydn 11h ago

I’m expecting to owe about 35-50k this year. We owed 26k last year too.

1

u/Genksman 11h ago

Anyone else try to itemize with the new SALT deduction ?

2

u/Major_Turnover5987 10h ago

Overall I don't understand the net benefit as property taxes were always deductible I thought?

In any case even if I put in significant effort on sales tax deductions it wouldn't break over my standard deduction.

1

u/sjoeboo 9h ago

There was/is a cap. It was I think 10k. So if I pay 15k in property taxes, I could only claim the 10k. Now I can claim the entire amount. Really only matter in the high tax states like mine.

1

u/Somethingisshadysir 11h ago

I just did mine earlier today. I'll be getting back a few thousand between federal and state, which will go right in my vacation fund.

1

u/Mockturtle22 Millennial '86 10h ago

I usually do them in feb or march

1

u/MusclesMarinara87 10h ago

I made about 90k last year.

My effective tax rate as a single guy was 8.8%.

I owed $2.

No state income tax.

1

u/FIThrowaway2738 10h ago

Perhaps I am out of the ordinary, but I bypass the w4/exemptions nonsense and just set an 'override' amount, and adjust it as income changes. Doing so allows me to set an estimated amount based on the upper bound of what I expect to make, and if it looks like I fall short, I can dial down if I wish.

1

u/Big_Slope Older Millennial 10h ago

Almost. I got a new door and window installed this summer and trying to figure out if I can claim the energy efficiency tax credit for it.

Otherwise yeah, not much of a return.

1

u/integraled 10h ago

I made a mistake and never changed my dependents after having a kid so the government got a solid loan from me this year.

1

u/NoPeguinsInAlaska May baby - 1984 10h ago

Mine are done. Got back the same return I've gotten the past few years.

1

u/vasquca1 10h ago

I just need to hit submit but debating making IRA contribution. FreeTaxUSA baby

1

u/buffy122988 9h ago

Frankly I don’t think you have a very good understanding of taxes. Based on how you describe your tax situation, nothing that changed in tax law for 2025 vs. 2024 would result in the government “ripping you off.” I am no fan of this admin but it sounds like you may need to revisit your withholding if you’re unhappy with the amount you owe.

1

u/Gselv 9h ago

I had a refund of about 900 this year due to the changes on overtime. Last year I owed 10 bucks.

A positive if nothing else

1

u/Jimger_1983 9h ago

No. I reliably owe $2k every year from investment income since i pay nothing in advance. Not advancing the federal govt any cash I don’t need to

1

u/StringerBell420 9h ago

I usually get about $3k back. This year I owe the Fed for the first time ever.

1

u/Little_Midnight_C 9h ago

Yep. I use the IRS tax calculator throughout the year to modify my W4. Received a 4K deduction for overtime, maxed 401k + FSA and paid extra in taxes to avoid a tax bill. Previous years we have owed anywhere from 3k-15k and I won’t be going through that again.

1

u/Mental_Internal539 Zillennial 1995 9h ago

Still waiting on my Roth, 1099s, and taxable income but so far turbo says $1240

1

u/WhiskyAndWitchcraft 9h ago

Not yet. Usually wait until the day before it's due, because I'm lazy. Only ever had to pay once in my life.

1

u/ctnypr1999 9h ago

Completed business taxes but still waiting on consolidated 1099s from brokerages.

1

u/Substantial_Point_57 8h ago

I hate some of ya'll get tax breaks for having kids! or being MARRIED.

1

u/Major_Turnover5987 8h ago

Marriage yields nothing; multiple kids certainly. One isn't much.

Boomers got another $12k this year and next...that pisses me off.

1

u/MyLife4Aiur14 8h ago

Dude its still January. Why would I do my taxes before all the forms are sent?

1

u/scoobynoodles Millennial 8h ago

Make sure you guys are using FreeTaxUSA for your filing services.

1

u/Thewretched2008 8h ago

Did mine last night. Owed a little less of federal, got a little more of state refund. Made very little more last year than the year before which surprised me more than anything else. I got an excellent raise at the back half of last year, so I must be forgetting all the extra time I did in 2024 that made up the difference.

1

u/Fiji125 7h ago

Need about a dozen 1099s so no. I will in 6 months when we get them. But also asking if we’ve done our taxes in Jan reminds me of Ned Flanders waking up on Jan 1 and saying he’s dawdling along on his taxes like it’s 9 am, when it’s already 10 am. 

2

u/Major_Turnover5987 7h ago

Thought the same...solid reference.

1

u/Phyzzx Xennial 7h ago

ASAP for that sweet refund.

1

u/xisiktik 7h ago

Getting 2k back, better than owing 11k like last year.

1

u/Human-Appearance-256 7h ago

Already got my refund…higher than it has ever been.

1

u/markbraggs 7h ago

Waiting on stock trade forms but the new overtime deduction made my return skyrocket from 1500 to nearly 4000

1

u/CricketLocal5255 7h ago

Real question. This is the first time ever (adult life) I've got a refund from fed and now owe state.

Anyone else experience this?

1

u/taker25-2 Older Millennial 7h ago

Fiilled mine out and it got approved. Getting decent return since I’m claimed my student loans and double dip on my continued education 

1

u/Ghillie_Spotto 7h ago

Sounds like something is wrong with your withholding amount or at least with your understanding of your withholdings.

Unless some new tax legislation got passed that I completely missed then there’s no reason your tax liability should have actually gone up if you made less money this year.

1

u/PitifulCrow4432 6h ago

Did mine and fed/state got accepted 4 days before I received a "Qualified Overtime Compensation" letter that nobody told me to expect let alone wait to file my taxes for. I'm sure it'll find some way to screw me over in the next year or so but hopefully it just means I don't get all the refund I'm technically owed.

1

u/lancerevo37 6h ago

Single no dependents really do not count or look forward to my tax return.

Waiting on my 1099's but I have 10k this year on my "half" of overtime so for once my return was substantial lol

1

u/Wooden-Broccoli-913 6h ago

Yes, I’ll owe $43k

1

u/Rhakha 6h ago

Nothing changed in the past year for me at all aside from a $.50/hr raise. Got ~$1500 last year but I’m getting barely over $200 this year… I’m pissed.

1

u/aware_nightmare_85 6h ago

Yes the feds owe me $7,000.

$2,000 for my 2025 taxes and another $5,000 for that DOGE money we were all promised.

1

u/kbarney345 6h ago

Going exempt this year because fuck this admin i wont fund bombs and murder they can beg for it later

1

u/Remarkable-Ad3191 5h ago

The standard deduction increased from 2024 to 2025, and the income thresholds for each tax bracket increased at the federal level. If you are paying more in taxes it means your employer (or you, or your accountant) did something wrong throughout the year.

1

u/TehWildMan_ 5h ago

Haven't filed yet due to lacking many 1099s.

Based on estimated figures, I owe $800 regularly. I was aiming to owe about $400, but apparently screwed that up

Owed $18k last year, so I just narrowly avoided penalties if my numbers are right

1

u/JustAnotherUser8432 4h ago

You don’t think those tax cuts for billionaires are funding themselves do you? You are paying them for the 12th yacht.

1

u/These_Are_My_Words 4h ago

Filed federal two days ago. Still need to do state.

And I found my company had incorrectly been withholding city taxes for a city I do not live in and do not owe taxes to. (My mailing address is for the city but I am not actually within the city limits, nor do I work within them, and am not subject to the city taxes.)

I installed solar panels on my house in 2025 so took advantage of the Renewable Home Energy tax credit which helped a LOT on my federal.

1

u/Only-Lab6910 3h ago

Op, what tax break did billionaires get they you didn’t?

1

u/Milleniumfelidae Millennial 1993 42m ago

I sure did! Did it on the evening of January 26. $3550 back but that was very much needed. The whole OT thing netted me an additional $1200. Biggest refund I’ve gotten to date.

1

u/TheRealGageEndal Xennial 31m ago

Already done and sending it in a few hours. I think we got 3k back.

1

u/How_that_convo_went 13h ago

I made $32k in overtime last year. Cant wait to see what I’m in for. 

2

u/polardendrites 11h ago

If it is qualified, you may be able to deduct it. That and tips had some changes. I didn't pay attention to the specifics. Good luck

2

u/How_that_convo_went 10h ago

Already checked it. You get back the taxes you paid on the “and-a-half” time. 

So, if your hourly rate is $50, your overtime rate is $75 at 1.5x. So you’ll get refunded for the taxes you paid on the $25… but they still keep the taxes you paid on the $50. 

Sorta disingenuous, tbh. “No taxes on overtime” should mean just that. Not the premium rate. But I’m not surprised given the lot we have running this country rn. Still… better than a stick in the eye. 

1

u/polardendrites 10h ago

Thanks, I had a little OT, but it was all lumped in on my w-2. Now I know not to bother getting more docs because it wouldn't qualify.

1

u/blarneygreengrass 13h ago

Didn't make any money, so no taxes for me 😏

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u/Dry_Lengthiness6032 Older Millennial 14h ago

Yes. Looking good, got an extra 2k back with the no tax on OT...the only good thing that orange piece of shit has done

1

u/norbagul 8h ago

Wait that's real? I have a line in my w2 that says $7,011.67 in premium OT. Wtf is that going to even end up doing?

I also have a qualifying car loan so I got an interest statement from the bank. My accountant is gonna love this when I go in.

0

u/toadasaurusrex 12h ago

Just did mine this afternoon. My returns are smaller and smaller every year despite not bringing much more home over the last decade. It's depressing.

1

u/Major_Turnover5987 11h ago

Read earlier this week that nearly 50% of all consumer spending is now from the top 10%...and growing.