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Tax Forms Rolling In

January 24th, 2014 at 09:59 am

The military pay site is having some issues with all the traffic in the last two days. W2's were released for three branches of full time employees. Everyone wants their information at the same time. I finally got in and was able to download my husband's W2 and his January earnings statement. I wasn't quick enough to get his TSP rate changed to 8%, so that isn't effective until next month.

I expect to start working on taxes this weekend. I'm pretty sure we will owe taxes this year. Not more than $500. It might be time to actually change our withholding. Since our daughter turns 17 in 2014, I don't think we will get the tax credit for her next year at this when we file. I need to that into account now so we don't owe more next year.

If you are wondering about how to handle your refund or how to calculate your withholding for your situation, you might want to read my post on Our Money Blog today. Sorry if my post is a little harsh at times. I just really want everyone to succeed financially! Really. Smile

Do you have your W2 yet from your employer? When will you start working on your tax return?

3 Responses to “Tax Forms Rolling In”

  1. Buendia Says:

    We're starting to get tax forms, too. Since we're going to owe a little bit this year, I'm going to wait until all the forms come in before I start the taxes; probably very beginning of February. But everything is already gathered in one spot (I have a file that I pop things into all year) and I've downloaded the tax program.

  2. ceejay74 Says:

    I just did the first run through last night (went ahead and filed AS's federal since it's pretty straightforward, she's getting a refund and she can e-file for free). We owe! I adjusted withholding at the beginning of the year when we got such a huge refund last year, but I failed to factor in raises and other things that came in (such as increased freelance work for AS). Her EIC alone decreased by over $1000!

    I'm still working on it; hoping I can get creative and find a couple more offsets. But it does look like we'll have to adjust withholdings up again, especially if any of us gets freelance work or raises.

  3. Carol Says:

    Do you deduct mileage for dentist and doctor visits. See IRS site for how much. Just another deduction; sometimes helps.

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