This years Tax Return

[Keesha]

How is it better to owe money than not?
We get a large tax refund due to all the over time my husband works.
He’s been working there doing it this way for 25 years now with the same company.
I don’t think it’s up to him to change. It’s his company’s payroll that does it.
He becomes in a different tax bracket.

 

[Keesha]

for many it is the only way they can get a meaningful amount in to their hands . they would never see it weekly nor be able to do anything meaningful with it ..

on the other hand when the day comes i have to worry about interest on a tax refund , that is the day i seriously need to look at my investment plan because in the scheme of things it should be irrelevant ..

since we have a lot of investment income we pay estimated tax .. hence the word "estimated " we have no clue what will turn out to be the correct amount of taxes paid in over the year until the year ends . we get a refund most years but just apply it to next year .

This is our situation also.

 

[mathjak107]

your husband absolutely can have payroll change his withholding to whatever he wants ... he told them what to hold on his w4 already , he just needs to submit a new one and have them withhold less

 

[Keesha]

your husband absolutely can have payroll change his withholding to whatever he wants ... he told them what to hold on his w4 already , he just needs to submit a new one and have them withhold less

Thank you. I did not know this.