We did our taxes this weekend, and THANK GOD for the Obama middle class tax cut

[Peacetrain]

I cannot even begin to tell you how much this is going to help our son. He is getting ready for grad school, and we are not the richest people on the block if you get my drift.

I knew the tax cut was coming, but like Manna from Heaven it fell at just the right time.

So three cheers for having something go right with the taxes for a change!

:bounce: :bounce: :bounce:

I have talked to a couple of other people who just about feel off their seats when they did their taxes, and suddenly that new water heater that was going to be nursed along for another year, will be replaced.

It is a good morning for the Peacetrain family.

[NJmaverick]

1. K & R to remind people of the good that was done by President Obama

[Peacetrain]

3. Yep.. getting your taxes done this year for the middle class is a whole

lot less painful..

Just think the top 1% had that for 8 years with the Bushinatior while we paid the tab.

I know we all have to pay taxes.. but sharing the pain is a better way to go :)

[rox63]

2. The tuition tax credit saved my butt this year

Got a tidy sum in the refund check, which helps pay for my career retraining. :)

[Peacetrain]

4. Most excellent

:)

[mopinko]

5. cool.

we barely made it, but we are fine. glad that you are spending your money well.

[Peacetrain]

6. Thank you for the good wishes

I am serious, it came at a moment hubby and I both were going UH OH.. how do we do this?

[mopinko]

15. yeah, tuition.

if all goes well, i will have all 5 of my kids in college after next year. thankfully, here in chicago, there is a wide variety of schools, including the city colleges, which are very affordable. they can live at home and go to a cheap school for 2 years, then we talk.
unfortunately, 2 have their eye on univ. of chicago, and one on pharmacy school, which is a long haul. sigh.
i still want to know why i can't just say- because that's how my parents did it. that just never works.

[Moderator]

63. Check on scholarships for Pharmacy...

there are quite a few out there.

Hell of a degree...very math/chem heavy, but I know the Feds can help as well, there are programs where going for Pharm and then owing the Govt a couple 3 years is a good thing, (not necessarily military either, there are a lot of Fed jobs that are in the pharmaceutical arena)...:D

[DisgustedInMN]

7. Exactly how...

... big are the "tax savings" to those of us that have had their incomes drop to $0?

Whoopteeeeeeeeeee-fucking-doooooooooooo!

[Dappleganger]

9. we definitely need jobs!!

:hug:

[Peacetrain]

11. My brothers income fell off the charts..

He is working as a dishwasher now..so he is pretty low.. I know he qualifies for the EIC.. He is getting back more than he paid in his taxes.

Did you have any income at all? Even a few dollars.. and every penny helps.

Jobs jobs jobs, so important!

There are some jobs down here in Northwest Iowa. Call centers.. it will keep the wolf from the door..

Wishing you the best..

[high density]

14. Yes, fuck the 90% of people who do have a job and may be struggling too

Also, did you forget that Obama extended unemployment benefits?

I'm sure everybody at this forum has gone without employment and we all know how much it sucks and how painful it is. It doesn't mean the world for everybody else suddenly stops functioning because of it.

[DisgustedInMN]

41. Did I say:

"fuck the 90% of people who do have a job and may be struggling too"??????


How about any of the other bull shit in your reply you seem think I said?

No?

Then I guess I know everything about you I need to.

[high density]

51. You're the one saying "whooptefucking do" about a tax cut that helped out plenty of people

So the only bullshit I see flowing is from your post.

[DisgustedInMN]

52. Bubye

[Jeff In Milwaukee]

24. For starters....

You don't have to pay income taxes on the first $2,400 of your unemployment compensation this year, and you probably qualified for more Earned Income Credit that you did last year.

[dionysus]

28. what's your point? it's not her fault you're unemployed.

[KingFlorez]

35. Having a stank, bitter attitude doesn't help any

Don't begrudge others for their good fortune.

[DisgustedInMN]

42. Yeah...

... it's my "attitude" that causes there to be an average of 6 applicants for every available job!


Right.

Tell me another one, ok?

[WonderGrunion]

53. It's your attitude that makes it more likely

that one of the other five will get that job.

[DisgustedInMN]

54. Of course it is.

Tell me another story, Oh Sage One.

[Dappleganger]

8. Awesome!

I wonder if that credit will be extended through next year? We have one beginning trade school and the other will be a senior and about to go a local college. We did just find out that our son's work has some tuition reimbursement help for certain degrees and it looks as if he's going to choose one of those, so that will help.

[Peacetrain]

10. That is a good question.. I don't know.

Old man Peacetrain ;) does the taxes.. He was the one that read up on it.. I will have to ask him

[Dappleganger]

12. Thanks.

We just found out about the tuition reimbursement from our next door neighbor. Their son works w/ours and he is finishing up his first year in college while living at home (what we'll be doing) and that's why he is at Publix. Between that and hopefully more tax credits for education, that will be a HUGE help.

[high density]

13. Schedule M was great

Although about $300 of that $400 had already come to me in the form of reduced withholding.

[Bluenorthwest]

16. The front of the bus is always more comfy

Such breaks do not come to those of us who are treated unequally under the majority bigotry. You see, they insist that my family is not one, we have to file as single people. Been together longer than the Obamas have been, or likely will be.
So congratulations on your windfall. It is what it is.

[ProSense]

17. Schedule M

It doesn't matter if you file as a single person.

[BR_Parkway]

32. Actually, to a gay or lesbian couple - the difference in treatment from a hetero

couple can be thousands of dollars per year when it comes to taxes because the government we are paying taxes to won't recognize us as worthy of the same treatment as the other folks. It's called 2nd class citizenship and has nothing to do with the tax breaks the administration has put through in the past year

[ProSense]

34. Actually, I know.

Still, the reference was to the tax breaks, specifically Schedule M, which doesn't adversely affect those filing single.

[Peacetrain]

18. There is no denying that!

This is a PDF from last year..

http://www.law.ucla.edu/williamsinstitute/pdf/Website_TaxPiece.pdf

detailing the inequities in the tax system.

In Iowa, married is just married now, gay straight or otherwise, but it is not the same on the federal level.

:hug:

I am not sure if any of this on the federal level has been addressed yet.

Thank you for the kind thoughts for my family, and I will keep yours in my prayers and hopes and do what I can to make sure that we all share that.

This tax cut should be available to both you and your partner if you both work.. It is basically 400 per person working outside of the home.

http://www.irs.gov/newsroom/article/0,,id=204447,00.html

It does not address how you are identified as a couple.. I realize that.. and there are so many other inequities in the system.. as in the first link.. but I hope this helps you and your family also

[Bluenorthwest]

31. Thank you so much for you kind and respectful reply

And for not playing games as some do with this. It gets old. I'm just sick of not being an actual equal citizen. This 'reform' just makes it all worse. And it did not have to. Nothing is gained by that bigotry, and much is lost.
Thanks for not snarking. This time of year is always really depressing. Tax time.

[frazzled]

56. A good accountant might help

My nephew and his husband (yes, they've been married three times--once in the ill-fated Gavin Newsom debacle, once in California before Prop 8, and again last year in Iowa, just to make sure, and this time with their adorable daughter) went to a tax guy who specializes in same sex issues. I'll have to ask them how that worked out.

[grahamhgreen]

19. How much did you get? How much do you pay? And how much do you make? May I inquire?

[Peacetrain]

20. $400.00 for both my husband and myself.. total of $800.00

family income.. lets just say, we barely scratch our way into the middle income bracket. We are what is euphemistically called lower middle income.. or one paycheck from disaster families.

[Jeff In Milwaukee]

21. The American Opportunity Credit was massive

The old Hope Credit was good, but the phase-outs were so low that many otherwise middle class families didn't benefit from it.

The AOC not has much higher phase-outs, but it's also a refundable credit, so if you tax liability was otherwise limited (which meant that the credit didn't benefit you at all), you still get extra money to put your kid through college.

I prefer free-college-for-everybody, but this is a very good program.

[Peacetrain]

25. There is some very good news in this new tax season for a lot of people

:hi: thanks for the updates

[CTyankee]

22. I posted here on Saturday after having my taxes done. I was flabbergasted!

We're getting nearly $8,000 back! That just doesn't happen...until now...

[Peacetrain]

23. "Fainting"

8,000 Oh my GOD how wonderful.. :hug:

[CTyankee]

36. A little over $7100 was in federal, the rest in CT state taxes.

We are going to have to start withholding less, tho, because our income has fallen. And anyway, I don't feel like just loaning my $$$ to the government without getting any interest...

[whistler162]

38. You are getting back what I am paying in addition

this year.


Lay off, 2 months of contact work, rehire after 2 months, and a 401k disbursement added up. But heck I planned for it and I am working, same comapny different job title.

Seriously though have you had another tax preparer double check the return? Would be a nasty surprise 5 years or so down the line for the IRS to say you owe them X with fines and penalties

[CTyankee]

44. Our tax preparer is the BEST. No worries there. Been with him for YEARS.

I had losses I am taking over several years (from investments I inherited and subsequently sold a few years back). We withhold a lot from SS because they don't let you structure it exactly at the amount you want, it's either over or under. Things add up...

[SPedigrees]

26. We were similarly blessed. Thank you President Obama! nt

[Peacetrain]

30. Was a Ah Ha moment wasn't it?

Holey Moley.. we actually got a break this year :).. So happy to hear the same for your family. In fact if I remember the stat right, 90% of us should get some kind of break

[SPedigrees]

39. Happy for your family as well, Peacetrain. :-) nt

[Whisp]

27. not bad for a do-nothing corporatist President.

I am very happy for your good news.

;)

[Peacetrain]

29. Yep.. the republicans are going to have a hard time trying to explain

how middle America did not deserve a tax cut, when November rolls around. It is amazing what an extra 800 dollars can mean.. just amazing thank you for your good wishes

[kjackson227]

33. Good for you! I'm going to have to pay (no dependents, no educational expenses),

but I'm very happy for you and your family :)

[Peacetrain]

47. If you worked any at all this year

you should be able to get a 400.00 tax cut... I have my fingers crossed for you..thank you for the good wishes

[truebrit71]

37. What is this "refund" of which you speak?

I haven't seen one of those for 10 years...

Happy you got yours though!

[Peacetrain]

48. I hear you

We have done nothing but pay since Reagan.. We went from a 1,000 refund a year, to owing 300.00 under the Reagan tax cuts..It was just awful..

But this year, if you work you should be able to get a 400.00 cut for each individual :hi:

[bluethruandthru]

40. Were you eavesdropping?

When my husband told me how much our refund was going to be this year...due to the $400 credit for both of us and the tuition credit (2 kids in college)..the first thing I said was "Thank goodness, now we can replace the water heater"! :)

[Peacetrain]

46. What is it with the water heaters this year

I think it was January we had to replace ours, then my friend said she was using the tax cut to replace hers.. they were thinking they would have to wait a year.. (theirs is just so old, it could go any second.. and uses a LOT of energy!)

Somebody must have made the water heater gods angry, because they are on the blitz everywhere ;)

[bluethruandthru]

49. I'm considering a tankless water heater.

Seems like they would save alot of money. And I'm all for saving money!

[Peacetrain]

57. Will you let me know how that works for you.. we almost got one..but

could not pony up the initial outlay.. which was so much more than a traditional. But with the way these things break down in hard water country, we might be due for another one before you know it. :hi:
I just like the thought of not heating water you are not using.

[Inuca]

65. I have a tankless heater

Had it for more than 5 years now. We were having hard water beyond the limits of softening it, horrible, it killed the previous heater very fast. The tankless one had some minor problems because of the hardness (do not know the details, my husband deals with all that), but not major, and for several years now we switched to water from a pond, rain water basically, so hardness is no longer a problem. The heater we have is electric and works wonderfully. Got it online directly from the manufacturer for around $1000 I think, it may be cheaper by now. I am very happy with it. I think that the idea of keeping a large amount of water warm just in case you need it is absurd. Let me know if you would like more information and will be happy to provide.

[Peacetrain]

66. That sounds wonderful...

If you have any additional information on it.. just email me here at DU.. THANK YOU so much

[SunsetDreams]

43. That's Awesome Peacetrain, best of luck to your son. nt

[Peacetrain]

45. Thank you!!

It was one of those in the nick of time things..so glad we have it :)

[Glenda]

50. You made my day!

Thanks for telling us about the $400.

I have someone else prepare my taxes. But I do them myself ahead of time, just to get a rough idea, and make sure I have all the documentation.

$400 more dollars :woohoo:

[Peacetrain]

58. Glad to spread the good news!

[Clio the Leo]

55. You'd think the notion that I was helping to pay the President's income would motivate me ....

.... to get mine done, but no, I still haven't done mine yet.

I dont have an much withheld from week to week so I dont get a big refund every year.

[Peacetrain]

59. Well Clio, we usually do not see a refund or one that is so little it does not even cover dinner out

So, you might be surprised :) I hope so!!

[rasputin1952]

60. ...

:woohoo:

[Peacetrain]

61. ....

I am still smiling from ear to ear this morning.. :woohoo:

[rasputin1952]

62. Cool...

and I'm really glad to hear this helped your son out! (But make sure you get a little something too...:) )

Education is SO important, only wish I would have realized that earlier...being a geezer and going back to school as been brutal for me, but I'm working on my second degree now...would have been a lot easier when I was younger...:D

My best to you and yours...:pals:

[a la izquierda]

64. That's awesome!

We paid nearly our entire fed. return (about $600) to the state of Oklahoma. Something isn't right...one of these days I'll go see someone about this, but right now, I can't afford a tax person.

[Peacetrain]

67. State taxes are just a killer .. so much was unfunded mandates under the Bush people.