Taxes
02-27-2019, 04:18 AM
#262
Gets Weekends Off
Joined APC: Sep 2008
Posts: 208
Originally Posted by flyingmau5
Is anyone else claiming tax exemption on their W4? I expect a pretty hefty refund from 2018 and expect the same for 2019. Pros and cons to doing this?
02-28-2019, 09:19 AM
#266
Super Moderator
Joined APC: Jul 2006
Posts: 5,544
Own some lower end rental properties and you'll see both sides of the spectrum. Some tenants can't work or have simply fallen on hard times and need these benefits (some due to their own doing, while others are unfortunate situations). On the flip side, plenty are fully capable of working but choose not to because "they make more on the system." I'm all for helping the less fortunate, but they seriously need to close the loopholes that allow able bodied individuals to be lifers on the system. These programs do much more good than some believe, but there are plenty who take advantage of the system.
02-28-2019, 09:22 AM
#267
Gets Weekends Off
Joined APC: Nov 2017
Position: NYC 7ERA
Posts: 1,965
Prelim cut on my taxes show we just barely broke the standard deduction (Married, two of us no kids).
I just claimed M2 all year, on 3 jobs, wife is a 1099 RE Agent and I'm coming out with maybe $1000 refund before I factor in selling a rental house. May end up owing due to that, but that's not a normal every year thing. I was a bit concerned all year as my witholding seemed to be not much compared to years past.
Only hard thing for me for planning is I never know where the Delta/Reserves mix is going to land, and Delta pays much better than the Navy.
I just claimed M2 all year, on 3 jobs, wife is a 1099 RE Agent and I'm coming out with maybe $1000 refund before I factor in selling a rental house. May end up owing due to that, but that's not a normal every year thing. I was a bit concerned all year as my witholding seemed to be not much compared to years past.
Only hard thing for me for planning is I never know where the Delta/Reserves mix is going to land, and Delta pays much better than the Navy.
02-28-2019, 11:13 AM
#268
Barbie's PIMP
Joined APC: Jun 2015
Position: The Buck
Posts: 269
Originally Posted by CX500T
Prelim cut on my taxes show we just barely broke the standard deduction (Married, two of us no kids).
I just claimed M2 all year, on 3 jobs, wife is a 1099 RE Agent and I'm coming out with maybe $1000 refund before I factor in selling a rental house. May end up owing due to that, but that's not a normal every year thing. I was a bit concerned all year as my witholding seemed to be not much compared to years past.
Only hard thing for me for planning is I never know where the Delta/Reserves mix is going to land, and Delta pays much better than the Navy.
I just claimed M2 all year, on 3 jobs, wife is a 1099 RE Agent and I'm coming out with maybe $1000 refund before I factor in selling a rental house. May end up owing due to that, but that's not a normal every year thing. I was a bit concerned all year as my witholding seemed to be not much compared to years past.
Only hard thing for me for planning is I never know where the Delta/Reserves mix is going to land, and Delta pays much better than the Navy.
02-28-2019, 12:51 PM
#269
Gets Weekends Off
Joined APC: Nov 2017
Position: NYC 7ERA
Posts: 1,965
Originally Posted by Dodo
But that Navy retirement will pay you back.
I view my Navy Reserve pension, as I understand it today, to be a strong possibility, but no more certain than legacy pensions were on September 10, 2001.
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