So I used tax prep software to do the taxes, and much to our surprise, we are getting a 'large to us' refund. By my prior manual calculations, I figured, we'd break even, or get $100 or so. I reviewed the tax-prep generated PDF document and saw this: "Excess social security and tier 1 RRTA tax withheld". A Google search revealed, this happens if we change jobs, with increase in income, etc. So, it's legit. I was worried I had a typo in numbers I entered.
Barbisi and I discussed changing our allowances etc. to get more money thru the year but, this job change doesn't happen often and, each allowance amounts to around $12 every two weeks or so; not worth the hassle anyway.
So, for now, we will leave it the way it is.
We thought we would owe, due to job change, relocation, home sale (not an issue; already knew since < 500K profit), stupid 401K loan that we defaulted on and owed taxes on the 'income' (the 401k management company put the 401K into a blackout period; therefore I could not make payments, view the account etc then suddenly, oh yeah... my fault for not paying the bill... absolutely brilliant).
Anyway, on to the next step.
Barbisi and I discussed changing our allowances etc. to get more money thru the year but, this job change doesn't happen often and, each allowance amounts to around $12 every two weeks or so; not worth the hassle anyway.
So, for now, we will leave it the way it is.
We thought we would owe, due to job change, relocation, home sale (not an issue; already knew since < 500K profit), stupid 401K loan that we defaulted on and owed taxes on the 'income' (the 401k management company put the 401K into a blackout period; therefore I could not make payments, view the account etc then suddenly, oh yeah... my fault for not paying the bill... absolutely brilliant).
Anyway, on to the next step.
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