News Filed Our Taxes; We Broke Even

[Zombie13]

So we filed our taxes using TurboTax, and much to our surprise, we broke even. Zero owed, zero returned. I verified several times: with the same software install on the same computer (this install imported last year's details), manually / pen and paper, and with the software installed on a separate computer, from scratch (this install did not import last year's details). As I completed the filing in the software, even it said, "well we don't see this very often!". Naturally, my 'IRS Audit Paranoia" Level went up a few points. I did purchase the audit protection like I always do. But wow, what are the odds? The 2023 income was relatively flat, so that most likely explains it. Anyway, glad the filing is done.

[shipo]

Wow, I don't think I've ever seen or heard of that before; in fact, even though intellectually I know it is possible to end up with a $0.00 bottom line on a 1040, I would have actually bet it doesn't happen but maybe one in one-hundred-million returns.

Like you I have a certain amount of "IRS Audit Paranoia", especially this year. Why? My company got acquired by a firm out of Pune India back in 2021 (a week before I started work for them) and in March of 2023 our 401(k) plans got migrated from my company's financial institution to the one used by our new parent company, and part of that migration meant we lost Safe Harbor status. My income puts me at risk of falling afoul of the discrimination clauses of standard (i.e. non-Safe Harbor) plans, and because A) I contributed the IRS maximum of $30,000 last year and for the pay periods last year prior to the migration of our accounts my company also made a 4% match. My taxes were filed a couple weeks ago and just now I'm learning the IRS may have something to say about my 401(k) from last year.

[Barbisi]

shipo, I sure hope you don't end up owing any tax penalties because of the company acquisition!
I believe this flat, no tax refund, no owed taxes return may have a lot to do with the fact Washington is non-state income taxable (although the high COL more than makes up for that, LOL!) so because we had one static income for the whole year, the correct amount was withheld from my husband's paychecks.
Now, should he get a decent raise and/or profit sharing this year, then depending on how much the automatic percentage of withheld income amount comes to, we might receive a refund next year.
I have heard the best possible outcome and one that every American should strive for, is to basically break even as we have this tax year.

[shipo]

Funny thing, New Hampshire is a no state income tax state as well, I've never even gotten within $2,000 (either way) of zero.

[Zombie13]

Yeah it certainly is a rare event. Good luck with the 401k situation!
EDIT: We lived in NH as well, for 3 years. We liked it, aside from the cold bitter winds in winter.