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How will the fiscal cliff affect tax returns 2013



 
 
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JOFGA_AK
Posts: 31
1/3/13 1:56 P

Just4Now seems to have a very accurate answer. The payroll tax 'holiday' was not renewed so payroll taxes (which pay for social security and medicare, I believe) rates returned to the previous higher rate effective the beginning of 2013. Unless you make more than (i think in the end it was $450,000) your MARGINAL tax rates on wage income do not go up. There were some changes in capital gains and dividend income.

BTW - capital gains and dividend income in retirement accounts isn't taxed the same way as outside retirement accounts - so the argument that changes in those taxes impact everyone with a retirement account is BS.

The lobbying on the whole tax code is so skewed in favor of big money interests that it is absolutely confusing for the average American.



1GROVES2
Posts: 10,124
1/3/13 11:10 A

Yes ask your tax expert.....but...my understanding is everybodies taxes go up ( my husband I make less than $45,000 and I`m pretty sure we will be hit!) Its in the fine print,, maybe not this year, but next year.......
But really ask your tax expert. and do not count on getting more money back, that makes no sense!

Edited by: 1GROVES2 at: 1/3/2013 (11:11)


ETHELMERZ
SparkPoints: (75,886)
Fitness Minutes: (55,560)
Posts: 3,374
1/2/13 10:44 P

Consult your usual tax person on this, not on a message board. Might be safer.



MANDIETERRIER1
Posts: 13,499
1/2/13 10:19 P

Well my understanding is it won't effect 2013's tax return, since the fiscal cliff didnt effect the amount of taxes you paid in 2012.

Since it went into effect in 2013. It might effect the amount of taxes you pay in 2013. So it would show on the return that you file in 2014.

I am not a tax accountant. So it would probably be a good idea to consult one with any questions.

Edited by: MANDIETERRIER1 at: 1/2/2013 (22:21)


MKRETIRED
Posts: 488
1/2/13 9:25 P

Still waiting to see what happens.



LUCKYNUMBER23
SparkPoints: (9,202)
Fitness Minutes: (10,607)
Posts: 402
1/2/13 9:23 P

If you make over 250,000, you will have to pay more taxes. I live in Illinois (now considered the worst state in America). I work in Missouri. I used to get a credit for taxes paid in Missouri and it would cover by Illinois taxes, but last year it didn't happen. I now have to pay. I hate tax time.



FRUITLOOP740
SparkPoints: (1,652)
Fitness Minutes: (71)
Posts: 66
1/2/13 9:06 P

I'm not asking as to why my federal and state taxes come out of my checks. I'm basically asking, since we are middle-class working family. if we make the same income as last year, with the fiscal cliff thing passed, will it affect my tax return when I file this year for 2012 year?



PT.JEFFGIRL
SparkPoints: (107,824)
Fitness Minutes: (106,187)
Posts: 4,236
1/2/13 8:36 P

That is anybody's guess if we are honest.



LUANN_IN_PA
Posts: 15,821
1/2/13 8:32 P

"My hubby said it would affect our tax return that we might get more back if they passed it which it was passed."
That should not be the case.

And I agree with the previous poster... change things so you have your money to use throughout the year.



JST4NOW
SparkPoints: (3,972)
Fitness Minutes: (1,469)
Posts: 24
1/2/13 7:23 P

News article today says it will affect your first paycheck,as the Social Security payroll tax will be 6.2%, up from 4.2% in 2012. Child tax credit stays, though.

Your 2012 tax return will probably not be affected, but your 2013 one will be.

FYI: if you are always getting a refund, you are letting the government have free use of your money until it is refunded. A better solution is to figure out how much you usually get back, divide by the number of paychecks, and set up an automatic transfer of that amount from your paycheck into a savings account. Then you earn some interest on your money - not much, but every little bit helps.



FRUITLOOP740
SparkPoints: (1,652)
Fitness Minutes: (71)
Posts: 66
1/2/13 7:05 P

Just wondering. I'm not asking opinions on the subject or what you are for or against. Keeping it simple and just wondering. I've googled and still I'm not the greatest at politics or to pay attention when it's on t.v. We are considered middle-class (or low-class) so I know our taxes stay the same, but not sure how or if it affects my tax return this year when I file.

Will it affect this one or the next year's tax return?

My hubby said it would affect our tax return that we might get more back if they passed it which it was passed. So wondering how it'll affect this years' return when we have always been getting 100% back? Do we get so much of a percentage more?



 
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