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Another Year Passes By You
Feb. 13th, 2019 06:46 pmTaxes done. It took 30 minutes. By comparison, this post is taking me 15 minutes.
Overall, I'm paying close to twice the amount in taxes from last year.
[GIBBERISH DETAILS BELOW]
The reason for the discrepancy was that I earned more than expected for the year by working the second job during the first half of the year. This put me into a higher tax bracket. If I hadn't worked 2nd job, then I probably would have gotten close to the same amount back or more than last year. I accounted somewhat for the increased taxes by increasing how much extra was withheld from each check. As a personal preference, I will always choose to use the IRS as a personal zero-interest savings account in order to guarantee I receive a refund instead of still owing come tax season.
Also, the increase from what I predicted my income for the year would be versus what it actually was decreased my tax premium credit on my Marketplace health insurance from the first quarter of the year. So, while they calculated and applied one credit amount, that amount ended up being less, and so I had to pay back the difference. That was more or less offset by having significantly decreased premiums during the second and third quarters by having health insurance through Employer2. So, technically, that money was thrown into my savings account and helped me earn a piddly couple of dollars interest before handing it back over to the government.
Overall, I knew the change in premium tax credit was coming, but I was hoping that the difference would have been a bit smaller than it turned out to be. I saw the amount I would have received before that difference was calculated, and that was closer to the amount I got last year (although still less than last year), but I knew it would not last once we got into calculating the healthcare stuff.
Overall, I'm paying close to twice the amount in taxes from last year.
[GIBBERISH DETAILS BELOW]
The reason for the discrepancy was that I earned more than expected for the year by working the second job during the first half of the year. This put me into a higher tax bracket. If I hadn't worked 2nd job, then I probably would have gotten close to the same amount back or more than last year. I accounted somewhat for the increased taxes by increasing how much extra was withheld from each check. As a personal preference, I will always choose to use the IRS as a personal zero-interest savings account in order to guarantee I receive a refund instead of still owing come tax season.
Also, the increase from what I predicted my income for the year would be versus what it actually was decreased my tax premium credit on my Marketplace health insurance from the first quarter of the year. So, while they calculated and applied one credit amount, that amount ended up being less, and so I had to pay back the difference. That was more or less offset by having significantly decreased premiums during the second and third quarters by having health insurance through Employer2. So, technically, that money was thrown into my savings account and helped me earn a piddly couple of dollars interest before handing it back over to the government.
Overall, I knew the change in premium tax credit was coming, but I was hoping that the difference would have been a bit smaller than it turned out to be. I saw the amount I would have received before that difference was calculated, and that was closer to the amount I got last year (although still less than last year), but I knew it would not last once we got into calculating the healthcare stuff.
