Got a very bad feeling on 2009 Federal Tax Returns.

[NickD 202]

Major difference is the huge amount of federal tax the employees did not take out this year. Just looked over the tax forms and the tax tables, standard deductions, and dependent deductions. Not if any difference between that and the 2008 tax tables and standard deductions. We are still limited to only deducting $4,000.00 on out daughter's college tuition cost, that sure in the hell didn't change, but tuition as well as property tax has gone up considerably since 2008. Letting us deduct an extra thousand on our property taxes, but almost a joke for what we are paying. Some energy tax credits and the amount of sales tax you paid on a new vehicle purchase, but we didn't buy a new vehicle and if did, won't be getting anything close if you went into debt buying one.

Being frugal like we are, did bank a lot of that money, wife is talking about buying a new car, but the way it looks like right now, that money is going right back to the feds. I don't see where the middle class is going to be any better off and the only change I have seen is the amount of cash withheld from your paychecks. Feel if you spent that cash, you are going to be in bad shape.

Am I missing something? We are going to have the same tax liability as last year, but will know for sure after I get in all the numbers. Where are all these new deductions? And why are the tax tables the same as last year?

[Jasman0717 9]

We cashed a portion of my old 401k so I know we are going to get hit, just don't know how much. This year I am cashing in the rest and that should really help the government with their finanicial problems

[NickD 202]

We cashed a portion of my old 401k so I know we are going to get hit, just don't know how much. This year I am cashing in the rest and that should really help the government with their finanicial problems

Thought I heard something on the news if you cash in your 401K to prevent your home from being foreclosed upon, you don't have to pay taxes on it. Hearing all kinds of stuff, but not seeing it in the forms nor that tax publications.

[NickD 202]

On the 1040 long form, line 7 bugs me, have to list gross wages even though a bunch of FICA taxes have been taken out of that. We are paying income taxes on FICA taxes! Further augmented on line 20B where people who are getting SS benefits have to pay taxes on that. That is double taxation!

Line 8A bugs me as well, have to pay interest on savings, with no provision to adjust those savings by government created inflation! Recently the inflation rate has even exceeded the interest rate, so you have to pay taxes on money that you lost.

Line 19 paying income taxes on unemployment compensation also seems unfair and can be a considerable amount if you were unemployed mid year. Looks like you have tons of money, but with a vastly reduced income, wondering how you are going to make your mortgage payments and these way over priced energy prices that are domestically produced by increased by OPEC.

Line 34 is no where near the cost of actual tuition, just a drop in the bucket. At one time this government gave breaks to students and why not. If they are making a lot more money with a good education, they can tax the hell out of them.

Line 42 means you don't have to pay taxes on $3,650 per kid that works out to ten bucks per day per kid. Exactly where is the government buying heath insurance, clothes, and food from, and putting a heated roof over their heads? Schools claim three times as much just to babysit them a couple of hours per day, they sure don't teach them anything.

Still no deductions for transportation to and from work or school where our leaders get free transportation, maybe they think we get free transportation too.

[Gary and Alla 3,694]

Major difference is the huge amount of federal tax the employees did not take out this year. Just looked over the tax forms and the tax tables, standard deductions, and dependent deductions. Not if any difference between that and the 2008 tax tables and standard deductions. We are still limited to only deducting $4,000.00 on out daughter's college tuition cost, that sure in the hell didn't change, but tuition as well as property tax has gone up considerably since 2008. Letting us deduct an extra thousand on our property taxes, but almost a joke for what we are paying. Some energy tax credits and the amount of sales tax you paid on a new vehicle purchase, but we didn't buy a new vehicle and if did, won't be getting anything close if you went into debt buying one.

Being frugal like we are, did bank a lot of that money, wife is talking about buying a new car, but the way it looks like right now, that money is going right back to the feds. I don't see where the middle class is going to be any better off and the only change I have seen is the amount of cash withheld from your paychecks. Feel if you spent that cash, you are going to be in bad shape.

Am I missing something? We are going to have the same tax liability as last year, but will know for sure after I get in all the numbers. Where are all these new deductions? And why are the tax tables the same as last year?

this can ONLY mean that you make more than $250,000 per year. Obama said so. I do not feel sorry for you "rich" people. Anyone making under $250,000 will not see thir taxes increased "even ONE DIME" You are just a greedy rich person, stop whining and PAY for our health care!

[rin and john 71]

Major difference is the huge amount of federal tax the employees did not take out this year. Just looked over the tax forms and the tax tables, standard deductions, and dependent deductions. Not if any difference between that and the 2008 tax tables and standard deductions. We are still limited to only deducting $4,000.00 on out daughter's college tuition cost, that sure in the hell didn't change, but tuition as well as property tax has gone up considerably since 2008. Letting us deduct an extra thousand on our property taxes, but almost a joke for what we are paying. Some energy tax credits and the amount of sales tax you paid on a new vehicle purchase, but we didn't buy a new vehicle and if did, won't be getting anything close if you went into debt buying one.

Being frugal like we are, did bank a lot of that money, wife is talking about buying a new car, but the way it looks like right now, that money is going right back to the feds. I don't see where the middle class is going to be any better off and the only change I have seen is the amount of cash withheld from your paychecks. Feel if you spent that cash, you are going to be in bad shape.

Am I missing something? We are going to have the same tax liability as last year, but will know for sure after I get in all the numbers. Where are all these new deductions? And why are the tax tables the same as last year?

Depending on your income, you may now qualify for a tax credit (instead of a deduction) on the tuition due to higher limits on income. It is also now applied to four years instead of two.

[milimelo 4,477]

You can deduct sales taxes even if you did not buy a new car - they have a calculator for that

https://www.usaa.com/inet/ent_utils/McStati..._tax_deductions

Check number 5.

[slim 1,525]

this can ONLY mean that you make more than $250,000 per year. Obama said so. I do not feel sorry for you "rich" people. Anyone making under $250,000 will not see thir taxes increased "even ONE DIME" You are just a greedy rich person, stop whining and PAY for our health care!

My weekly paycheck went down about $2. Where'd it go?

The FED.

[NickD 202]

this can ONLY mean that you make more than $250,000 per year. Obama said so. I do not feel sorry for you "rich" people. Anyone making under $250,000 will not see thir taxes increased "even ONE DIME" You are just a greedy rich person, stop whining and PAY for our health care!

Did you compare the 2009 tax tables to the 2008 tables? I mean starting from the very bottom and going up as high as you want to. You won't see any difference, look before you talk.

[Staashi 371]

Line 19 paying income taxes on unemployment compensation also seems unfair and can be a considerable amount if you were unemployed mid year. Looks like you have tons of money, but with a vastly reduced income, wondering how you are going to make your mortgage payments and these way over priced energy prices that are domestically produced by increased by OPEC.

FYI - you always have to pay income tax on unemployment compensation. I had to do it in 2001 and again when I was unemployed in 2007. Nothing new there.

[NickD 202]

FYI - you always have to pay income tax on unemployment compensation. I had to do it in 2001 and again when I was unemployed in 2007. Nothing new there.

With your comment you are helping to make my point. Hearing a lot about change in the income tax rates, from Obama, but not seeing any changes in the forms of the tables. Middle class ain't getting any tax breaks.