Topgun514's Account Talk

[jwrivenb]

I won't be touching it again once I get out of this trade. It is more broke than the I fund is, and THAT is saying something.

I'll second that. I am "fed" up with the F fund. That being said, it'll probably rally now through the end of the year. It would be my luck.

 

[Topgun514]

For some odd reason, I am not unhappy with these results. This is also because I am 24 so buying cheap is working in my favor. High volatility now should pay off when the Dow hits 30000 in 20 years.

That is of course if the market doesn't eat all my money over the next few weeks.

 

[Topgun514]

Well, pulled F funds, but playing the "this will turn around sometime, so I might as well buy into C,S, I," Game.

About 77% in L2050, 10% G, the rest split between C,S, I. Waiting for my next move to jump back in.

 

[Topgun514]

TAX RELATED QUESTION (not tsp):

Hey guys, I was wondering if anyone could help me out with a quick tax question. I currently am Single-0 on my tax paperwork, looking to maximize my paychecks however. If I change to a Single-1 though, will it show up on taxes for the ENTIRE year of 2013 that I am single-1, therefore decreasing my return? I don't want to switch my numbers and have it backfire; taking away my tax deductions I would have gotten back as a single-0. Or are taxes given back by the yearly amount withheld?

Should I wait until the last pay period of the year before switching to single-1?

Thanks guys!

I just don't want to do something now and be docked for it come tax season.

 

[Scout333]

TAX RELATED QUESTION (not tsp):

Hey guys, I was wondering if anyone could help me out with a quick tax question. I currently am Single-0 on my tax paperwork, looking to maximize my paychecks however. If I change to a Single-1 though, will it show up on taxes for the ENTIRE year of 2013 that I am single-1, therefore decreasing my return? I don't want to switch my numbers and have it backfire; taking away my tax deductions I would have gotten back as a single-0. Or are taxes given back by the yearly amount withheld?

Should I wait until the last pay period of the year before switching to single-1?

Top, Any adjustment to your withholding status i.e. Single-1 only affects paychecks after the change takes effect. That does ultimately reduce or increase total taxes withheld for the year (depending on what change is made) however and would reduce your refund or increase taxes due if you overdo it on the change to your withholding status. Goal should be to break even. i.e. taxes withheld should equal taxes due for the current year. Hope this helps!

 

[Topgun514]

Thanks Scout, if you were me, would you switch over now or at the end of the year? Again, maximizing paychecks, but not trying to lose out on anything.

 

[Scout333]

Thanks Scout, if you were me, would you switch over now or at the end of the year? Again, maximizing paychecks, but not trying to lose out on anything.

Personally I would wait until you file this year's return and change for next year. My reasoning is that due to furlough days, etc. it is a little hard to estimate current year's taxes. If you decide to go ahead with the withholding change you just estimate Federal tax due , subtract amount already withheld for this year, divide the difference by the remaining paydates and that will tell you how much you need to have withheld each payday to cover taxes due. Hope I haven't made this too confusing. Good luck!

 

[Topgun514]

Thanks,

And yes, highly confused. But I will wait out the rest of the year or do more google-ing.

Thanksfully, I am DOI (BLM) so I am not furloughed.

 

[ILoveTDs]

Unless you have done something life changing this year (wife, baby, house) i'd use last years federal taxes due as my estimate for this years.

 

[Birchtree]

I believe I may hold back any check I owe as a punishment next year - they will fine me 3% a month but that's the only way I can protest their ignorance and stupidity.

 

[sstasel]

Here's Publication 15 , the Employers Tax Guide (Federal Taxes). You can figure out how much would be withheld should you wish to change your withholding rate. When I was working I used it to set up my budget and paycheck in a spreadsheet. Came in very handy! Your State will also have one available.

http://www.irs.gov/pub/irs-pdf/p15.pdf

 

[Topgun514]

IRS calculator suggests I change to Single-1 and will still get a return.

 

[Topgun514]

After spending a few days 35S, 35C, 20I, 10G- talks of Syria have moved me to 100%G. I am thinking I will sit here until October rolls around.