Based on your situation as a married person with one working spouse at 30 hours/week, $20 total additional withholding is likely more than you need. I'd suggest starting with just $5 federal and maybe $3 state to be safe. The key thing for your W-4: since your spouse doesn't work, you should NOT check the box in Step 2(c) - that's only for when both spouses work. This actually helps your withholding accuracy. Here's what I'd recommend: Start conservative with small additional amounts, then check your first few paystubs to see how the withholding looks. You can always submit a new W-4 to increase it if needed. It's much easier to adjust upward than to try to get back money you've overwithhelded. Also keep in mind that at 30 hours/week in fast food, your annual income will likely be on the lower side where standard withholding tables are pretty accurate already. The additional withholding might just result in a bigger refund than necessary - essentially an interest-free loan to the government.

I work in tax preparation and see this situation all the time with new workers! For someone in your position - married with one working spouse at 30 hours/week - $20 additional withholding is definitely overkill. Here's what I typically recommend: Start with $3-5 additional federal withholding and maybe $2-3 for state. That should give you a small cushion without tying up too much of your money throughout the year. Since you're new to this, a few key points: - Don't check Step 2(c) on your W-4 since your spouse doesn't work - The standard withholding tables are actually pretty accurate for lower income situations like yours - You can always file a new W-4 with HR if you need to adjust after seeing a few paychecks Remember, a huge refund isn't necessarily a good thing - it means you gave the government an interest-free loan all year. Better to keep that money in your pocket and maybe put it in a savings account where it can at least earn a little interest. Start conservative and adjust as needed. You've got this!

One thing I haven't seen mentioned yet is timing - EEOC settlements can sometimes span multiple tax years, which complicates things. If your settlement covers back wages from previous years, you might be able to use income averaging or claim it should have been reported in those earlier years. Also, make sure you understand the difference between compensatory and punitive damages in your settlement. Compensatory damages for things like lost wages or emotional distress have different tax treatment than punitive damages, which are always fully taxable. Since you mentioned this is your first time dealing with this, I'd strongly recommend getting professional help. Employment discrimination settlements have so many nuances that even experienced tax preparers sometimes get wrong. The money you spend on professional advice will likely save you much more in properly handled deductions and avoiding potential IRS issues down the road. Don't forget to set aside money for taxes now - if a large portion of your settlement is taxable, you might owe quarterly estimated taxes to avoid underpayment penalties next April.

As someone who went through an EEOC settlement situation recently, I wanted to share a few practical tips that might help you navigate this process more smoothly. First, don't panic about the tax situation - while it's complex, it's definitely manageable with the right approach. The fact that you're asking these questions now (rather than scrambling at tax time) puts you ahead of the game. A few things I wish I'd known earlier: - Request a detailed breakdown from your attorney about what portions of the settlement represent different types of damages (lost wages vs. emotional distress vs. punitive damages). This breakdown is crucial for proper tax treatment. - If your settlement includes any reimbursement for medical expenses you actually paid due to work-related stress or discrimination, those portions are typically non-taxable. - Keep detailed records of everything, including all communication with your attorney about fees and the settlement structure. Regarding the attorney fees, yes, you'll likely report the full $42,000 as income but can deduct the $14,000 attorney fees as an above-the-line deduction. This is much better than a regular itemized deduction because it reduces your adjusted gross income directly. One last tip: consider having a tax professional review your situation, especially since employment discrimination settlements have unique rules that differ from other types of legal settlements. The complexity often justifies the professional fee, and they can help you avoid costly mistakes or missed opportunities for tax savings. Good luck with everything, and don't hesitate to ask more specific questions as you work through the details!

Make sure u also consider what happens with state taxes! Some states follow federal MFS rules but others dont. We almost messed this up cuz our state (Oregon) had different rules for MFS filers selling a home than the federal govt does.

I went through this exact situation last year and want to share what I learned. The key thing is to make sure you're splitting based on actual ownership, not just convenience. Since you mentioned the deed has both your names and you're in Florida (non-community property state), you'll each report 50% of the sale. One thing that caught me off guard was tracking down all the documentation for basis adjustments. Keep receipts for any major improvements you made - new roof, HVAC system, kitchen remodel, etc. These increase your basis and reduce your taxable gain. I found old receipts in my files that saved us about $15,000 in reportable gain. Also, don't forget about selling expenses like realtor commissions, title insurance, and closing costs - these reduce your proceeds and lower your gain. Each of you can deduct 50% of these costs on your respective returns. The $250,000 exclusion per person when filing separately is usually more than enough for most people, but make sure you both meet the 2-out-of-5-years residency test independently. Good luck!

I'm in the same boat with my mobile grooming business! Question for anyone - if I'm only making around $500/month from this side hustle, do I really need to bother with quarterly payments? Can't I just pay it all when I file my taxes next year?

Just wanted to share my experience as someone who's been doing pet sitting for about 3 years now. When I started, I made the mistake of not setting aside money for taxes and got hit with a big bill at tax time plus penalties. Here's what I wish I'd known from the beginning: Open a separate savings account just for taxes and automatically transfer 25-30% of every payment you receive. This way you're never scrambling to find tax money later. For quarterly payments, you can actually adjust them as you go. If you're making more than expected, increase your next payment. If business is slower, you can reduce it. The key is staying ahead of it rather than playing catch-up. Also, keep a simple log of every job - date, client name, amount paid, and miles driven. I use a basic notebook that stays in my car. At tax time, this makes everything so much easier when filling out Schedule C. One more tip: Consider getting general liability insurance if you haven't already. It's tax deductible and protects you if something happens while you're caring for someone's pet. Mine costs about $200/year and gives me peace of mind.

I've been banking with BCU for about 6 years now and can definitely confirm what everyone's saying about their early deposit timing! They're very consistent - I'd say 90% of the time I get my refund 1-2 days before the DDD. With your 2/26 date, I'd expect to see it hit your account sometime Thursday evening or Friday morning at the latest. Last year my DDD was 2/28 and it posted on 2/26 around 2:30 AM during their overnight processing batch. One thing I've learned over the years is that BCU is pretty transparent about pending deposits - if you call their automated line (like Omar mentioned) and don't see anything pending by Thursday afternoon, it's probably going to arrive right on the 26th. But honestly, based on my experience, I'd be surprised if you don't see it early! The waiting is always brutal but BCU has been rock solid reliable for me. Keep us posted when yours hits! 🤞

I'm also a BCU member anxiously waiting for my refund! My DDD is 2/26 as well, and reading through everyone's experiences here has been incredibly reassuring. This is my first year with BCU (switched from Chase about 8 months ago) so I wasn't sure what to expect with their timing. Based on all the longtime members sharing their experiences, it really sounds like BCU is pretty reliable with those 1-2 day early deposits! I'm definitely going to try calling that automated system tomorrow morning to check for pending deposits like so many of you have suggested. The tip about the overnight processing window between midnight and 3 AM is also super helpful - I'll know when to check rather than refreshing constantly throughout the day. It's amazing how much better this waiting period feels when you have a supportive community sharing real experiences! I'll absolutely update this thread when mine hits. Fingers crossed we all see our deposits by Thursday evening or Friday morning! 🤞