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re: Underpayment penalty on taxes......Paging Poodle...please see last post

Posted on 4/2/13 at 1:11 pm to
Posted by Poodlebrain
Way Right of Rex
Member since Jan 2004
19860 posts
Posted on 4/2/13 at 1:11 pm to
Without knowing your AGI any attempt to explain why your taxes increased would be nothing more than speculation, or educated guesses. Also, how many children do you have with the addition of the twins? (Congratulations to you and the wife.)
Posted by hondurantiger
Portland, OR
Member since Feb 2007
2175 posts
Posted on 4/2/13 at 1:16 pm to
I got hit with underpaymet penalty this year. First time ever.
I wonder if the IRS will pay a penalty to people when it is late with their refunds.
This post was edited on 4/2/13 at 1:19 pm
Posted by TJG210
New Orleans
Member since Aug 2006
28366 posts
Posted on 4/2/13 at 1:21 pm to
quote:

Also, how many children do you have with the addition of the twins? (Congratulations to you and the wife.)


Thanks......those two are our first.

Now that I've calmed down a bit over it, I think the short term disability is the main culprit in the exhorbinant increase. I thought by going with an accountant that he would catch deductions we were missing out on by using turbotax.....Is there anything else associated with the babies we could possibly write off? We employ a full time (40hrs/week) nanny and pay employment taxes on her as well.

What is the deal with the underpayment penalty?
This post was edited on 4/2/13 at 1:22 pm
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