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re: First time ever I owe taxes
Posted on 3/24/24 at 10:14 pm to lynxcat
Posted on 3/24/24 at 10:14 pm to lynxcat
quote:Significant increases in interest income are throwing a lot of people off this year. The increases in interest rates creates additional taxes (whereas the related increases in all other costs do not lead to reduced taxes).
Do you have a taxable brokerage or a bunch of cash in a High Yield Savings Account that is throwing off interest or dividends?
There isn’t any withholding in those and it can quickly throw things off.
1
Posted on 3/24/24 at 10:34 pm to NOSHAU
People used to effectively 0% interest environment and then it pops to 4%+…if someone has a sizable amount of cash, it’s $4K for every $100K and it’ll hit the tax bill at the marginal tax rate so can be 24%+ or $1000 in extra taxes.
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