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re: First time ever I owe taxes
Posted on 3/25/24 at 8:39 am to finchmeister08
Posted on 3/25/24 at 8:39 am to finchmeister08
quote:
$2800 is a bit of a stretch. i'd go back through and make sure you didn't "fat-finger" any of the numbers with your income.
Yeah, it's a $3300 swing and without any reasonable explanation, I feel a strong error review is warranted.
OP: Did you have any sale of property, or significant transaction for which you have capital gains exposure? Did you move a bunch of money into a high-interest account last year?
We're brainstorming because you're right that something is up with the numbers, but you have the best information on what might be a big change. There was no policy change I'm aware of that could result in this big a swing on similar numbers.
1
Posted on 3/25/24 at 8:47 am to Ace Midnight
I am 46 and this is the first year in 20 years that I have not been able to itemize. On top of that, one of my kids turned 17, so we lost her child tax credit.
Capping property tax is a real nut punch, because without the cap my deductions would be 6500 more.
Last year I got back about 800 (I try to keep it at 0). This year I owe 2500.
Capping property tax is a real nut punch, because without the cap my deductions would be 6500 more.
Last year I got back about 800 (I try to keep it at 0). This year I owe 2500.
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