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Started By
Message
re: Will You Get a Tax Refund or Do You Owe?
Posted on 3/22/23 at 5:23 pm to Wolfhound45
Posted on 3/22/23 at 5:23 pm to Wolfhound45
quote:
Most I have ever owed ($10k). Pay raises and bonuses killed me (in a good way).
A pay raise middle of the year helps tour tax refund situation because the second half of the year you’re being taxed as though you made that money all year long when you didn’t. Your bottom number is lower than the pay from the last six months would suggest.
1
Posted on 3/22/23 at 5:32 pm to White Bear
quote:
I’m seemingly outnumbered by no load broke dick EITC WIC recipient baws.
Lol! I support more use of the term “broke dick”
Posted on 3/22/23 at 5:39 pm to Cowboyfan89
quote:That's going down in 2025 I believe.
But with the standard deduction likely being higher when I retire than it is now
Posted on 3/22/23 at 5:45 pm to bikerack
quote:
My goal every year is between $500 refund and $500 owed.
This is how I do it but am happy with a swing up to 1k.
Posted on 3/22/23 at 5:46 pm to Tiger328
I owe 32k.
Ouch
Ouch
Posted on 3/22/23 at 5:55 pm to Tiger328
I always owe. Getting a refund is giving biden money to send to China and Ukraine.
Posted on 3/22/23 at 5:56 pm to Tiger328
I have been on this site too long
I read Do You Owe? as Do You OweO?
I read Do You Owe? as Do You OweO?
Posted on 3/22/23 at 9:23 pm to the4thgen
quote:
It drives me absolutely insane that this concept is completely lost on her.
I own my own business and while I could pay quarterly, frick them, why would I give them an interest free loan? I set aside money all yr long for taxes, but it also can be used as a backstop, should the business need arise.
This post was edited on 3/22/23 at 9:44 pm
Posted on 3/22/23 at 9:26 pm to Tiger328
Owed $18000
Crushed it last year
Crushed it last year
Posted on 3/22/23 at 9:34 pm to Tiger328
Couldn't believe how much I owed this year. Felt like someone was just flat-out stealing that money from me.
Posted on 3/22/23 at 9:37 pm to Tiger328
I owe right at 5000.
I'm going to have to get on a payment plan!
I'm going to have to get on a payment plan!
Posted on 3/22/23 at 10:21 pm to Tiger328
Owe enough to feel like my world is ending.
Posted on 3/22/23 at 10:42 pm to Tiger328
I got back $4500 but I also lied a lot
Posted on 3/22/23 at 10:47 pm to Tiger328
Owe around $6K. Normally like to owe in the $1500-$2k range since I don't like the government having my money all year. Got some non employee compensation this year and didn't send any in to Mr IRS so owe a little more.
Posted on 3/22/23 at 10:49 pm to TJG210
quote:
I own my own business and while I could pay quarterly, frick them, why would I give them an interest free loan? I set aside money all yr long for taxes, but it also can be used as a backstop, should the business need arise.
When you do this don't forget the government doesn't give you an interest-free loan either. You will pay 3-6% on your underpayment of estimated taxes unless you paid 90% of your current year's tax liability or 100% of the previous tax balance. Those penalties CAN be waived in case of casualty, disaster, disability, and in some cases if you are retired. IIRC the penalties for 2022 went up from 2021.
Posted on 3/22/23 at 11:22 pm to TJG210
If you don’t pay quarterly you pay more year-end. Roughly 5% of your total tax burden.
ETA yeah what the post above this said with much greater detail.
ETA yeah what the post above this said with much greater detail.
This post was edited on 3/22/23 at 11:24 pm
Posted on 3/22/23 at 11:31 pm to Obtuse1
quote:
When you do this don't forget the government doesn't give you an interest-free loan either. You will pay 3-6% on your underpayment of estimated taxes unless you paid 90% of your current year's tax liability or 100% of the previous tax balance. Those penalties CAN be waived in case of casualty, disaster, disability, and in some cases if you are retired. IIRC the penalties for 2022 went up from 2021.
Yea the responses where people owe 5 figures... Most likely not a good move
Posted on 3/22/23 at 11:51 pm to LSUtwolves
quote:
Moving expenses stopping being tax deductible in 2019
Not only that, but it is highly unlikely that moving expenses will affect your federal return unless you have a higher deduction on your schedule A compared to your standard deduction (25,900 for MFJ)
The child credit is still a think but it only
Helps with taxable income un like years before which could get a refund with no income
Posted on 3/22/23 at 11:52 pm to Wolfhound45
quote:
Most I have ever owed ($10k). Pay raises and bonuses killed me (in a good way).
If you ever get a bonus get it on your W2
Having a bonus as a 1099-NEC is absolutely killer due to the SE tax
Posted on 3/22/23 at 11:54 pm to Konkey Dong
quote:
Cashed out a pile of crypto for ltcg, owed 100kish fed and 20kish state. Horrible feeling knowing I sent all that money to Ukraine
You should have really talked to your accountant, surely you didn’t take those gains on ST sells
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