Just did my taxes

[smittty]

My accountant says I owe Ukraine 14.345.00

[Farmshine]

Just did mine.  government owes us 20 k. Thank god for overpaying.  Wish I could charge interest. 

[Lunatic]

1 minute ago, Farmshine said:

Just did mine.  government owes us 20 k. Thank god for overpaying.  Wish I could charge interest. 

That’s the problem. You are much better off financially paying them at the end than getting it back. What you get back is your own money while they collected interest on it until they pay you back. 

[FeniQuest217]

Thanks to my little crawling tax deduction we finally are on the receiving end! Ugh it feels great tho.

Not getting a ton back but a nice check from the Fed and the state!

Always let them take more - the biggest con is getting a big return like Lunatic said

[electric10162]

Uncle Joe took way too much last year. Business taxes should be done next week. I've learned that if you're paying taxes you're making money. 

[tcook8296]

 

 

[Greybeard]

10 hours ago, Lunatic said:

That’s the problem. You are much better off financially paying them at the end than getting it back. What you get back is your own money while they collected interest on it until they pay you back. 

Unless you owe too much.  Had mine done yesterday and payed almost a $300 fine for not paying in enough to the feds. Owed 5,500.  Sent in a form to have 10% taken out of our SS so we should be about even next year.  State was generous with a $7 refund. 

[Bucksnbows]

You guys pay taxes?

 

We just did ours and were rewarded with having to send Uncle Sam and several states more $$. That’s normal for us. Last year we “only” paid NJ, NY, CT, and MT. Add PA and VA this tax year plus the others. My poor wife does our taxes.  

[electricstart]

First time I owe in many years. 

[archer36]

We are retired with pensions and SS. Other than that, we have dividends and interest (about 9K). We take standard deduction.  We have no mortgage interest. We owe an additional 5K Federal. Getting a refund of $1,200 (all of our deductions) from state of NJ. We pay no State income taxes at all since we've been retired. 

We are not making withdrawals from our retirement accounts until we have to make RMD's. I'm sure we will have more tax liability then. 

 

Edited March 6 by archer36

[electricstart]

6 hours ago, Greybeard said:

Unless you owe too much.  Had mine done yesterday and payed almost a $300 fine for not paying in enough to the feds. Owed 5,500.  Sent in a form to have 10% taken out of our SS so we should be about even next year.  State was generous with a $7 refund. 

I thought if we are over 65 we were exempt from not paying enough during the year?

[1957Buck]

7 hours ago, Greybeard said:

Unless you owe too much.  Had mine done yesterday and payed almost a $300 fine for not paying in enough to the feds. Owed 5,500.  Sent in a form to have 10% taken out of our SS so we should be about even next year.  State was generous with a $7 refund. 

Why did the Safer Harbor provision not help you?   

Edited March 6 by 1957Buck

[BothBarrels]

1 hour ago, electricstart said:

I thought if we are over 65 we were exempt from not paying enough during the year?

I don't think so. I believe if your retired and over 62, and you have a reason you did not fully pay, they will waive the penalty, or part of it.

[1957Buck]

11 minutes ago, BothBarrels said:

I don't think so. I believe if your retired and over 62, and you have a reason you did not fully pay, they will waive the penalty, or part of it.

Look up The Safe Harbor Provision 

Edited March 6 by 1957Buck

[smittty]

I’ve paid my whole life. Average year anywhere from 25-35 k  but the last few years it’s been under 15. And I’m always in an hole and ass deep in penalties.