Just did my taxes

[Lunatic]

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. 

I usually plan on paying around $2K

[FeniQuest217]

A great rule of thumb is to plan about owing around 2k.....Adjust your withholdings as needed. Always have the most taken out of your paycheck.

Refunds i think start around the 11th or the 18th 

[BothBarrels]

The IRS requires we pay at least 90% of our tax for the year through withholding, etc.  Less than that, the penalty kicks in.

[308federal]

8 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. 

That's unbelievable! So they FINE you for not having enough taken out but if they take too much out then they are holding YOUR money and NOT paying interest on it, but you get fined for not paying enough.

WOW!

[Greatoutdoors66]

Need to buy those cell phones for the illegals!     Or should I say “new comers"

[1957Buck]

Everyone has a Plan.  And Financial Backgrounds. 

I was taught savings & responsibility,  From the Xmas Savings Clubs of the 50s-60s  that paid zero interest. to Savings Bonds. To always have 2 months' pay in savings,  and Live within my means.  On day one my paychecks had a withholding it was not missed learned to live with it.  I enjoyed those tax returns, That also went into Savings.  My Planning for Retirement was provided By UAW & GM &   ISMWA  with Health Medical & 2 Pensions.  Being a Veteran and a Senior I get benefits from the NJ  Vet Property deduction-- Senior Property Tax Freeze,  Homestead Tax Rebate  ( Anchor ) All NJ income taxes returned along with that Federal tax withholding, And again Yes all deposited in the Bank in Checking -- Savings pays zip but checking pays what bills I have. 

 

 

[Lunatic]

1 hour ago, 308federal said:

That's unbelievable! So they FINE you for not having enough taken out but if they take too much out then they are holding YOUR money and NOT paying interest on it, but you get fined for not paying enough.

WOW!

Yes, but it is you who determines how much they take out each week.