Post your 2013 Tax Refund or Tax Burden

[Anonymous]

HHI 670k
$45k federal tax bill

[Anonymous]

Anonymous wrote:HHI 670k
$45k federal tax bill

I should probably add that we had about 120k of 1099 earnings, which is why we have the 45k tax burden.

[Anonymous]

What the heck are we doing wrong?

We OWE feds over 18K!
I checked my withholdings and they are fine as are my husbands.

HHI = 300K
I think it's cap gains but how do we deal with that? Wait, let me guess, consult a CPA.? We already max out savings.

[Anonymous]

HHI - $446K

Paid feds total of $116,000; paid VA $23,800

[Anonymous]

Anonymous wrote:HHI - $446K

Paid feds total of $116,000; paid VA $23,800

...wait is this ON TOP OF withholding throughout the year...meaning you owe this by 4/15 or is this what you paid in taxes throughout the year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI - $446K

Paid feds total of $116,000; paid VA $23,800

...wait is this ON TOP OF withholding throughout the year...meaning you owe this by 4/15 or is this what you paid in taxes throughout the year?

It's total tax owed (what we had withheld plus a bit more we owe on April 15). What difference does a refund or owing make unless you compare total tax paid to total income?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI - $446K

Paid feds total of $116,000; paid VA $23,800

...wait is this ON TOP OF withholding throughout the year...meaning you owe this by 4/15 or is this what you paid in taxes throughout the year?

It's total tax owed (what we had withheld plus a bit more we owe on April 15). What difference does a refund or owing make unless you compare total tax paid to total income?

I agree. Not very helpful information to know what someone's refund or amount owed is.

[Anonymous]

Anonymous wrote:What the heck are we doing wrong?

We OWE feds over 18K!
I checked my withholdings and they are fine as are my husbands.

HHI = 300K
I think it's cap gains but how do we deal with that? Wait, let me guess, consult a CPA.? We already max out savings.

You need to withhold extra to cover cap gains.

[Anonymous]

HHI: $198k AGI: $150k
Total tax paid to fed: $18,459, owed $169 at filing
Total state tax paid: $6289, overpaid and got $1323 back at filing.
Had:
Capital loss
Mortgage interest
Student loan interest (minimal)
Daycare spending account
Maxed two 401ks
$6k charitable deductions

[Anonymous]

Anonymous wrote:HHI - $446K

Paid feds total of $116,000; paid VA $23,800

Wow, that's significantly more than our HHI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI 90k
Taxable income this year under 20k
Rental loss
Capital gains loss
Other losses
Mortgage deduction
Child credits
Charitable donations etc
Federal refund = $5500
DC refund = $2k

We typically break even so this year is highly unusual. We had some unusual situations and considerable deductible losses. We actually ended up with a tax liability of zero.

I don't understand?

You don't understand what? What I was saying was that our refund consists of everything we paid this year. We are having all our withheld taxes refunded to us because we have ZERO tax liability for 2013 and had already paid $5500 for federal and 2k for DC.

[Anonymous]

So if you are poor or middle class at under 200k tax time is awesome

[Anonymous]

Nowhere near being ready for this year. Last year I owed the irs $200,000 after withholding $50,000 and estimated quarterly withholdings of another $50,000 per quarter.

[Anonymous]

Anonymous wrote:Nowhere near being ready for this year. Last year I owed the irs $200,000 after withholding $50,000 and estimated quarterly withholdings of another $50,000 per quarter.

So you paid $450k in fed taxes? Impressive.

[Anonymous]

Anonymous wrote:Nowhere near being ready for this year. Last year I owed the irs $200,000 after withholding $50,000 and estimated quarterly withholdings of another $50,000 per quarter.

Get ready for a penalty for under-withholding. Make sure to pay a safe harbor amount this year if you want to avoid the penalty next year.