Post your 2013 Tax Refund or Tax Burden

[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.

how did you miscalculate by that much? did you start a new business that ending up doing really well?

[Anonymous]

HHI $162K

Married Filing Jointly
Mortgage Deduction
Rental Income that we are taking a loss on every year
No Kids
Charitable Contributions

Federal - Refund of $669
State - Refund of $679

I am just happy not to owe.

[Anonymous]

Anonymous wrote:HHI $200k
Mortgage deduction
Child care deduction
Max out both 401ks
Max out HRA
Married, filing jointly, withholding as single (both)
Owed DC $450
Federal return $6k
We get it wrong every year, either owe a ton or get a big return...time to consult a CPA.

Refund, not return. The return is the document you send the IRS.

[Anonymous]

Anonymous wrote:blarg. we owe way ore than any of you.

Veiled Brag Alert.

[Anonymous]

I don't have the numbers in front of me but, in 2012, we made about $190k and owed $12k (nanny tax and underwithheld). This last year, we poured $ into our withholdings and actually got a refund back of $1.5k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:blarg. we owe way ore than any of you.

Veiled Brag Alert.

We do too. Hardly a brag. Defensive much?

[Anonymous]

What possible difference does what you owe or get back after April 15 make? It tells you nothing about total taxes paid, just whether you guessed right regarding withholding. What am I missing?

[Anonymous]

Anonymous wrote:

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.

how did you miscalculate by that much? did you start a new business that ending up doing really well?

I didn't really miscalculate. Just had a much better year. Income went from $850k to $1.4M. My main business did extremely well, but I have several side ventures that produced six figures as well.

[Anonymous]

Anonymous wrote:

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.

No penalty. I withheld at 110% of prior year. This year I will pay a penalty, but i earned more from not paying than I paid in penalty and interest. The irs isn't the cheapest place to borrow, but it does sometimes make sense.

[Anonymous]

HHI: $275k
mortgage deduction
charitable contributions
interest income

owed $7500 Fed
owed $2500 state

Ugh!

As painful as it is, I am so blessed that this just annoys me and won't hurt us much.

Yes, we need to adjust our withholding.