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Reply to "Fed taxes sticker shock"
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[quote=Anonymous]In 2021 we were receiving monthly covid childcare payments each month. The amounts were based on our 2020 income. In 2020, our taxable income was significantly higher than 2021 due to a couple of factors. So in 2021 we got a nice big refund - some of that was covid childcare payments not paid throughout the year (because they were actually based on 2021 income) In 2022 we owed the feds about $4000 because our income went up again. I’m 1099 and make quarterly estimated payments, and I guess I underestimated in 2022. ;)[/quote]
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