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Reply to "Is anyone else scared of doing their taxes for 2012?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I dont get this, because if I'm doing my DC and federal taxes at the same time, why wouldnt the amount be correct in the first place? It's not like it would be an estimate on the federal return.[/quote] It's just a timing issue. You could file your federal taxes before your DC taxes (and in fact in most states you have to since the state forms require you to enter data from your federal return). So it's based on what you actually "paid" to DC in taxes during the year, which may be more or less than you actually owe. On the flip side if you end up owing DC and paying that amount in 2013, your 2013 deduction will include your 2013 withholdings plus the amount you paid in 2013 for 2012 taxes. It all works out in the end and the approach actually better matches your cash outlays - you deduct it when you pay it, you claim it when you get it.[/quote] Thank you for taking the time to explain that, it makes me feel better. :lol:[/quote]
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