You didn't earn that. Other people helped, you have to write them a check. You don't need that much money anyway people survive on much less.

Anonymous wrote:$15K for me, I feel your pain

I dont undertand this! Not just you but all the others who owe so much. The part that is the most concerning is how many of you say that you're withholding "0" and still paying!?!

I am not doubting you, just very curious how this can happen. Our HHI is close to $300K (Net) and this has never happened to us.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Owe $10k in federal taxes.

Ouch.

That is all.

hard to reply without knowing more.this seems way out of whack, something doesn't sound right to me ....

1) whats total income

2) do you have a mortgage deduction?

3) are you maxing 401K?

4) you may have answered this but, how many withholdings?

I need to check on 4, that's probably the fuck up.

1) About $280
2) Yes, but our mortgage isn't huge ($350k)
3) One of us is
4) probably where I fucked up.

I blame no one but myself, but I reserve the right to drink a bottle of wine in anger.

I'm the PP who asked those 4 questions. Your income is very similar to ours. We have NEVER owed near this much in taxes. However our mortgage deduction is higher than yours. Probably write off about $12K in interest. We also both max out the 401k deduction. and our withholdings are at 3 - I think.
What we owe in Federal is usually made up by our state refund.

Ugh, I am dreading doing the taxes this year for this very reason.

I started a new job and wasn't allowed to participate in 401k for 6 months. Thought I would be screwed, but only owe $800 and getting $2100 back on state, so I'm about where I usually am each year. Whew!

Same happened to us last year. Sucks!

$15K for me, I feel your pain

Anonymous wrote:

Anonymous wrote:Owe $10k in federal taxes.

Ouch.

That is all.

hard to reply without knowing more.this seems way out of whack, something doesn't sound right to me ....

1) whats total income

2) do you have a mortgage deduction?

3) are you maxing 401K?

4) you may have answered this but, how many withholdings?

I need to check on 4, that's probably the fuck up.

1) About $280
2) Yes, but our mortgage isn't huge ($350k)
3) One of us is
4) probably where I fucked up.

I blame no one but myself, but I reserve the right to drink a bottle of wine in anger.

This was us last year. I am really, really hoping we avoid a repeat. In our case it was largely because we sold some stock to buy our house, plus had a bump in income and were apparently not withholding enough.

It stung. Hoping that this year we'll owe nothing.

Even with "zero" on withholding and a sizable mortgage, we're going to end up owing about 10k too on our normal salary income. DW and I both make the same amount so basically all her income (or mine depending on how you look at) is pushed into a higher bracket. AMT limits value of deductions, plus marriage penalty pushing into higher bracket. This was our first "clean" year after buying house, so now we know ... so for the rest of the year we have to get extra withheld to avoid this issue next year.

Ugh we can relate. We paid off our mortgage in full and didn't get to max out on 401k this year - not that 401k max would have helped with these AMT rules.

Anonymous wrote:Owe $10k in federal taxes.

Ouch.

That is all.

hard to reply without knowing more.this seems way out of whack, something doesn't sound right to me ....

1) whats total income

2) do you have a mortgage deduction?

3) are you maxing 401K?

4) you may have answered this but, how many withholdings?

Duke super sucks!!!

TERPS RULE!!!

Anonymous wrote:

Fuuuuuuuuuuck!!!!

I thought this thread was about the Virginia-Duke game.

Go Blue Devils!

Fuuuuuuuuuuck!!!!

I thought this thread was about the Virginia-Duke game.