I will probably owe between 25-30k, but I don't have any taxes taken off during the year because I'm self employed. I budget accordingly and have always had enough saved aside to pay it in full, on time. So what I owe is my entire income tax owing for the year.
You don't pay estimated quarterly taxes? We had to do that when DH was self-employed (1099d) or pay a penalty.Â
I just got my 1099 yesterday, so hopefully I can get started soon.
We usually owe. I'm have my fingers crossed that we come close to breaking even this year - I didn't make as much as usual and had some $$$ expenses for work.
Post by catsarecute on Jan 29, 2015 12:49:18 GMT -5
My employer waits until THE LAST day possible to send out the W-2 but based on my estimates, we should get refunds back for both state and federal which hasn't happened in the 6 years we have filed together. Yay for having a baby!
Fed 3400 back but we owe 1600 to state bc H works in another state (this was the first year). Pissed.
Are you sure you did it right for state? I don't know where you live so I don't know if the two states have very different tax policies. But we have always lived and worked across state lines (NY/NJ) and our reciprocal taxes come out very similarly.
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
I had to diversify some old RSUs, so we have a lot of capital gains this year. But Between PL, a little bit of msniq's ML, and extra SS withholdings because I switched jobs, we should come close to breaking even.
I haven't done the full return yet, but based on my calcs we should just about break even or get a few hundred back. This year was really complicated so this is a fricken miracle.
Are you sure you did it right for state? I don't know where you live so I don't know if the two states have very different tax policies. But we have always lived and worked across state lines (NY/NJ) and our reciprocal taxes come out very similarly.
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
That really sucks, I'm sorry!
I'm just pissed since we were hoping to pay off all the nicu bills oh well!
I don't know. Before I put in the info for our house sale, it was looking to be a refund of $5-6k, which is, sadly, normal for us because something always changes each year! Now it shows that we owe. But that CAN'T BE RIGHT! So I refuse to answer.
Are you sure you did it right for state? I don't know where you live so I don't know if the two states have very different tax policies. But we have always lived and worked across state lines (NY/NJ) and our reciprocal taxes come out very similarly.
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
I worked in PA previously which had lower taxes than NJ where I live. My company was able to withhold NJ taxes instead of PA taxes. I had to request that payroll do it though (my accountant told me that was possible). Maybe you can do the same next year?
Are you sure you did it right for state? I don't know where you live so I don't know if the two states have very different tax policies. But we have always lived and worked across state lines (NY/NJ) and our reciprocal taxes come out very similarly.
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
In the state you live in, did you put the amount of taxes you paid in the other state? Usually there is a credit for taxes paid to another state and it will "offset" your home state. However, every state is different. If you still "owe" $1600, you might look into a CPA. It may cost a few hundred but would be worth it if you make a mistake,
I will know if my H will ever print off his damn W2 and get it to me. I have only been asking for 2 weeks. He is clearly not as worried about owing as I am.
Post by karinothing on Jan 29, 2015 16:44:37 GMT -5
I don't know yet. We haven't gotted DH's W2s. With mine only I get a 6K refund (we file seperate) but I know you are supposed to deduct mortgage from the higher earner, which would be DH. So I am not sure how it will all work out. 6K would cover the un paid portion of my maternity leave though!
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
I worked in PA previously which had lower taxes than NJ where I live. My company was able to withhold NJ taxes instead of PA taxes. I had to request that payroll do it though (my accountant told me that was possible). Maybe you can do the same next year?
I didn't know if that was possible (I've done payroll but never dealt with this). I'll have H ask his boss.
We don't even have all of our paperwork. We're in no hurry - I don't have taxes withheld, so I'll need to pay in - we just made a quarterly estimated payment, I'm sure I'll owe more. We'll also have to pay in our nanny taxes. We're basically going to just have to write a big fu@$ing check.
I can check again but I put that we are a nonresident in the state he worked in. I was surprised we didn't get more of a refund from that state to counter what we owe for our state.
In the state you live in, did you put the amount of taxes you paid in the other state? Usually there is a credit for taxes paid to another state and it will "offset" your home state. However, every state is different. If you still "owe" $1600, you might look into a CPA. It may cost a few hundred but would be worth it if you make a mistake,
Omg I'm so stupid! I forgot to check the box that says taxes paid to another state. We're good now!! Man mommy brain has made my accounting brain dumb.
Post by humpforfree on Jan 29, 2015 17:25:04 GMT -5
H started them and is estimating a thousand or two back. This year was impossible to predict- I worked full time for a month, had the baby and didn't work for 8 months. Now I've been working part time for 4 months..
We are getting back about $14k back. I'm another person that gives a free loan to the government. I am okay with this because I know there is no way I would actually save an extra $14k during the year. One day I will have enough self control to save the money on my own and collect the interest.
We probably won't get ours done until late Feb or so. We always owe but last year we made a lot of adjustments both at 0 and extra taken out so hopefully its not as bad. We are also still working on 2012 audit crap which they say we owe more money to the IRS and state but our acct has a call with the IRS tomorrow about that. It's all due to our moving expenses when we relocated-it has been a nightmare.
I worked in PA previously which had lower taxes than NJ where I live. My company was able to withhold NJ taxes instead of PA taxes. I had to request that payroll do it though (my accountant told me that was possible). Maybe you can do the same next year?
I didn't know if that was possible (I've done payroll but never dealt with this). I'll have H ask his boss.
NJ / PA have an agreement that allows you to do this. I didn't find out until partway through my first year so we had to file 2 returns. Hopefully you can get it sorted out.
Ours will be pretty big. We are "those people" who give the government a huge tax free loan. (last year it was $7k)
This is us too. Meh.
We're in that boat. Second year in a row. Finally I forced my DH to look up his W-4. I rolled my eyes into the back of my head. He has never updated anything. Ermergherd. Needless to say he fixed it. I'm just glad he goofed on the side of us getting a refund rather than the other way around.
You are fucking kidding me. There are TEN people on this board alone that owe over $10K (and I am not one of them). I hope word doesn't spread to ML.
Why is this bad? Serious question. You can either pay a lump sum (plus penalties, depending on the situation) when you file or pay it throughout the year, but if you owe over 10K, you owe it either way.