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.
I got flamed to hell and back yesterday on ML because of a tax-related MM confession I posted in a MM confessions thread. I don't read or post on ML so I didn't respond there.
We have to come up with approximately $40K by April 15 (which is a combination of 2014 taxes due, 1Q 2015 estimates, SEP contribution & IRA contributions). No penalties are involved.
Somehow that turned into me knowing nothing about taxes, spending $30-40K/month on my credit card, not paying quarterly estimates, being rude and entitled and braggy and all kinds of nonsense. Because I don't post there, backstory and facts were of course not taken into consideration.
"Only" $9K is for IRS tax due for 2014, hence my comments above.
Post by Velar Fricative on Feb 19, 2015 11:46:46 GMT -5
About $1,200 back. We owe NYS though (we aaaaaaaalways owe NYS) so that total is minus what we're paying to the state. This is the lowest we've gotten back in forever.
I'm going to give up on guessing what we get back every year. I really have to read a good Taxes for Dummies book or something because of drastically-changed circumstances this year and I feel like I should understand this stuff by now because I'm a grown adult.
Post by leonard131 on Feb 19, 2015 11:55:38 GMT -5
We owe- H files quarterly. Hopefully though we won't owe more then we planned. It is all based on what his business makes for the year and it fluctuates.
Post by nextbigthing on Feb 19, 2015 12:07:20 GMT -5
I can't believe that I was able to pull it off, but we actually got everything to the accountant and done before the baby arrives, we're getting $1900 back, which is great considering I have a lot of 1099 income. No state taxes, just federal (no state income tax in TX)
This makes up for last year when I was waiting for a K1 and was meeting with the accountant on 4/12/14.
SJ I'm surprised at the 10+ on either side of the $10k amounts. Although I know many of the $10k owed are self employed. FWIW I know that your situation isn't all taxes and that you are very MM savvy.
We ended up at $3100 fed refund and $680 state. Not bad. Going to pay for our new floors and we won't have to touch the house improvement fund.
We got our refund yesterday, $2750. I already moved it to my student loan. It has a really low Interest rate but I just want that f**ker gone! I have a plan to pay off the rest of mine and DHs by July. Bye bye loans!!!
Post by charlotteandwilbur on Feb 19, 2015 12:35:30 GMT -5
I checked 3-4K a while ago on this poll but we just filed and we're getting 8K back. I'm in shock, we've never gotten this much back before. We should probably change our withholding but some forced savings in the form of an interest-free loan to the government might be good for us.
Post by thatgirl2478 on Feb 19, 2015 12:41:22 GMT -5
We are in the refund of over 10k boat. We sold a property that was being used as a rental, it sold at a significant loss AND we had a NOL (net operating loss) so we not only got all our money refunded this year, we also are getting a refund for previous years (amended returns, so it will take a while).
We are in the refund of over 10k boat. We sold a property that was being used as a rental, it sold at a significant loss AND we had a NOL (net operating loss) so we not only got all our money refunded this year, we also are getting a refund for previous years (amended returns, so it will take a while).
This is exactly what's happening with us this year! $14k refund. No amended returns though, because we carried the losses over each year.
One year we got back a crazy amount because it was the first year we filed together as married. The following year we owed some. This year it looks like well get a couple thousand. I am so happy because our savings is pretty sad right now.
I can finally answer, and PHEW, we finally got close to zero. We owe a net of ~$400. I've tweaked withholdings each year to try to get there, because while I don't want a refund, I dislike paying several thousand, even though of course that means I got that $$ in my checks throughout the year.
Love of my life baby boy born 11/11. One and done not by choice; 3 years of TTC yielded 4 MMC and 2 CPs, through 4 IUIs and 2 IVFs. Focusing on making the world a better place instead...and running.
We're getting $3100 back from federal and $600 back from state. All of it is going towards paying down debt. We're SO close to being done by the end of this year!
We're getting just over 5k back from the feds, but owe NY. This seems to be a theme... I don't understand how it's even possible that we owe NY more than last year because we had two children and didn't change our deductions. But I'll take the fed refund - first time we've ever gotten a big refund!! We already changed our withdrawals for 2015 so this won't happen again, but I'm going to enjoy it now!
I don't understand flaming anyone that can actually answer this question, because I still haven't even gotten my shit together enough to be ready to call our accountant yet.
I voted based on a guesstimate of what we usually owe. Maybe we'll owe less this year because I had a baby? I forget how that works, but all other income is roughly equal.
I did not include what the French government thinks we owe them, per the notice we received last week. We didn't live or work there for any part of 2014, but they don't seem to realize this.
We are in the refund of over 10k boat. We sold a property that was being used as a rental, it sold at a significant loss AND we had a NOL (net operating loss) so we not only got all our money refunded this year, we also are getting a refund for previous years (amended returns, so it will take a while).
This is exactly what's happening with us this year! $14k refund. No amended returns though, because we carried the losses over each year.
The years I was working coincided with the years we had the rental. Unfortunately because I made good money, we couldn't take the loss during the year. So we're going back and claiming the losses now. Yay.
Post by whereintheworld on Mar 5, 2015 14:26:52 GMT -5
Filed yesterday, will be receiving $7,650 back. Going to various savings accounts (in order of amount: retirement, vacation, e-fund, car savings account, extra mortgage principal payment).
Post by fortnightlily on Mar 5, 2015 15:12:34 GMT -5
Roughly $2500 refund each from state and federal. Will split it between contributing to DS's 529 and making an extra mortgage payment on our 30 year loan that we are 2 years into