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Ultimate Clemson Legend [103892]
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I was yesterday years old when I learned
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Apr 29, 2025, 9:56 AM
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I have to pay a penalty for underpaying my taxes.
Kinda crazy that I overpaid....idk maybe $100K in taxes in my working career. I wasn't even given a thank you.
The one time I underpaid my taxes......PENALTY!
So I guess I need to adjust my withholdings somehow.
And I didn't even get a deduction for my stolen generator??
Turbotax really sugged bawls this year btw. They asked me 69 times at least if I wanted to upgrade to "MAX".
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Clemson Icon [27578]
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Re: I was yesterday years old when I learned
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Apr 29, 2025, 9:58 AM
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How bad was the penalty?
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Ultimate Clemson Legend [103892]
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$135***
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Apr 29, 2025, 10:01 AM
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TigerNet Immortal [171416]
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Whaoh mine was only $70***
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Apr 29, 2025, 10:01 AM
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Clemson Icon [27578]
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Re: $135***
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Apr 29, 2025, 10:06 AM
[ in reply to $135*** ] |
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That's 16 cartons of eggs just taken from you.
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Ultimate Tiger [35146]
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Re: I was yesterday years old when I learned
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Apr 29, 2025, 9:58 AM
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Blame it on Obama!
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Orange Immortal [66920]
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Last time I paid that penalty I got a check from the IRS like 6 months later
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Apr 29, 2025, 10:00 AM
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with no explanation and then a couple weeks after that got a letter saying a refund had been issues for that penalty with no other explanation.
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Ultimate Clemson Legend [103892]
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so you're saying there's a chance....***
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Apr 29, 2025, 10:02 AM
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Valley Legend [12756]
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It shouldn't be an immediate penalty...
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Apr 29, 2025, 10:03 AM
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When I grossly underpaid (due to an income change) I had to make major adjustments in withholdings. If I didn't make that change, the accountant said I'd have to pay quarterly. I never got a penalty, but did have to write a significant 5 figure check that year.
Now I just claim 0/0 and have extra withheld from my W-2 income.
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Clemson Sports Icon [59520]
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My wife and I take zero deductions and we still owe every year.
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Apr 29, 2025, 10:20 AM
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I don't mind paying taxes but I'd appreciate it if they'd withhold the correct amount so I don't get a bill for $3k.
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Clemson Icon [26995]
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I have them take out several hundred extra in state and federal.
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Apr 29, 2025, 10:25 AM
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I dont know how they calculate it.
I also have passive income (lulz...mostly passive expenses) sometimes... also dividends from the business that arent taxed.
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Clemson Sports Icon [52995]
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You guys have to pay at tax time?
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Apr 29, 2025, 10:21 AM
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Ultimate Clemson Legend [103892]
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You must have missed the part where I said I overpaid
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Apr 29, 2025, 10:23 AM
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for 20 years and underpaid for 1 year.
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TigerNet Grandmaster [209689]
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TigerNet HOFer [134662]
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FBC has no clue what drives the economy***
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Apr 29, 2025, 5:41 PM
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Top TigerNet [30804]
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Exhibit A of why IRS agents need to carry pistols.***
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Apr 29, 2025, 10:31 AM
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Orange Phenom [14372]
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Re: I was yesterday years old when I learned
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Apr 29, 2025, 10:34 AM
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so this year got return from federal, but owed like 1400 to SC. In danger next year of penalty? did get forms on turbo tax for quarterly tax payments
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Ultimate Clemson Legend [108993]
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Lol. Uncle Sam loves himself those interest payments on what you overpay.
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Apr 29, 2025, 10:41 AM
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He ain't going to just let you slide with you taking the interest on the underpayment.
####, why don't we demand MORE refund when we overpay, since they add a penalty for underpaying.
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Ultimate Clemson Legend [103892]
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First time I ever heard someone say that, wow***
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Apr 29, 2025, 10:43 AM
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Ultimate Clemson Legend [108993]
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I know. I didn't know they had a penalty, but it makes sense, for them.
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Apr 29, 2025, 10:49 AM
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Likewise, since that makes sense for them, fairness is shitcanned for "us".
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Clemson Conqueror [11775]
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Re: I was yesterday years old when I learned
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Apr 29, 2025, 10:41 AM
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That happened to me a couple years back.
My daughter got married and turned 25 years old so I lost her as a dependent AND my head of household status.
Of course I knew it was happening and ended up having to pay about $5k...but the penalty wasn't expected.
Prior to hitting the "file" button an option came up that asked for an explanation as to why I underpaid. I said my daughter "unexpectedly" got married and I lost her as a deduction and changed my filing status. Hit submit and it canceled my penalty.
The next year, same thing happened...I used the same excuse and it, again, canceled the penalty.
I then changed my dependent count to avoid it in the future.
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Orange Immortal [65201]
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Not to get Pee and Arry but I doubt DJTs IRS would come after you.***
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Apr 29, 2025, 11:27 AM
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