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Oculus Spirit [81061]
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Joined: 9/13/04
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Jeebus
Jul 15, 2020, 11:56 PM
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I've been anally violated: owe $7,100 in Federal and $256 in state.
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Rock Defender [53]
TigerPulse: 90%
Posts: 35
Joined: 11/30/98
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Time to move to the Caymans.
Jul 16, 2020, 12:00 AM
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Oculus Spirit [83625]
TigerPulse: 100%
Posts: 63724
Joined: 12/31/06
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Thanks Trump***
Jul 16, 2020, 12:09 AM
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Oculus Spirit [81061]
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Joined: 9/13/04
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My ish hasn't been right since he changed the taxes
Jul 16, 2020, 10:20 AM
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a couple years back. It needs to go back to whatever it was IMO.
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Lot o points [163012]
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Posts: 31933
Joined: 1/17/07
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Well, you must have had a good year! Congrats!***
Jul 16, 2020, 6:32 AM
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Oculus Spirit [81061]
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Joined: 9/13/04
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It wasnt that good
Jul 16, 2020, 9:42 AM
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No deductions. I gotta shelter some money or something.
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Oculus Spirit [81897]
TigerPulse: 100%
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Joined: 3/18/07
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According to flow, you did it right.***
Jul 16, 2020, 9:55 AM
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Oculus Spirit [81061]
TigerPulse: 100%
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Joined: 9/13/04
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I get his sentiment, and agree to an extent.
Jul 16, 2020, 10:16 AM
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I need to go to a tax guy and figure out how I'm paying so much taxes every week, but still have to empty out my checking acct at tax time. We made less last year, my wife contracted some (paid no taxes until tax time), and I am having to pay 3K more this year than last year. This ish is ridiculous.
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Oculus Spirit [81897]
TigerPulse: 100%
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Joined: 3/18/07
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His sentiment is correct; however, we didn't
Jul 16, 2020, 10:17 AM
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do anything drastically different last year vs the previous year. That's the point I had made but he never responded back.
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Oculus Spirit [81061]
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Samesies
Jul 16, 2020, 10:18 AM
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I increased my 401K contribution because I turned 50, so that should have helped I would think.
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Oculus Spirit [81897]
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Joined: 3/18/07
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My work capped me this year, I'm beyond pissed.
Jul 16, 2020, 10:20 AM
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HCE ########, can only put in 11%.
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All-TigerNet [11019]
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Posts: 12358
Joined: 7/5/03
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Shouldn't that at least mean you're maxing out?***
Jul 16, 2020, 10:25 AM
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Oculus Spirit [81897]
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Joined: 3/18/07
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No, I don't make $164k+ a year.***
Jul 16, 2020, 10:27 AM
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Oculus Spirit [75719]
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Posts: 108850
Joined: 10/26/03
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Good gosh man, why the hell not?***
Jul 16, 2020, 11:02 AM
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Oculus Spirit [81061]
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Joined: 9/13/04
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"safe harbor" stuff?
Jul 16, 2020, 10:38 AM
[ in reply to My work capped me this year, I'm beyond pissed. ] |
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I remember about 10 years ago when I worked at a smaller company I maxed out my 401K and at the end of the year they sent me back like $3k because not enough people were participating in the 401K or something. Something something "safe harbor" something.
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Oculus Spirit [81897]
TigerPulse: 100%
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Joined: 3/18/07
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Yeah, it's some IRS ######## the Director of HR was feeding
Jul 16, 2020, 10:41 AM
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me, I'm still not over that. Could be rectified if the company would follow safe harbor rules (like 3% guaranteed or something), but no, my idiotic company does a 1/2 match up to 2%, so you put in 4% to get 2% from the company. Worst benefit I've experienced at a company, but oh well.
If the company would do a 6% match, then everyone would put in more, and thus raising the "HCE" limit and it wouldn't be an issue.
But right now there's a stupid window of making $120k - $164k that you cannot max out your 401k.
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Oculus Spirit [81061]
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That is jacked up, because thats exactly the range you
Jul 16, 2020, 10:43 AM
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want to do that.
Maybe look into your own IRA or something, but I haven't had that $6500 or whatever it is ever help on tax liability.
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Oculus Spirit [81897]
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Yup.
Jul 16, 2020, 10:48 AM
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Whenever I got limited by this I put $6k into an IRA, then come tax time, Turbotax told me it wasn't deductible.
I am at a loss for this #### now.
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Oculus Spirit [81061]
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Joined: 9/13/04
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Yep. same. I've been fighting that crap for a while.
Jul 16, 2020, 10:52 AM
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I need to find some shelters or something and lower my AGI. If I can put more away for retirement to do it, I guess I'll do that. There's got to be a way around this crap.
Then I'll be retirement poor every month.
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Oculus Spirit [81897]
TigerPulse: 100%
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Joined: 3/18/07
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Pushing money to the retirement sounds like the
Jul 16, 2020, 10:57 AM
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dream, LET ME DO IT STUPID IRS.
Fortunately wife will have solid military pension and senior pilot pay/401k.
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Oculus Spirit [81061]
TigerPulse: 100%
Posts: 56140
Joined: 9/13/04
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I never understood the IRS limiting how much I can save
Jul 16, 2020, 10:58 AM
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Heck, if I can save 100% of may salary pre-tax, why am I not allowed?
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Oculus Spirit [75719]
TigerPulse: 100%
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All-In [31896]
TigerPulse: 100%
Posts: 37187
Joined: 11/22/03
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Oculus Spirit [81897]
TigerPulse: 100%
Posts: 47116
Joined: 3/18/07
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All-In [31896]
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Joined: 11/22/03
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replied***
Jul 16, 2020, 11:27 AM
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Oculus Spirit [81897]
TigerPulse: 100%
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Joined: 3/18/07
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I said HERE >_<
Jul 16, 2020, 11:41 AM
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Not THERE.
No, my effective rate did not change.
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All-In [31896]
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Joined: 11/22/03
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Well...that might be pushing it a bit....depending...
Jul 16, 2020, 11:24 AM
[ in reply to According to flow, you did it right.*** ] |
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on your income that amount of underpayment will likely draw a penalty.
I try to underpay just enough to not get a penalty or a slight one. This year owed $3500 between state and federal. I now live in SC and work in GA and I'm not convinced the filing on both states was exactly correct.
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Oculus Spirit [81061]
TigerPulse: 100%
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Joined: 9/13/04
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I did my taxes in Turbotax and Credit Karma (because free)
Jul 16, 2020, 11:33 AM
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And the only difference was turbo tax included the $180 penalty. $7100 AND they want to charge me a penalty? eff them.
They'll get it when they get it.
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Hall of Famer [21258]
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Re: Jeebus
Jul 16, 2020, 10:00 AM
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Not sure total yet, but estimated was $12,000 and $1,400. Sadface.
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Oculus Spirit [81061]
TigerPulse: 100%
Posts: 56140
Joined: 9/13/04
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After everything that gets taken every week, and then that
Jul 16, 2020, 10:17 AM
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at the end of the year?
It's f-ing robbery.
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Oculus Spirit [85339]
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You mean in addition to what you paid during the year
Jul 16, 2020, 10:42 AM
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Bc if that was all you paid then you are @FbcoachSC level poor
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Oculus Spirit [81061]
TigerPulse: 100%
Posts: 56140
Joined: 9/13/04
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No no no..they jack me every week for about a 1/3, then at
Jul 16, 2020, 10:45 AM
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the end of the year I get this. I literally have no deductions--the standard deduction is all i get.
Hell I probably paid in taxes SCFBcoochs entire salary.
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Oculus Spirit [85339]
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So, yes yes yes yes?***
Jul 16, 2020, 10:48 AM
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Oculus Spirit [81061]
TigerPulse: 100%
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uh..yes?***
Jul 16, 2020, 10:52 AM
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All-In [40934]
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Posts: 42955
Joined: 11/30/98
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I sold a bunch of stock at the end of last year
Jul 16, 2020, 11:25 AM
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to buy Bonds because I'm a few years away from retirement. My tax shortfall was really high
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Replies: 34
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