$94 tax return...

MG0h3

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Not sure why people focus so much on the end of the year “true up”.

The focus should be on the total $ amount of tax paid in the calendar year.

Correct. In fact, claiming exempt or as many deductions as possible and using that money for good and paying your total theft bill on April 14 is the most advantageous.


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Corbic

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.....lol...smh

Thanks Big Guy!

Somehow, while paying my taxes all year and claiming zero dependents, I've managed to nearly OWE this time. I wonder how they would've justified that? At $94 we were almost there. That's the edge.


Humble Brag? I probably owe $3,500 and like you, I take nothing out and pay max.
 

Roots-type

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Humble Brag? I probably owe $3,500 and like you, I take nothing out and pay max.
Definitely not, bro. I'm inexplicably missing about $2k of what I've been seeing for the past 10yrs or so.

And to the guy who said it's probably because my checks have been bigger, that's not the case.
 

72MachOne99GT

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My wife always holds a bunch back so we get a refund every year. No idea why. I’ve given up arguing.

Not sure how we’ll fair this year.

On a side note, I got a 14,500 dollar backpay/ 3000 dollar bonus check last Friday. “Supplemental income” my ass, I got butt ****ed on that check.
 

sleek98

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And to the guy who said it's probably because my checks have been bigger, that's not the case.

Did you have a child turn 17 recently? That would cause you to lose a 2,000 tax credit.

Compare total AGI from year to year as well as total tax year to year and total withholding year to year.

The last big overhaul of rates and deductions was back in 2017. Assuming you have zero life changes, no kids turning 17, didn't sell or pay off a house, didn't change jobs and made the exact same amount of income your tax wouldn't change much, just the normal bracket changes which would actually drive your tax down.
 
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Dusten

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.....lol...smh

Thanks Big Guy!

Somehow, while paying my taxes all year and claiming zero dependents, I've managed to nearly OWE this time. I wonder how they would've justified that? At $94 we were almost there. That's the edge.


I owe $3200 if it's any consolation.

My income doubled from last year and my tax liability is 3x
 

Corbic

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I feel like i'm the only one here who doesn't rush to get my taxes done, I get the shits just thinking about it lol.


That's why I rush to get it done.

It's a big black cloud hanging over my head until it's resolved.

Where's that stupid meme...

They won't tell you what you owe, but they know, and if you guess wrong you go to jail or whatever.
 

ford fanatic

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That's why I rush to get it done.

It's a big black cloud hanging over my head until it's resolved.

Where's that stupid meme...

They won't tell you what you owe, but they know, and if you guess wrong you go to jail or whatever.
Makes sense, i'd probably at least want to know also.

We usually get some back, we shoot for zero, but something always changes.
 

JPKII

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We have a standing appt with our CPA on 4-14. lol. He automatically files an extension for us. I don't even go. Just my wife goes. I can't stomach it. It truly makes me sick.
 

Blk04L

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Recently switched to Scwhab for my non IRA account.
They won't have my 1099 ready till end of next month. Dunno if it's standard for them or because they are doing a lot of calculating for what I bought/sold last year.
 

JimCSHO

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Recently switched to Scwhab for my non IRA account.
They won't have my 1099 ready till end of next month. Dunno if it's standard for them or because they are doing a lot of calculating for what I bought/sold last year.
If you have mutual funds it can take time. While the feds say to get the tax forms out by end of January, they gave the mutual fund companies until end of February to determine the factors and issue the tax forms. Which means the financial company can't produce your 1099 etc. until they get the information.
 

TK1299

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I read the title of this thread which is an obvious complaint about getting $94 back in taxes. My first thought was how greedy op is because that money should have been forfeited back to the government to help feed all the illegal immigrants streaming across the border. But my second thought was **** those people and our sorry ass government full of treasonous scum.
 

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