Support NeoGAF

[chubigans]

Have to pay ~$14,000 this year. ;_;

I had to pay 22k in taxes due to capital gains this year, it is what it is.

Hah well now I don't feel as bad. Sorry man.

 

[Muffdraul]

I owed about $1000 this year. As a liberal Democrat, when I paid them, I came.

 

[Walter White Walker]

Owe $1600 this year.

Have done much worse, so okay with it.

Always amusing to see people excited to get the money they loaned to the government back.

Not always the case - I got $2300 despite not having any federal income tax withheld on my paychecks. Some small perk of being a single dad with one income and two kids - at tax time the IRS throws some money your way. It's for me literally free money.

 

[Pyke Presco]

Got $3040 coming on the 17th for this year's return, and a reassessment on last year's put $2580 into my account this morning due to a $2500 tax credit for recent university graduates living in my current province (since everyone gets out of the Maritimes first chance they get) that lasts for 6 years after graduation, though unfortunately this is the last year for it. The first $2500 paid off the remainder of a trip down south from January, another to Boston in March, and dumped $400 onto my student loans. The next $3000 I'm dumping completely into student loans, which will drop my remaining loan to just under $8000. Should be able to clear it before the end of the year at this rate.

 

[Sapiens]

800 bucks no too shabby. Going to just pay off the remainder of my student debt with it.

 

[King Cobra]

Have to pay ~$14,000 this year. ;_;



Hah well now I don't feel as bad. Sorry man.

What do you owe it for?

 

[backflip10019]

Savings/other expenses.

 

[johnny956]

675k, but I live in a very expensive part of the country (Arlington, VA), so that doesn't buy much. I would have loved more storage space and a slightly larger backyard, but my house is situated in a livable community and in an extremely walkable location which is what I really wanted (a mile away from the closest WMATA station). Local property taxes will be about 7155 this year which is going to result in a huge deduction for me (I bought the house with cash (inheritance, plus about 100k that I'd been saving over the past decade), so I can't take the mortgage interest deduction).

That would explain why your deduction works out pretty well.

 

[Bold One]

My new bicycle. Photos aren't mine but it is built to that spec.

Worth every penny.

not to sound daft, but what seperates these kinds of bikes from say urban ones with gears?

 

[Bold One]

blah! double post! sorry

 

[friskykillface]

Have to pay ~$14,000 this year. ;_;



Hah well now I don't feel as bad. Sorry man.

0_o

I guess the 1% are on neo gaf too ;p


I used what little I got on student loans haha, the struggle life

 

[Zoe]

Have to pay ~$14,000 this year. ;_;



Hah well now I don't feel as bad. Sorry man.

Ouch, any penalties?

 

[Dorimukyasuto]

I had to pay $25

:L

 

[FallingEdge]

Got 2.2K back. I might claim 1 this year as opposed to 0.

 

[jchap]

I bought an 11 inch Schmidt–Cassegrain telescope with my refund!

 

[HoodWinked]

how do you guys get so much back i got 88 dollars back.

are you withholding too much on your paychecks?

 

[Jzero]

I bought an 11 inch Schmidt–Cassegrain telescope with my refund!

Dayum. I didn't even want to spend $200 on their cheaper models.

how do you guys get so much back i got 88 dollars back.

I need to know this as well.

 

[Captain Tuttle]

I had to pay taxes capital gains ftl

Same.

Bought an investment property though

 

[Zoe]

how do you guys get so much back i got 88 dollars back.

are you withholding too much on your paychecks?

That's usually the case. Getting all of that through credits is the exception.

 

[psylah]

oh shit

 

[HoodWinked]

i always have this feeling in the back of my head every year around this time like im missing on some obvious thing that everyone but me is aware of.

unless you own your own business i find it difficult for someone to be able to itemize their deduction even further than the standard filing of $6100 for 2013 for single person.

 

[statham]

$5277, not bad. Going to use to pay down some hospital bills we owe from last year and a visit to disneyland!

 

[Curtisaur]

I owe $19 to federal and $120 to state.

 

[_woLf]

how do you guys get so much back i got 88 dollars back.

are you withholding too much on your paychecks?

Better to withhold and budget accordingly and receive a big bonus rather than have to pay extra money that you don't have.

EDIT: And then the post below me makes me feel insanely poor

 

[Rubenov]

Didn't get a refund. Ended up owing north of $19,400.00

Go GOP reduce my taxes please.

 

[satori]

22k...19k...owed? hot damn....My uncle who is bitching to no end the 8k he has to pay...HE would have had a mini stroke if he owed 20k lol

 

[Piecake]

Getting about 1k back. Would have been quite a bit lower, but my job does not seem to recognize exceptions on the yearly bonuses (do all businesses do this? - its kinda annoying).

I plan on putting it in index funds.

 

[Rastafarian42]

Using it to start saving paper.

 

[Persona7]

I bought a few games and cat stuff MONTHS ago.

 

[Tabris]

In Canada, you get tax credit / delay based on RRSP contributions.

As an example of the concept is you save $10k when you make $100k, so you are paying taxes on $90k (but you had already paid taxes on $100k so you are getting refund so it's to $90k), then withdraw that $10k + interest when you make $50k (like during retirement), so you are paying taxes on $60k which has a lower marginal tax.

 

[Phoenix]

 

[simplayer]

In Canada, you get tax credit / delay based on RRSP contributions.

As an example of the concept is you save $10k when you make $100k, so you are paying taxes on $90k (but you had already paid taxes on $100k so you are getting refund so it's to $90k), then withdraw that $10k + interest when you make $50k (like during retirement), so you are paying taxes on $60k which has a lower marginal tax.

Same thing in the states.

A traditional 401k will reduce your taxable income.

 

[n64coder]

Your tax bill is due, in full, on April 18 if you owe. Or, you can apply for a structured payment plan that costs $120 to apply/setup PLUS monthly interest. That's ridiculous, For her, that's like a 13 or 14% interest rate.

I guess the IRS figures if you're paying taxes in April that you have a business or extra revenue and should be able to afford such a ridiculous service fee, but in her case, she's been underemployed for a year and the $1000 she owes was on freelance work she picked up through the year to try and pay the bills.

13-14% seems reasonable for what is an unsecured loan. It could be worse, you could be paying 22% credit card rates.

Where is the April 18th date coming from? It's my understanding that filing/payment is due on the 15th. You can get a 6 month extension to file your taxes but your payment ( or overpayment) is due on the 15th.

It always amuses me how many people wait until the last second to do this. It's really not hard at all. I use FreeTaxUSA to answer the OP's question. Pretty straightforward IMO.

Definitely if you're able to file 1040EZ. Not if you're filing 1040 with multiple schedules/forms.

Have to pay ~$14,000 this year. ;_;

Hope you paid at least last year's tax amount to avoid penalties. What happened? Sold some investments without making estimated payments?

Didn't get a refund. Ended up owing north of $19,400.00

Same here. How did you end up owing so much? Sold investments?

 

[Zoe]

Getting about 1k back. Would have been quite a bit lower, but my job does not seem to recognize exceptions on the yearly bonuses (do all businesses do this? - its kinda annoying).

I plan on putting it in index funds.

Your employer is supposed to tax it like all other income.

 

[ampere]

I'm getting an apartment, so it's essentially going to the payments for that.

It's nice to get the money back, but at the same time too bad that my employer's payroll software wasn't able to properly withhold the proper tax amount in the first place.

 

[DJ_Lae]

Nothing - I apparently owe $410 this year.

Whee.

(it's better than the $6k I owed two years ago)

 

[MetatronM]

No real money back for me this year. Between my federal refund and state tax owed I ended up owing a net of $9 this year (yes, that's nine dollars). Pretty spot on, actually.

 

[GhaleonEB]

Your employer is supposed to tax it like all other income.

Every employer I've had has taxed bonuses much more heavily than regular pay. I've never really understood why, but it's been that way since my first job in high school; ~45% is always lopped off to taxes. I get the difference between that and my correct tax rate back as part of the refund.

 

[bro1]

I owe $5k plus have back taxes of $8k from an adjustment.

Also found out that the house I am trying to sell was assessed for $25k less than the buyer offered. Plus $111k in student loans and $20k in credit card debit. Going to be a rough three years to dig this out.

 

[rokkerkory]

Every employer I've had has taxed bonuses much more heavily than regular pay. I've never really understood why, but it's been that way since my first job in high school; ~45% is always lopped off to taxes. I get the difference between that and my correct tax rate back as part of the refund.

Same here

 

[Rubenov]

Same here. How did you end up owing so much? Sold investments?

Earned close to $100,000.00 on the stock market. I used options, which obviously expire so I can't just not realize the gains.

 

[ohlawd]

Will get 1.9k back.

I'll spend some of it on fast food and games.

 

[styl3s]

Straight to the bank since i have no outstanding bills and there is nothing i just have to have.

I debating about getting a 780 for my computer but decided to wait and see how my PC does with games like Watch Dogs. I feel like i can stretch another 6 months out of this.

 

[Calibus]

Going into my bank account. Ultimately it will go toward everything -- bills, debts, treats, food, etc.

Not as exciting as hookers n beer, but hey.

 

[Zoe]

Every employer I've had has taxed bonuses much more heavily than regular pay. I've never really understood why, but it's been that way since my first job in high school; ~45% is always lopped off to taxes. I get the difference between that and my correct tax rate back as part of the refund.

I can't remember how I did it, but I think there is a formula to use. If they tried to tax it like a paycheck, the withholding amount would be wrong.

 

[NuffDREW4two]

We owe about $4K this year. Wife was on maternity leave, had full top up, and didn't pay anything throughout the year, so it's all bein taken off now. We expected it, so we saved. Still sucks though.

 

[King Cobra]

22k...19k...owed? hot damn....My uncle who is bitching to no end the 8k he has to pay...HE would have had a mini stroke if he owed 20k lol

They are good problems to have, I had to pay 22k because some of my investments really kicked off last year.

 

[The Albatross]

The irs is actually giving folks that pay in full by the deadline a break and not charging interest on taxes or penalties that should have been paid when earned or quarterly. Big penalties like your gf is assessed should deter her from avoiding taxes to the extent she did for next tax season.

She's not avoiding taxes, she was a freelance journalist writing for tiny magazines, most of which provide a 1099 and do not do withholding for their journalists. Good luck asking those shoe string publishers to withhold taxes for their freelancers.

Let's not start to pretend that not paying taxes early (aka, "withholding") is "avoiding" taxes -- it's called "withholding" for a reason. A fee of $120 to setup a payment plan, for somebody who makes less than $30,000/year, is bull shit and it encourages low income people to pay their tax burden on a credit card. Fortunately, I have money saved so we avoided the whole thing, but I could see how somebody struggling to get by would probably finance a tax payment in a pinch.

Every employer I've had has taxed bonuses much more heavily than regular pay. I've never really understood why, but it's been that way since my first job in high school; ~45% is always lopped off to taxes. I get the difference between that and my correct tax rate back as part of the refund.

This is an interesting phenomenon. Bonuses are taxed the same as regular income, but the withholding is higher so, like you said, you get it back in your refund at the end of the year. So, The IRS takes out your withholding once a month at a set schedule every month. Normally, let's say that you get paid $1000/month, and the IRS takes out their pound of flesh -- $280 of federal tax withholding. For the month that you get a bonus, let's say you get a yearly bonus of $1000, paid Februrary. For that month, the IRS thinks that your pay was doubled, that you actually went from making $12,000/year to $24,000/year, so they tax you based on that $24,000/year. When, in fact, it's actually $13,000/year.

So, you pay more in withholding on a bonus, which you then get back when it comes to tax time. A weird little quirk.

how do you guys get so much back i got 88 dollars back.

are you withholding too much on your paychecks?

I withhold whatever the default, likely maximum, is on my paychecks unwittingly. I also have itemized deductions and cash in on the mortgage interest deduction, which is a solid amount of money.

 

[Zoe]

She's not avoiding taxes, she was a freelance journalist writing for tiny magazines, most of which provide a 1099 and do not do withholding for their journalists. Good luck asking those shoe string publishers to withhold taxes for their freelancers.

Let's not start to pretend that not paying taxes early (aka, "withholding") is "avoiding" taxes -- it's called "withholding" for a reason. A fee of $120 to setup a payment plan, for somebody who makes less than $30,000/year, is bull shit and it encourages low income people to pay their tax burden on a credit card. Fortunately, I have money saved so we avoided the whole thing, but I could see how somebody struggling to get by would probably finance a tax payment in a pinch.

Filing quarterly is not paying early, it's paying on time. There is a threshold where you will get hit with a penalty if you haven't been paying your taxes throughout the year.

 

[ChubbyHuggs]

I fixed my car and I still have some money left over. I'm buying tickets to see Sevendust with my younger brother. Two full acoustic sets: Time Travelers & Bonfires and (hopefully) Southside Double Wide
Southside Double Wide: https://www.youtube.com/watch?v=Q4s_nIG8rw0

Under It All from Time Travelers & Bonfires: http://www.youtube.com/watch?v=Zs6zT6t90mo