Do you O the IRS??
#1
Instructor
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Do you O the IRS??
I am feeling blue . I just completed my 07 Taxes and it turns out that I have to pay over $2000 in Taxes.
Federal Tax: $ 1394
State Tax: $ 701
The good thing is that I will be receiving the $600 incentive rebate
How much you guys have to pay the IRS between federal and state?
Federal Tax: $ 1394
State Tax: $ 701
The good thing is that I will be receiving the $600 incentive rebate
How much you guys have to pay the IRS between federal and state?
#2
Needs more Lemon Pledge
nuthin. I got my own money back from them. Interest free to boot.
#3
Team Owner
If you like you can send that money directly to me, then they will only owe me $1600.
#4
Team Owner
I owed $3400. But I'd rather they loaned me the money interest free than the other way around.
#5
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Originally Posted by svtmike
I owed $3400. But I'd rather they loaned me the money interest free than the other way around.
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#9
Three Wheelin'
iTrader: (1)
Originally Posted by svtmike
I owed $3400. But I'd rather they loaned me the money interest free than the other way around.
We owed $2350 fed and got back +160 state.
My accountant told me to lower my deductions cause "The fed doesnt like us to owe them money" As with SVTMike, i see it the other way
#11
Registered but harmless
Join Date: Aug 2005
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Messed up tax assumptions and deductions last year- accountant says we owe $3600 to the feds and $1000 to the state.
I'm trying to get taxes to point where we owe the IRS < $300 and state < $100.
I'm trying to get taxes to point where we owe the IRS < $300 and state < $100.
#12
Big White Chocolate
Join Date: Apr 2007
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Originally Posted by svtmike
I owed $3400. But I'd rather they loaned me the money interest free than the other way around.
#16
Needs more Lemon Pledge
Originally Posted by NetEditor
Don't you have to pay a penalty if you owe too much?
Mind you, of course, there is no penalty on the gov't for taking too much of your cash throughout the year. I got over 10K back, and want to charge the gov't a penalty... I know, my bad, but I didn't realize what my withholding were at and I got a raise and bought a house so my deductions and withholdings went through the roof.....
Last edited by stogie1020; 03-28-2008 at 03:03 AM.
#17
Senior Moderator
yeah, I'm going to owe quite a bit. capital gains on $55,000 for starters.
#18
Needs more Lemon Pledge
Originally Posted by mattg
yeah, I'm going to owe quite a bit. capital gains on $55,000 for starters.
#21
Team Owner
Originally Posted by NetEditor
Don't you have to pay a penalty if you owe too much?
#22
Team Owner
iTrader: (4)
I got back this year. I always rather get money back. If I have less taken out unfortunately that cash doesn't always get saved. I end up finding it hard to pay at tax time.
This year was fun....I had to fine state taxes in NY, NJ and PA. City taxes in NY. Federal. And a request for refund from NJ for a tax I had to pay when I sold my condo.
This year was fun....I had to fine state taxes in NY, NJ and PA. City taxes in NY. Federal. And a request for refund from NJ for a tax I had to pay when I sold my condo.
#24
Senior Moderator
I owed the state this year, but I'm getting a return from the Fed (about 1K lower than last year's return).... Reason being, I make too much money compared to last year on savings and investments
#25
J M U ... DUUUKEESSSS
iTrader: (1)
owe the state but fed is giving me some money back... so I'm making out with like 100$... nothing special
I wish I was getting the returns from when I was back in college
I wish I was getting the returns from when I was back in college
#26
dɐɹɔ ǝɥʇ ʇɐɥʍ
Originally Posted by NetEditor
Don't you have to pay a penalty if you owe too much?
I owe a little over $120k combined state and federal, and I paid roughly $68k over the course of the year and the government still can't make end meet, pretty disgusting.
And I definitely do not qualify for the stimulus package.
Last edited by iTimmy; 03-28-2008 at 09:05 AM.
#28
#29
Senior Moderator
I owe $5,200, and I don't get the rebate.
#32
Sweet!
iTrader: (1)
I used to always owe state like $10 and get back maybe $300 from federal. For 2007, due to schooling expenses, I got back $3k combined. I'm definitely bumping up what I claim a notch for 2008. I like things to balance. I'd rather own them a little and get as much of my money up front as I can than having them take and use money of mine that they aren't entitled to...if you know what I mean?
#35
Burning Brakes
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Still have not finished mine yet. Paid over 21k total in quarterly estimates and I am sure I will owe on top of that. This is my least favorite time of the year.
#38
Three Wheelin'
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I'm tax stupid...how do you guys owe the gov't $ every year? Is that because you claim many exemptions so that you keep the money in your checks, and pay at the end? Me personaly, I'd rather have them me in my checks than owing money all at one time...
#40
dɐɹɔ ǝɥʇ ʇɐɥʍ
Originally Posted by Shalooby
I'm in the top five percent - hence I pay nearly nothing in taxes. Go Republicans!!
Much like myself you may pay a lower percentage then those who earn less, but from a numbers standpoint its disgusting to think how much I've paid.
Yes, I made a lot of money last year, but I still paid $188k(and change) in combined state and federal income tax, considerably more then most make and I am far from a big fish.