csun2004

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?

stogie1020

nuthin. I got my own money back from them. Interest free to boot.

doopstr

If you like you can send that money directly to me, then they will only owe me $1600.

svtmike

I owed $3400. But I'd rather they loaned me the money interest free than the other way around.

csun2004

So I could keep my "tax dues" as a free interest loan?

csun2004

hows that work?

subinf

Yes.

Q1911

i owe them $170. Not bad

Chr8808

iTrader: (1)

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

phil2

I pay those rapists 7600 in proposed quarterly and still owe a shit ton at yr end....sore subject

Will Y.

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.

NetEditor

Don't you have to pay a penalty if you owe too much?

DRM600

i don't O this year. i'm getting back about $50, state and federal combined. oh, i get the $600 too.

DISRUPTV

i owe $4600 and counting...fuking sucks

o1s

i just wrote a $2400 check monday. kind of hurt seeing that go to them after i already paid out almost $7000 this year.

stogie1020

You have to pay a certain amount by the final pay period/week of the calendar year. Once you hit that number, you can still owe allot and not get a penalty.

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.....

mattg

yeah, I'm going to owe quite a bit. capital gains on $55,000 for starters.

stogie1020

we should all be so lucky!

The Dougler

iTrader: (1)

sucks to be you guys, 2300 return for me.

Mattg sounds like its time to start an offshore account.

dallison

you won't get that money until you pay your taxes

svtmike

Yes, but I don't owe a penalty. I try to walk a line where I owe them just a little, but I cashed out some stock options last year and that kicked me up a bit.

RaviNJCLs

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.

LuvMyTSX

I owed the IRS about $140, but got about $170 back from NJ. Pretty much equals a wash.

GreenMonster

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

SHYUperman

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

iTimmy

You only have to pay a penalty if you owe and paid in less then you did the previous year.

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.

korrupted

I don't feel so bad owing $4K. And I'm not stimulated either.
Why does it seem the upper middle class get screwed all the time.

RaviNJCLs

iTrader: (4)

Because they do.

F-C

I owe $5,200, and I don't get the rebate.

fuzzy02CLS

iTrader: (2)

I usually own less then $200 every year. But this year I had some $ items I donated so I got $200 back.

I got it down to owe just under $200 every year. I'd rather have it that way & keep my $ all year when I need it.

phee

iTrader: (5)

he is saying that because the government owes him 3600 and all they do is send you the money someone else paid them...

thunder04

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?

Sly Raskal

iTrader: (1)

I owed $539 to Federal, but I'm getting back $1,500 (approx) from state. Go figure.

paz840

iTrader: (2)

I owe $5,500 and don't even get the stinkin' $1200 rebate!

what a ripoff!

videojock

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.

Q1911

I just got my state income check today!!!


$8.00!!!!



"Immmm riccchhhh beettttchhhhh"

Shalooby

I'm in the top five percent - hence I pay nearly nothing in taxes. Go Republicans!!

YoungCeo

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...

korrupted

capital gains, or if you haven't paid enough etc...

iTimmy

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.