I also had to pay.
$50 big dollars.
Good thing I lost 8% in the market.
Warlock
The IRS took my money. :(
by Elsewhere 78 Replies latest jw friends
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lisavegas420
Elsewhere, did you take advantage of the "$7500 first time home buyers credit"?
lisa
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BurnTheShips
I got back 7k of my money.
BTS
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sir82
Heh. I if I told you what I got back....
So you're bragging because you gave a large interest-free loan to the government?
Say, I could use an interest free loan...I'll happily pay you back next year.
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purplesofa
Elsewhere, did you take advantage of the "$7500 first time home buyers credit"?
lisa
My son missed being eligible by 8 freaking days !!!!!!!!
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BurnTheShips
So you're bragging because you gave a large interest-free loan to the government?
Well, it certainly beats letting the government keep it. Besides, it was hard to know how much I was going to get back last year so I kept my withholdings the same as they were the previous year when I only got back 1k.
BTS
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blondie
Once again the feds owed us but we had to pay it to the state. I keep trying to adjust our W-4's too.
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isaacaustin
if you withdrew from a 401k/pension/IRA you only owe tax as ordinary income- not the penalty.
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drwtsn32
It's better to have to pay a little than get anything back. If you got money back, it means you paid them too much over the year and they were acting like a zero interest "savings" account. Better to keep the money and use it or put it in your own interest-bearing account.
You don't want to pay them too much, though, because you can be penalized. (They missed out on collecting interest!) They let it slide the first time it happens, but if it happens two years in a row...watch out! They want you to do quarterly estimated tax payments.
This year I only had to pay $500 or so. Last year was killer...we owed $15k.
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Priest73
It's better to have to pay a little than get anything back.
Yup. I paid off my mortgage and didn't have enough itemized deduction. That's how I got popped. Could be worse I suppose.