I had to pay $9k last year, retired, Pension, SS income+IRA withdrawals, just 2 of us +2 disabled dependents.
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That's wild. My income is similar, and I usually get a few hundo back. I am single and can't even file HoH.Why have been paying over three grand the past few years!
I
I claim -ZERO_ allowances (exemptions M0) and have no extraordinary extra dividend income ( under 2K)
Married filing Jointly, took the 24K STD deduction since I have low mortgage interest.
My Wife works too; we ear n about the same with our combined income in the low 100's, We each put around 10% into tax deferred 401K.
Now IRS wants to penalize me for inadequate withholding. I took NO ALLOWANCES! W4 Claimed M0 on both earners.
Anyone else in the same boat?
That's wild. My income is similar, and I usually get a few hundo back. I am single and can't even file HoH.
It goes either way by a few hundo. I don't stress too much under 1k.Nothing like similar threads to bring back old ones.
You guys are wacked. I always like to owe money at tax time with no penalty. Better than getting a refund. A refund meant you gave the government an interest free loan. Rather be able to invest it and pay at the end. Instead of me giving them an interest free loan, I got an interest free loan.
Tax period is only one year and "investing" for one year carries a serious amount of risk if any appreciable return will come around in that time period. Reality is you are not exactly investing the money as you have it sitting somewhere available liquid.Nothing like similar threads to bring back old ones.
You guys are wacked. I always like to owe money at tax time with no penalty. Better than getting a refund. A refund meant you gave the government an interest free loan. Rather be able to invest it and pay at the end. Instead of me giving them an interest free loan, I got an interest free loan.
This is a very bad idea. Ask me how I know.If They send me a bill - I'm ignoring it.
Tax period is only one year and "investing" for one year carries a serious amount of risk if any appreciable return will come around in that time period. Reality is you are not exactly investing the money as you have it sitting somewhere available liquid.