Posted on 02/22/2022 10:29:40 AM PST by Intar
Went from receiving over $4K in tax refunds to paying over $4k in one year. I knew I was going to take a hit, but didn't expect quite the doozy! What has been your experience this tax season?
We’re supposed to pay taxes?
Do not know yet. Waiting on a receipt. Probably going to get slammed. We have not had a refund in over ten years.
Aside from the fact the IRS had cashed my check, they said they had not received my completed forms. I had to refile my taxes.
Well our tax liability increased, however I overpaid by $3200.
What’s a “tax refund?”
I was thinking on using it to pay down the balance on the HELOC I used to buy the solar system. But I decided to invest it instead. (For now in only money market while I wait on equities to drop, then I'll buy in.)
We also like to file early as possible. It may or may not be true but an uncle of mine who worked for the IRS once told us that the returns of early filers are usually processed right away without much scrutiny as they figure they have their act together. On the other hand, returns of late or last minute filers are more likely to be scrutinized or even audited.
Well this year we screwed up as we were owed a refund. We filed about two weeks ago and the refund was automatically posted and deposited to our account about three days later. We went to the casino yesterday and blew most of it.
I dont think the rates have been changed yet. I thought a few more years before the Trump rates time out. So what was the cause of your increase? Higher income? Fewer deductions?
I have paid ALOT in taxes the last two years (and will for a while) as I rollover non-Roth retirements to Roth. But I am racing to complete this effort before the brackets and rates go up. Before I starting rolling over 401ks, I broke almost even every year on tax owed vs previously collected by withholding.
I pay as I go.
No income taxes last year. No income taxes this year.
My tax situation is pretty boring and stable, but earned interest investments is where the hit always comes from. All I can say is that our total investments increased, but not so much that is justifies the total swap I described in the original post - at least in my humble opinion.
Anyway, I'm hoping mistakes were made and I get some of that money back, but who knows?
I’ll like them better than the last two years. I changed how I make money to avoid paying as much.
I still have 2 months for AARP to do my taxes. Will we still have a government then?
AARP is a traitor org.
A.M.A.C.
There is no reason to suffer at tax season. It’s trivial to use tax prep software such as TurboTax and input your projected data for next year. If your tax return is simple, ie, standard deduction, it’s even easier to use a simple exel spreadsheet to estimate your taxes for next year.
My spreadsheet has been accurate to within a few hundred dollars. The key is to do your estimates early, like right now, so you can adjust your withholding up or down. I’ve already done my estimate for next year.
Trump’s tax cut with the increased availability of the standard deduction makes this a snap.
(But yes, waaay too high - not poor enough and not rich enough).
Exactly. 2021 Tax rates cannot be blamed on Biden.
We won’t really begin to suffer the effects of The Steal and how it affects our income taxes until next year.
Similar.
We have not done ours yet, but seem to get hit on the capital gains, and expect it will be a problem again this year. We have been getting refunds, for several years, though, but expecting we will find it to conclude in a lower refund this time.
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