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Thread: who OWES money in taxes?
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04-12-2008, 01:45 PM #1
who OWES money in taxes?
I do, just wondering if anyone else on here owes money.
I owe
Federal $1,500
State $285
that sucks
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04-12-2008, 01:48 PM #2
havent done mine yet...
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04-12-2008, 01:54 PM #3
- Join Date
- Oct 2007
- Location
- Beaver Dam KY
- Posts
- 7,745
79 T/A -91 Firebird- 1998 Trans Am -Oynx Black
My friend who won a solitice owes over 6 k.
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04-12-2008, 01:56 PM #4
i got like 3500 back this year
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04-12-2008, 01:58 PM #5
im getting back 700.
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04-12-2008, 01:59 PM #6
- Join Date
- Feb 2007
- Location
- San Diego, CA
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- 5,823
2002 Z28 A4 NBM- Sadly now demodded :(
If you owe money then you're doing something wrong. Only way that should happen is if you're self employed and didn't pay enough quarterly (I've had that happen). Are you sure there isn't a way to offset what you owe? Are you doing your own taxes or having a pro do it?
I myself pay a pro to do my taxes. I also own a house. He gets me a rediculous amount back each year (about $4k this year between federal and state - I adjust things but he's good + I had a lot of unexpected hospital bills early in 07). This indicates that I could up my dependants on my W4 and get more back every week if I wanted to. Instead I've elected to throw more into my 401k (this pays less taxes every week). Either way you go you want to work it out so it's close to a zero sum game: You don't get much back and the feds don't make $$$ in interest off of your money.
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04-12-2008, 02:13 PM #7
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04-12-2008, 03:14 PM #8
my uncle is a CFO and has been doing it for 40 years, I made 11k this year and was 1099 on it, thats why I owe so much money
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04-12-2008, 03:17 PM #9
- Join Date
- Apr 2006
- Location
- Colorado
- Age
- 43
- Posts
- 2,924
pie- free
feds owe me $2400 because I overpaid in estimated payments... owe the state $900
I am going to tell the feds to just use the $2400 for part of this quarters estimated payment which is why I haven't sent off the forms yet.
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04-12-2008, 03:43 PM #10
I was just informed today we owe $9900. We are screwed.I have to pick themn up monday and file for payments.
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04-12-2008, 03:50 PM #11
I got 4 grand back.
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04-12-2008, 04:58 PM #12
- Join Date
- Feb 2007
- Location
- San Diego, CA
- Posts
- 5,823
2002 Z28 A4 NBM- Sadly now demodded :(
I hear ya. At one point I was self employed and didn't pay enough quarterly. That was 1 of only 2 years I owed the feds. I ended up paying ~$4k because I only paid half of the SS money. Self employed had to pay 12% at the time. If I was working on somebody elses payroll I would have had to have only paid 6% while they paid the other 6%.
The other was when I got audited by the feds (I owned my own business at the time). I ended up having to pay about $900 due to my (at the time) wife not declaring enough "tip allocation" (she was a waitress). Shit happens.
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04-12-2008, 05:01 PM #13
I owe fed about $150...I prefer to owe a little instead of loaning the gov'ment a couple grand for a year.
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04-12-2008, 05:08 PM #14
We normally pay a little but not this much. My wife is 1099 but last year she thought most of the people she worked for took out taxes. We are using an accountant. We had interest from 2 houses to write off and all kinds of other stuff.She made less with more write offs but somehow we got screwed.
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04-12-2008, 05:28 PM #15
- Join Date
- Jan 2008
- Location
- Bay Area, California
- Posts
- 256
Arctic White- 2000 Z-28
I owe $400. When I did it on turbo tax it was $1200.00 My tax guy is pretty good.
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04-12-2008, 05:28 PM #16
- Join Date
- Jan 2008
- Location
- Bay Area, California
- Posts
- 256
Arctic White- 2000 Z-28
My previous employer filed me wrong and not enough was taken out per check. Thank you guys!
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04-12-2008, 09:14 PM #17
chicken feed, we found over 300 thou in lost stocks from when I was a kid,
owed over 42 thou to the fed, and 6 thou to wi state
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04-12-2008, 09:24 PM #18
- Join Date
- Aug 2005
- Location
- Thornton, CO
- Posts
- 23,773
Red Tint Jewelcoat- 2008 Trailblazer SS
Got $5400 back between Julie and I.
I ahve already spent it.
Koni 4/3's.
Hoosier QTP's.
Nitto DR's
Mamo ported FAST.
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04-12-2008, 09:42 PM #19
- Join Date
- Feb 2008
- Location
- los angeles
- Age
- 39
- Posts
- 237
black- 98 Z-28
i'm 23, no kids, no debt, pretty decent job, made 42k first year they took 7500 throughout the year i got back 1100. it's like why be responsible if a person can have a couple of rugrats(kids) and not make to much and get 4-6 g's back. its like i just gave somebody my hard earned mney. and don't forget we pay for welfare and system cheaters too.
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04-13-2008, 01:47 PM #20
Im getting 911$ back combined.
Plus my 600$ stimulus money. Not a bad Sunday.
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