How did your taxes go?
- Thread starter HawkMachine
- Start date
I am confused by this. If you roll over a retirement distribution into an IRA or new employer 401k, it would typically be a nontaxable event.
Damn you for making me think about taxes on a holiday.
Got ~$2k back, same as every year. Employer payroll withholds somewhat aggressively because there always seems to be talk of future overtime or incentives that rarely materialize consistently.
He is saying that his wife received a disbursement at her retirement that, if they hadn't rolled it into the 401k, would have carried a $3230 tax burden.
Refunds….but then again, I did quit my job last April and didn’t go back to work until October, so my income was down, although I did take advantage of that to sell some assets and take the gains, plus I had some gains from my dad’s estate, so I wound up vaguely close to where I would have been had I worked all year.Well, as of today I have my life back. Plenty of returns on extension but at least I can breathe now and not work until 2am.
How did your taxes go?
Amount due/refund from Fed?
Amount due/refund to State?
How much was your prep fee?
Boobs:
I didn’t this year. And no withholding from my income. At the beginning of the year it looked like I would make a lot less than I did and paid off a couple of larger debts to really increase the cash flow. Fortunately I did have the money in savings because I was expecting it.
I didn't make that clear...not a retirement distribution. We build up leave days and get paid for up to 30 of them when we retire so it's treated as income. It counts as a contribution if rolled over. I just didn't really realize the implications of that until I plugged it in. I was pleased.
About 7600 back federal, and 1200 to the state. Almost every year is the same where we get a refund in federal but pay on state.Well, as of today I have my life back. Plenty of returns on extension but at least I can breathe now and not work until 2am.
How did your taxes go?
Amount due/refund from Fed?
Amount due/refund to State?
How much was your prep fee?
Boobs:
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On top of what you withheld? If so I feel bad about that but not bad because your investment gains must have been quite substantial.
$3400 refund from Fed, $600 from state.
First year owning a business, set up as an s-corp, and bonus depreciated two vehicles in the corp to lower our business net income. If we hadn’t, my tax bill was looking atrocious.
Pretty well ****ed for 2023, but we’ll deal with that when it comes, I suppose. Try to stick some additional cash away for a distribution to pay my tax liability.
First year owning a business, set up as an s-corp, and bonus depreciated two vehicles in the corp to lower our business net income. If we hadn’t, my tax bill was looking atrocious.
Pretty well ****ed for 2023, but we’ll deal with that when it comes, I suppose. Try to stick some additional cash away for a distribution to pay my tax liability.
I will reply, in spite of the boobs.
Ours perplexed us... first time filing as joint married. Not going into all the details but our refund was $16,800 federal and $80 state...
A very happy ending to our tax preparation. Especially since we're doing a $60k deck and fence project in Key West... Ugh...
I know that people say that getting a substantial refund is dumb because you are just loaning money to the government interest free, but given the market volatility, I don't mind it and I would rather do that than owe interest or some kind of penalty.
I need to adjust my withholding or buy an EV by the end of the year for a tax credit.
If I don’t I will pay in a lot.
Sucks you can’t just tell the payroll department to take another $X amount out every month for federal. They force me to do that online calculator/form.
If I don’t I will pay in a lot.
Sucks you can’t just tell the payroll department to take another $X amount out every month for federal. They force me to do that online calculator/form.
Funny how my opinion on this has changed over the years. 6-7 years ago I was getting healthy refunds. Like 6-7k in refunds. Thought to myself, “would sure like to have that money sooner and not give it to the government interest free.” For the next 5 years, I owed every. Single. Year. With last years being 6k owed. Not once during those years of owing did I ever think I pulled one over on the irs and made out so much better holding onto that cash.
This year, we Got a nice surprise and a refund of about $2200. What a nice treat it is as summer is right around the corner. It makes shelling out cash for vacations, pool passes, etc.. for summer fun for the kids much easier.
Moral of the story. I would take the interest free refund of 5k over paying in with penalties and interest any flipping day of the week.
The most I ever hosed up our taxes was when we first moved to Charlotte about 16 years ago. With 2 young kids and some unpredictability in work schedules, we opted to hire a nanny and I was doing everything by the book with paychecks and withholding and FICA, etc. I was hyper focused on making sure we held enough back to cover all the things. Well, in the end, we felt completely broke all year (our home was more expensive than previously, so we thought we were house-poor), nope, turns out I effed up all the withholding and we got a $22k refund from the feds and like $12k from the state. I was at least happy I screwed it up in that direction, but I went to fix that withholding fast after that.
I paid extra about what I figured I would. As a W2 employee I choose pay on my W2 wages at the correct amount and then pay the taxes out of the large payouts from my passive farm holdings at the end of the year when the check comes.
Biggest refund a client had was probably 12k.
Can’t stand the client as I know he lies on his construction business. So all his wife’s withholding gets paid back, earned income credit, and child tax credits. He plays stupid, pisses me off.
Largest amount due for a client was probably around 250k.
Can’t stand the client as I know he lies on his construction business. So all his wife’s withholding gets paid back, earned income credit, and child tax credits. He plays stupid, pisses me off.
Largest amount due for a client was probably around 250k.
The entity has to pay tax to the state.
Take the out of state shareholders income and then withhold at iowas highest tax rate.
That amount is basically withholding for that person IF they file an Iowa return.
We suppressed almost all K-3’s as the majority don’t need it.
Interesting - basically mandatory withholding for Iowa residents?
My investment had a tax loss, so did not apply.
I wish they had suppressed the K-3's. I could have an hour of my life back.
If it’s an Iowa entity, it’s withholding for out of state shareholders.
But the entity is actually paying the tax.
I understand why the state is doing it, it’s just a hassle.
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Well, in the past, the entity could elect to do a composite state return and pay the tax for all the non-resident states and withhold it from distributions. The resident shareholder (in this case Iowa) could decide to file in the nonresident states if they thought they could get some money back.
You're saying now Iowa is requiring withholding on the nonresidents?
Interesting.
