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Taxes fcuking taxes

Discussion in 'Off-Topic Discussion' started by Muy Grande, Apr 11, 2010.

  1. Apr 11, 2010 at 12:21 AM
    #1
    Muy Grande

    Muy Grande [OP] Well-Known Member

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    Ok so I have to vent just a little here, I just did a preliminary run of my taxes using Turbotax and I have to pay Uncle SAM $15,262.00 WTF. :eek:

    I could use that money and buy a brand new Toyota (ok maybe not new but a slightly used one).

    I don't know if I'm doing this right but me and the wife made about $150k this year (this includes some early IRA withdrawls since I did lose about 75% in the stock market and said fuck it......if all those fucks on Wall street can burn my cash and still eat steaks, I'm going to cash out and eat some too.....bad idea here cause now I have to pay taxes on it).

    Anyways I just realized that taxes on $150k is around $25k (before the standard deduction of $11,400). I consider myself middle class but fuck, if Im going to have tax bills like this ($15k) I might as well live off food stamps, welfare and get free medicaid (and just give all you guys on TW the bill). This is how the system keeps everyone down. I have the cash but it will pretty much wipe out my savings! If I only knew all the tricks wealthy people know that might help!

    What do you guys think here! :rolleyes:

    Need some recommendations.......

    Maybe open up some IRA's but that won't get rid of the $15 grand.
     
  2. Apr 11, 2010 at 12:24 AM
    #2
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    Maybe an accountant might be able to find you some shelter ,

    OZ
     
  3. Apr 11, 2010 at 12:33 AM
    #3
    Muy Grande

    Muy Grande [OP] Well-Known Member

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    Believe me I'm thankful but I have been making more and more money every year for the past 3 years ($60k, $101k, $150k) and I've gone from getting a return to paying out of pocket. This is nuts!
     
  4. Apr 11, 2010 at 12:34 AM
    #4
    Muy Grande

    Muy Grande [OP] Well-Known Member

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    That's my next step!
     
  5. Apr 11, 2010 at 12:36 AM
    #5
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    You need some pogie ,^^^^^

    :canada::thumbsup:

    OZ
     
  6. Apr 11, 2010 at 12:38 AM
    #6
    MOT

    MOT Prez of @BattleBornToyotas

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    x10
     
  7. Apr 11, 2010 at 12:41 AM
    #7
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    Spagett
     
  8. Apr 11, 2010 at 12:43 AM
    #8
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    Beaver , not receiver

    OZ
     
  9. Apr 11, 2010 at 12:57 AM
    #9
    OZ-T

    OZ-T Quite an experience to live in fear , isn't it ?

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    but you are a bum


    OZ
     
  10. Apr 11, 2010 at 5:14 AM
    #10
    Simon's Mom

    Simon's Mom Wag More Bark Less

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    Its the IRA withdrawals. That money was put away pre-tax so now since you withdrew it prior to the deemed "retirement age" (I am guess you are under), Uncle Sam wants his money plus there is a hefty penalty for early withdraw.

    That why most people do the ira rollover to prevent this from happening. There is some exceptions like terminal illness or something that exempts....not financial hardship though. it is bad news all around...you pay the tax or you die & not pay the tax.

    Definitely not fun at all, sorry to hear...been there though.

    If you pay state tax, you more than likely will get hit there too. You can setup a installment agreement with them. That is what I did, my last payment is next month & they took all of this years refund.

    The suggestion of an accountant is a good one, they know all the exemptions that may help offset this penalty. Good luck!
     
  11. Apr 11, 2010 at 5:27 AM
    #11
    Brunes

    Brunes abides.

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    Yeah- You need to talk to a professional. You made some less than awesome choices with your money....and just because you MAKE more doesn't mean you should go from getting a return to making a payment...if you set up your W4s right...and making that much you NEED to be paying attention to every little detail....or paying someone to do it for you.
     
  12. Apr 11, 2010 at 6:42 AM
    #12
    Jimmyjohn

    Jimmyjohn Well-Known Member

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    There are a lot of places I'm sure where you could be that you wouldn't have to pay those taxes. Of course you wouldn't have any money or any of the toys you have.Man Up!
     
  13. Apr 11, 2010 at 6:53 AM
    #13
    mntbiker2008

    mntbiker2008 First I derp.. then I herp

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    i feel ya man. i hate turbotax because of that reason. i took on another job that would send me a t99 for taxes... well... this company never took taxes out of my paychecks. being 20, i wasnt sure what to do, i only made 2k.... turbo tax said i owed 1000!!!!:eek: i was rather pissed about this. so i took it to an accountant and they got it to where i only owe about 500 or so. (this is after i put in some of my work expenses and such.) but regardless, i am actually losing money working there. :mad:
     
  14. Apr 11, 2010 at 6:54 AM
    #14
    bb609

    bb609 O.F.

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    X2 on a good tax accountant. A good one can save you thousands but sadly, there are a lot of losers out there. Be careful in choosing.
     
  15. Apr 11, 2010 at 6:54 AM
    #15
    gjbonner

    gjbonner Well-Known Member

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    Hmmmm you made 150K....minus 15K.....thats 135K!!! be happy. your pretty well off in my book. you make three times what i make and i feel like i am pretty happy with what i got.

    However i know the old "i worked for it" saying, so you need to get some tips from the local HR block or an accountant. tey know how to prepare for this throughout the year not just when it comes tax season. they may still be able to help you.there is probably things you could write off but just aren't thinking like a "Tax man"
     
  16. Apr 11, 2010 at 6:59 AM
    #16
    NetMonkey

    NetMonkey Well-Known Member

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    ya.. cashing out those accounts is what did it. even though they withhold taxes from that payout, typically, the state withholdings are not near enough. my wife and i got hit for $3200 this year because we cahsed out a retierment fund.

    good luck to you.
     
  17. Apr 11, 2010 at 7:24 AM
    #17
    bb609

    bb609 O.F.

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    I'll guess $3200 was about 10% of your payout which is the penalty for early withdrawal. BTDT.
     
  18. Apr 11, 2010 at 7:37 AM
    #18
    NetMonkey

    NetMonkey Well-Known Member

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    $27k was the total, $2700 to state and $500 to fed. so ya, 10% to the state :(

    after all the taxes and penalties, we pocketed about $19k. i know its a big hit on that money, but we paid off almost all our debt with that. no more credit cards and no more interest :)
     
  19. Apr 11, 2010 at 7:43 AM
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    rb11701

    rb11701 Oh yeah!

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    You should donate like a mofo during the year. You fucked yourself pulling that cash out. You can donate up to around $5k a year and still stay under the radar. Use it. I try to hit around 4k-4.5k a year for donations. You need to lower your AGI.
     
  20. Apr 11, 2010 at 7:45 AM
    #20
    scdude37

    scdude37 Lil Blue

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    Just wondering but in this economy for the past two years how did u get an increase from 60k to 101k and then to 150k!! im not saying ur lying or anything i am just wondering b/c i am a smart person and in this economy and going from a pay of 60 to 101k is almost impossible. i mean thats 41k increase, so i am guessing u switched jobs and got a higher position or some how the first time was just income and then the next was combined with ur wifes and then the last one well im not sure. but i would love to know what work you do. Because if u seriously got that kind of increase that is awsome.
     
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