Taxes fcuking taxes

Yes I paid tax, Uncle Sam already has $10k (for this year no rollover tax from previous years) and he wants another $15k. Thats what's blowing me away. I thought for sure I'll pay $4-5k not another $15k. If you really think about it, my income minus the $20k is around $135k and taxes on that are coming up to $25k (thats almost 20% of my money) does this sound right.

 

Damn chris I didn't know that, should have just given it to the government since they probably took your job too!

 

Sounds low. I had 36% of my income withheld and I'll be getting some back...not sure how much. Top bracket is 35 to 40% depending upon a number of things.

But then I'm a single white male non-homeowner with no dependents. The IRS fucking loves me.

 

+1 on a good CPA...I had a rough year last year...but I got all my withheld taxes back and then some.

 

In the same boat, just with less $. I payed 25% taxes on the last $4K I earned last year.

 

Ain't this the truth. It really is too bad though, that more people don't save their own money. I was just curious as to the "counting your refund as income". I'd never heard that before.

 

Shoulda rolled it (regular IRA) over to a Roth IRA, still woulda counted as taxable income but you could have deferred half to next years taxes, effectively lowering that marginal tax rate. Then because you can withdraw contributions anytime (contributions only) from a roth tax free, you could avoid those "early withdraw" penalties.

hopefully theres time to fix it. good luck brother

 

go to CPA!!! DO NOT use H&R Block or the type, they are not Cirtified Public Accountants, they are just tax preparers, and if they screw something up, your on your own. A CPA, must, by law, fight for you if there is an audit!

Having said that, taking the IRA contribution added to your tax liability, because it was a "traditional IRA" ( at least that's what I think it is from what you said). Traditional IRA are tax differed not tax free like ROTH IRA.

Something to think about...do you have ANY deductions like charatible contrabutions, also, see if your loss in stocks can offset any taxes.

GET A CPA!!!

And, I hate to say this and I'm not "bitching" But 150K is not middle class. It would be considered "lower upper class" to "middle upper class". I live in cleveland and "middle middle class' here is about 40K a year single income; married would be 65K- 75K. (it's not quite double for married then single because your expences are not double...like a house payment, and some utilities.

Me, personally, I used to make 65-70K a year, "upper middle class" (at least here). That was 5 years ago; since then I have been averageing between 15 and 17K a year.; "lower lower classs". And that includes unemployment. (sigh)

 

It's on the 1040a forms and many state forms. Are you itemizing deductions?

 

x100

 

My recommendation is to see a tax consultant. If you lost 75% of the value of your stocks, and are in the loss column altogether, then you should be able to claim capital losses on the stocks, not gains. I don't know your entire situation, but from what you've shared here, I'd be straight to a professional.

 

i feel your pain bro.

although i owe nowhere as much as you.........we owe 3,000 between federal and state. Me and my wife made a combined 76,xxx last year.


fuckin sux.

 

Not unless he jumps over 250k household...but considering his track record over the past three years...

 

No, my deductions do not even come close to eclipsing the standard deduction.

 

Don't hold your breath. He already levied a hefty regressive tobacco tax on those he promised to never raise any taxes on. I'm hoping we can survive three more years.

 

Yes...a tobacco tax...which is not an income tax...

Before we get too political, if you want to yak about it further let's take it to PM. No sense in shitting up the thread.

 

Solid call amigo! Taxes are one thing...specially if the tax computer program is the issue.
The rest of the political sentiments are better off somewhere else.

 

I can't wait to pay more taxes...I enjoy paying so much! I own part of GM, I'm a big stock holder in Chrysler not to mention several banks. I hope my shares leverage enough so that I can have high govt officials screw Toyota over with a big fine so my stock will be worth more. I am so lucky....(I'd like to swallow a 9mm round to....)

 

Nope, not gonna go political. I'm just saying that we ain't seen nuttin' yet.