Current Events > What will you do with your income tax this year?

(+) Yeah! (+)

I might either buy me a gaming laptop or save it for a PS5 or X-Box series X. Not sure yet.
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I doubt I'm getting a refund this year and I probably owe money. I had to take some money from a retirement account because I had no job at the time.

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Hopefully I actually did my forms right this year and I end up with little in the way of refund/payment.

Of course getting a surprise check would of course be nice but it would mean struggling through all that stupid paperwork again.

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I owe...

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Savings account

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i already filled out my return i'm getting a federal refund over $1,000 basically the saver's credit wiped out my whole tax liability this year don't have to pay any federal income tax thanks traditional IRA and HSA this is why i don't use a roth, thank you

Of course if I do get a refund, it'll all go to stupid stuff like mortgage and Roth.

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I'm not getting that much back, so... I don't know.

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Stick it the bank, forget about it.
Or maybe open a 12-month CD, I dunno.

put it against my mortgage's principal lol

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I usually owe about $100

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Solid Sonic posted...

I doubt I'm getting a refund this year and I probably owe money. I had to take some money from a retirement account because I had no job at the time.

Aren't those distributions taxed when you take them out? My friend cashed in his 401k when he quit his last job and the early withdrawal tax and income tax was taken out before he got his check.

Or is it different for other accounts

Anyway to answer the topic, I'll likely owe as well. Owed about $600 last year and I ubered a lot so guessing I'll owe a small chunk for that.


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I usually end up owing money because I'm a private contractor and don't pay taxes am I salary the entire year.
But this year will be the first time my wife and I file jointly, so your guess is as good as mine lol.

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I sold some land last year so Im probably going to owe....a lot.

Id love to be wrong though

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Save it, as usual these past few years.

Retirement plan is a tax deduction, but pays poor interest.
I essentially call the tax return I get from the retirement plan contribution the "interest" on the retirement plan, and save it. Once there's enough there to make a significant return invested, I'll do that.


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Finish paying off my student loans
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i dont give the gov't a free loan
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Invest it like always

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Put it towards my Summer taxes that are double what I get. Yay, grown up life.

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Usually a nice dinner with the lady and save the rest. I get like a grand every year which is definitely more than I should be getting, but I'm good enough at saving the majority of my returns that it's not worth the effort to change my withholding.

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Bills bills bills. And then hopefully enough left over for at least a new guitar pedal or something.

How do you guys ever owe money on taxes? Do you just not pay them through the year?

I paid roughly 30% of my income this year in taxes and I'm in a 23% bracket for federal + state...so I'm hoping for a pretty big chunk.

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Tired-Insomniac posted...

My friend cashed in his 401k when he quit his last job and the early withdrawal tax and income tax was taken out before he got his check.

Mine got dinged on the way out too so I'm HOPING that's all of it but I've never done it before so I don't know what will actually happen once tax time rolls around.

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Perascamin posted...

How do you guys ever owe money on taxes? Do you just not pay them through the year?

I paid roughly 30% of my income this year in taxes and I'm in a 23% bracket for federal + state...so I'm hoping for a pretty big chunk.

Why would you give the treasury an interest-free loan if you didn't have to?

I will gift mine to a random moderator for devoting their time and effort to this websight. It's not easy being right 100% of the time.

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going in the bank.

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Perascamin posted...

How do you guys ever owe money on taxes? Do you just not pay them through the year?

I paid roughly 30% of my income this year in taxes and I'm in a 23% bracket for federal + state...so I'm hoping for a pretty big chunk.

You have direct control over how much money is withheld for taxes throughout the year. I'd much rather have the extra money throughout the year and owe a small amount at the end.

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Perascamin posted...

How do you guys ever owe money on taxes? Do you just not pay them through the year?

1. The system is too complicated. I tried following the instructions on the form my first couple of times and ended up owing a lot one year, getting a giant refund the next year, etc. This most recent time, I just took a stab at figuring it out logically, looked up my salary against the tax brackets, divided it by twentysomething and hoped for the best. We'll see how that works. Or maybe that was last time. Maybe I just did zero thinking maybe some is withheld automatically or something. I don't know I don't remember that was a long time ago.

2. Some people think they're Warren Buffet and if they pay zero taxes throughout the year and instead put that money in a saving account to accrue interest until April of the following year, they'll be more than like a dollar or two richer.

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I owed for the past 2 years hopefully I break even this year.

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I'll be donating it to charity. I have more money than I need.

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DevsBro posted...

1. The system is too complicated. I tried following the instructions on the form my first couple of times and ended up owing a lot one year, getting a giant refund the next year, etc. This most recent time, I just took a stab at figuring it out logically, looked up my salary against the tax brackets, divided it by twentysomething and hoped for the best. We'll see how that works. Or maybe that was last time. Maybe I just did zero thinking maybe some is withheld automatically or something. I don't know I don't remember that was a long time ago.

2. Some people think they're Warren Buffet and if they pay zero taxes throughout the year and instead put that money in a saving account to accrue interest until April of the following year, they'll be more than like a dollar or two richer.

don't you have a kid? that's going to reduce your tax burden

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Perascamin posted...

How do you guys ever owe money on taxes? Do you just not pay them through the year?

By properly calculating your withholdings instead of putting a 0 on your W-4 and having a lot more withheld than needed.

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Balrog0 posted...

don't you have a kid? that's going to reduce your tax burden

This is what I'm talking about. There are a lot of moving parts, so it's hard to get it just right.

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SK8T3R215 posted...

By properly calculating your withholdings instead of putting a 0 on your W-4 and having a lot more withheld than needed.

If you put 0, you get a refund?

I don't get taxes at all.

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spudger posted...

i dont give the gov't a free loan

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DevsBro posted...

If you put 0, you get a refund?

I don't get taxes at all.

0 they withhold basically the max amount based on your income. Adding allowances to it reduces the amount they withhold.

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used to pay other taxes

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I usually end up owing cuz I have more income than my regular job, and I don't pay automatic tax deductions from that income. I could theoretically adjust the withholdings from my regular paycheck to compensate, but I cbf

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The new 2020 W-4 is supposed to make refunds and owing a lot less common if it's filled out properly.

It confused the fuck out of me so I told my job to just keep withholding the same as last year. Thankfully the IRS is allowing that. If you start a new job though the 2020 form is a requirement.

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Squall28 posted...

Invest it like always

whats your asset allocation i use the golden butterfly portfolio thanks

gamefaqs gold account

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