I Don't Understand....

[badstar]

I OWE money on my taxes????

It's not a huge amount, I won't have a problem paying it but...I owe money on my taxes?

Comments

[vees.livejournal.com]

Did you switch jobs?

[fuego.livejournal.com]

had the same job since november 17th 2003, so i uh, celebrated? 2 years at the same job

[vees.livejournal.com]

Then they fucked up on withholdings unless you declared 0 deductions instead of 1.

[fuego.livejournal.com]

hmmmm....i am reasonably sure that I do not have zero deductons

I also plan to grab a paper copy of the form and check it myself because I was using online filing...but I didn't complete it, so it didn't get sent yet

[penguinicity.livejournal.com]

Yeah, but that's a good thing as long as you don't have trouble paying it. Otherwise you were just stuffing a bunch of money in an interest-free savings account.

[fuego.livejournal.com]

i know that whole theory about the interest-free savings account...and yeah, i can totally dig that reasoning, but at the same time...i like the idea of getting this chunk of money that I thought I was going to get...

[marilyth.livejournal.com]

I feel your pain. Kansas thinks I owe them like $200 because they THINK I worked there for a year and made my nice small $27K, but NO I only made $2K for working the 4 months I did in Kansas. *ANNOYED*

Why did it take them 3 years to discover that??? Dunno. PLUS they sent me some sort of document indicating my refund of $22 for 2004... WTF???

[linzbinz.livejournal.com]

I feel your pain- I've owed money EVERY SINGLE YEAR SINCE I WAS BORN. Beat that. ;)

[brcmapgirl.livejournal.com]

State or Federal? Last year, my old company effed up my state taxes, so I owed VA a little when I did my return. Then I got a bill saying I owed more. Then months later I get a letter saying I overpaid. Screwy.

[fuego.livejournal.com]

federal. erg, i hope i don't also owe state. but the website i was using didnt have state available til the end of the week and it was my lunch so...taxes suck.

Avoiding underpayment

[saratoga80.livejournal.com]

Renee,

The best insurance against this is to set aside $10 or $20 for each tax (fed/state) in your tax forms. I set aside $20 per pay period (state) and $10 per pay period (fed). The government pays interest on this overpayment, and I have never underpaid this way. yeah, the $30 extra per pay check is nice, but in the end, it pays off.

-- Rich

Re: Avoiding underpayment

[fuego.livejournal.com]

this is a completey new thing to me. i have enver owed, and i don't think i've ever had a refund smaller than $300

Re: Avoiding underpayment

[saratoga80.livejournal.com]

I owed state tax last year. Someitmes, the witholder (i.e. the employer) miscalculates the tax or their payroll service does. it's why I file at the higher single rate, and hold back more per check. If the government can find a way to screw you, it will, so I hold as much as I can.