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Taxes

Finally did my taxes last night and was disappointed. I owed the feds and got some back from the state. Add in the fees to use TurboTax on the web it came out to a net loss of $250--boo. The good thing is that I post dated the payment until 15 April. I should have the refund in a few days. I already got the email that my electronic filing was processed. Damn, that was zippy. I need to adjust my W-4 for this year to stop ending up in the hole with the feds.

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( 4 comments — Leave a comment )
kybearfuzz
Feb. 8th, 2008 02:53 pm (UTC)
I hate owing money on my taxes so I have a lot taken out for them so they always owe me money. I know some folks hate that, but I like getting that lump sum back this time of year, especially right after Christmas.
manley1
Feb. 8th, 2008 02:54 pm (UTC)
So far, it seems that most of the people that I have chatted with haven't done well with taxes this year. At least five people told me that they ended up owing money to either the state or the Feds (including myself, who owed a lot of money to MA). My first task was to adjust my W-4 also to the state since I'm sick of paying them at tax time. Oy!
jss1113
Feb. 8th, 2008 03:19 pm (UTC)
I'm still waiting for a 1099-DIV (possibly a 1099-CONS since there may also be interest involved) from my ex-employer's brokerage account, so I can't file yet. Putting in the approximate numbers, it looks like I owe the feds $350+ and I owe the state about 10% of that. Since I (probably) owe both, I'm not stressing about the form being late; I can file and post-date the electronic payments whenever.
geometrician
Feb. 8th, 2008 05:13 pm (UTC)
That's what you get for being hugely successful!
( 4 comments — Leave a comment )

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