Even. Been a running joke on here for a few years because I’ve always got a lot back due to me constantly overpaying the government. Think it was close to $30k one year.
I was at 14k this year Took a lower paying job and made another baby but forgot to rework my withholdings.
I always claimed zero when I had a corporate job. I have no problem giving the government a loan in return for a big chunk of money at once.
I have no problem with people who just straight up admit they suck at managing money and let the government save money for them without receiving interest. As long as they are self aware.
It’s literally as easy as fixing your withholding, calculating the difference in your paycheck and setting up a direct deposit of the difference in a savings or investment account if you don’t want to just spend it right away.
It doesn't start accruing until the filing deadline at the earliest. Be wary. Free filing is great and their user interface is fine, but they flat out don't even support one of the filing statuses my state allows. Would have cost me about a grand in state taxes if I used the status they suggested.
I received about 2k back and I felt shameful. Appreciate you all normalizing this for me so I don’t have to go through the hassle of filling out a form and sending to HR.
I've used this for the past several years. Liked it better when it was through Credit Karma since it made me download the Cash App this year but otherwise no complaints.
Probably an oversimplification and easier for people who make a straight salary, which I don’t think you do. But you can still figure out some delta in changing your withholding and have a direct deposit setup where it still takes money out of your paycheck or account into an investment or savings account.
I’ve filed with Credit Karma/Cash App for years now. You’re right that they do have certain limitations that are surprising (my wife moved back to Oklahoma in 2020 and they didn’t support the non-resident state form), but it’s solid for most basic situations. I do have some complaints with their inputs for back door Roths because it’s very picky on how you get the forms to populate correctly, but I’d still recommend it for most people
For the record, I no longer have a corporate job and don’t claim zero. As an s-corp owner, my accountant helps me forecast my tax responsibility and I pay my taxes monthly. The business did better than expected this year (#humblebrag), so I did have to pay this year with my filing.
I typically aim to get back between 500-1000. I didn't follow all the new credits or whatever at all this year and just left things the same as 2020. About fell out of my chair when my tax guy said we were getting back 5500 from federal and another 2500 or so from state. some of those were 1 time credits but still have some adjustments to make
Getting about 2k back which is unusual. Usually we are about even. Had a kid in 2020 so not getting stimulus payments for him in 21 helped us with the refund this year.
I’ve had to pay every year for most of my life. As a waiter in my teens/twenties, my tips always outpaced my minimal paycheck and what was withheld. Always owed. Now, I pay the minimum on quarterly estimated tax now and just lump sump the balance in April.
The s-corp/1099/1040-ES life is a roller coaster. Have owed an additional 30k one year, paid nothing one of my best years and received refunds years I’ve expected to pay. Now I just expect the worst and hope to have a surprise at the end of the year. had a good year last year so my estimated filings have gone up this year but I’m going to probably show significantly less income this year so maybe I’ll be back on the good side next spring.
Just found out yesterday that I owe over 35K fed and 5K for state. I was expecting a little hit this year, but damn. This sucks.
lol @ paying for more feature rich tax prep crap in order to report measly dividend earnings. I'm a rube.
I paid about $150 for filing via TurboTax and feel like I got ripped off It was incredibly easy and all of my past info is on there though
Credit karma/ cash app is totally free. Federal and state. No upcharge at the end. I bailed when turbo tax tries to charge me
Filed separately this year- my wife claimed the kid. I owed a bit But my wife and kid are getting those Trump bucks finally
This is where I am. I had to pay an extra $70 this year b/c I sold a few stocks and had to fill out 1 fucking single screen. Why can't the government do this easily for us and make it free? There's zero reason it should be this hard and cost so much money. Luckily I only shorted the Federal Govt $6500 this year and somehow got a 1600 refund for GA. No idea how that worked, but I'll take it
I mean yeah, I feel like that's the clear answer. Imagine how fucking terrible this had to be in the 90s. Are people out there with a pen and paper trying to follow the IRS rules. jesus I'd kill myself.
Have an accountant that communicates through grunting that files our taxes. We’ve been killed every year since trump reforms went into effect since we are in a blue state with high SALT and both make good money. Never owed more than like 15k though, at least.
Used CashApp. Filled in the required information and saw that I owed $1400. I highly doubt it was right but I paid it anyways.
There was some talk about the IRS creating a tax payer prep system that would essentially make the Turbo Taxes and H&R Blocks of the US irrelevant. I suspect I know my answer, but what came of that?
Which time? IRS Free File has existed for a while, but it's not available to everyone and hasn't gotten much traction at all, which is certainly NOT related to the fact that several prep industry execs got IRS/treasury positions when they were developing the system. Dems tried to expand on the idea last year by proposing the Tax Filing Simplification Act, which I believe went nowhere in both chambers.
Available to everyone and can be used by 70% of filers. But because it is hard to navigate, only 3% use it. Tax filing companies used it as a marketing tool to get you to use their software, then don’t honor free.
This will be my first full year filing as a non-W2 employee. Part of is 1099, part of it is investments, part of it is my business. I made pretty healthy quarterly payments, so hope that helps. But I'm filing as a real estate professional which means my property depreciations can count against all of my income -- I think? I have no idea what to expect, but have hired a professional.