Taxes done. How'd you make out?

[disneysteve]

We got our final returns back today. Originally (back in December) our accountant had estimated we'd probably get a few hundred back from the state but owe about $1,500 Federal. That was based strictly on my paystub, though. It turned out to be totally off base once investments and other stuff were factored in.

We owe $946 to Federal but are getting back $2,403, so a net gain of $1,457. I figure the goal should always be to come within $1,000 so we're a little out of that range but not too far off. I'm not going to adjust anything for 2020 as I expect my income to be a little lower due to less per diem work and investment income may be lower too depending on what happens in the market the rest of the year.

How did everyone else fare?

[Jluke]

Federal: $775 refund pending
state: owed $72

[QuarterMillionMan]

Fed owe $2750. Haven't gotten around to California & Hawaii yet. BTW, I thought the single standard deduction of $12,000 this year compared to $6000 in years past would be better but I owe the Feds more now. In years past I'd owe the Feds $2000. What gives?

[Like2Plan]

Fed owe $2750. Haven't gotten around to California & Hawaii yet. BTW, I thought the single standard deduction of $12,000 this year compared to $6000 in years past would be better but I owe the Feds more now. In years past I'd owe the Feds $2000. What gives?

Did you earn more money? Do you have just one employer? Is the amount withheld the same as before?

[mo0n]

I got back close to $800 from the feds. I live in Texas, so no state income tax here (yet). I thought I was going to have to pay this year, so I was pleasantly surprised.

[Fishindude77]

I retired from full time work a couple years ago so now our income comes from several different sources. We estimate income for the upcoming year then pay taxes quarterly or as a single lump sum. Overpaid 2019 taxes a bit so the overage will be transferred to 2020 taxes, along with a check for payment of the balance of what is anticipated to be owed in 2020.
Getting better at estimating our income and tax liability but I’m sure there will always be some variations.

[rennigade]

I finished up our amended returns...we owe around $2,500 to federal, and around $150 to state. We should be receiving $3000 back from the IRS, in a couple months! Oops

[disneysteve]

I finished up our amended returns...we owe around $2,500 to federal, and around $150 to state. We should be receiving $3000 back from the IRS, in a couple months! Oops

If you owe $2,500, why are you getting $3,000 back?

[Jluke]

If you owe $2,500, why are you getting $3,000 back?

Amended return. He posted a few weeks ago that he made an entry error in TurboTax and ended up owing $5500. Didn’t think twice about it until after it was submitted - found the mistake.

I remember random things....

[greenskeeper]

This year got back $3800 which was a shocker as we normally are +/- $500 or so. Apparently my taxable income was just below $52k for a few things to kick in (my wife has no "official" income, family of 4)

Note to self.....make sure prior to Dec 31st that taxable income is just below $52k by sending more towards retirement funds last minute.

[skives]

We got $267 back from the feds and $322 from the state. I keep a pretty close eye on our taxable income throughout the year and use the IRS withholding calculator to make sure we are on track.

[QuarterMillionMan]

Did you earn more money? Do you have just one employer? Is the amount withheld the same as before?

I earned the same, only 1 employer, and same amount held as before. Every year I generate over $10,000 income from a 1-bedroom condo in Honolulu so I'm paying the taxes from that income ($10,000 x 25% = $2500).

[tripods68]

We received a federal tax refund of $6204 and State $2201 = $8405 Enough to fund our summer vacation and car repairs. (caveat: MFJ, itemized, claim 0, with 2 kids)

[LivingAlmostLarge]

we owe of course.

[rennigade]

Amended return. He posted a few weeks ago that he made an entry error in TurboTax and ended up owing $5500. Didn’t think twice about it until after it was submitted - found the mistake.

I remember random things....

Good memory!