2008 Estimated Tax Liability/Refund

[tripods68]

Is there a website i can run my numbers to figure out estimated tax liability/refund for 2008.

Income after retirement contributions: $137,801.00 for 2008
California - Tax Witholding/Deductions
Fed Tax: $15,702.00
State: $4,950.00
Status: Married with 2 kids
Mortgage Interest: $13,201.00
Property Tax Paid: $2,650.00

Thanks.

[disneysteve]

There should be a calculator at irs.gov.

[tripods68]

Steve--I'm not having any luck so far.

[creditcardfree]

Try hrblock.com. I just did mine. Looks like a federal refund of $499. That is the lowest I've ever received back! I'm getting closer to getting to zero.

[tripods68]

Damn...I might owe $808.00


Thanks creditcardfree.

[tripods68]

I probably need to open IRA just to get more deduction to wipe that $808.00....

So i run the number again if I get additional $3000 IRA contribution I get a $92 refund.

[creditcardfree]

Your welcome...sorry you owe!

Any chance you may get a refund on your state return to offset the $800 you would owe?

[noppenbd]

Is there a website i can run my numbers to figure out estimated tax liability/refund for 2008.

Income after retirement contributions: $137,801.00 for 2008
California - Tax Witholding/Deductions
Fed Tax: $15,702.00
State: $4,950.00
Status: Married with 2 kids
Mortgage Interest: $13,201.00
Property Tax Paid: $2,650.00

Thanks.

Make sure you subtract out health, dental, life, LTD insurance premiums if you get them through your employer. They are usually pretax.

[tripods68]

Make sure you subtract out health, dental, life, LTD insurance premiums if you get them through your employer. They are usually pretax.

I have not consider this...we just substracted retirement contributions from the gross. We should have a better handle when we actually receive our W2s next month.

[noppenbd]

I have not consider this...we just substracted retirement contributions from the gross. We should have a better handle when we actually receive our W2s next month.

W2 amount is usually gross minus 401k/403b, FSA contributions, and pretax benefits (like health ins, dental, LTD, STD, life, etc). So you may not owe. Not that I am arguing against making IRA contribution...

[tripods68]

W2 amount is usually gross minus 401k/403b, FSA contributions, and pretax benefits (like health ins, dental, LTD, STD, life, etc). So you may not owe. Not that I am arguing against making IRA contribution...

I agree we might not owe anything at the end.