Mind explaining the underpayment penalty? I had a warning about that but accidentally clicked past it.Alan S. wrote:Amount due about 1,800.
But no underpayment penalty because I met safe harbor of 100% of 2013 taxes through withholding from RMD.
How much was your Tax Refund (or amount DUE)
Re: How much was your Tax Refund (or amount DUE)
Re: How much was your Tax Refund (or amount DUE)
It is early in the season but we aren't finding any problems with IRS processing. They seem to be processing quickly and refunds hitting banks often in a week or less. The problem now is if you want to talk to someone on their end about a tax matter or a specific return. Good luck with that. It will get worse after April 15 as they start the big matching process and the giant letter machine starts spitting out letters to taxpayers with proposed adjustments.Alan S. wrote:When you owe the IRS you no longer have to worry about IRS problems in processing refunds.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: How much was your Tax Refund (or amount DUE)
See IRS Pub 17, page 45.Makaveli1988 wrote:Mind explaining the underpayment penalty? I had a warning about that but accidentally clicked past it.Alan S. wrote:Amount due about 1,800.
But no underpayment penalty because I met safe harbor of 100% of 2013 taxes through withholding from RMD.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: How much was your Tax Refund (or amount DUE)
$1854 Federal, $55 Illinois
Earmarked for Emergency Fund or Taxable Account.
Earmarked for Emergency Fund or Taxable Account.
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman
Re: How much was your Tax Refund (or amount DUE)
I will owe >$10K to the Feds and will get about the same amount back from my state.
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Re: How much was your Tax Refund (or amount DUE)
Would love to know, except my wife's former employer has yet to mail out W2's. She called two (former) co-workers and they had yet to receive their's either, so it has nothing to do with the fact that she no longer works there. We did not receive her's last year until the very end of February. I'm giving it until the middle of next week and then filing a complaint with the IRS, completely inexcusable for a company with over 500 employees. My current employer and my wife's former employer are the two worst payroll departments I have ever heard of; getting really annoying.
Re: How much was your Tax Refund (or amount DUE)
I'm getting back $86 from the Feds. No state tax in Florida.
Re: How much was your Tax Refund (or amount DUE)
I use the term "Interest Free Gubament Loan" instead of refund
Re: How much was your Tax Refund (or amount DUE)
$0.00 Federal and $0.00 State!
Contrary to the belief of many, profit is not a four letter word!
Re: How much was your Tax Refund (or amount DUE)
Federal: $959
State: $1903
As much as I'd rather it be $0, I still think my withholdings were a pretty good estimate, considering the amount of tax I pay.
State: $1903
As much as I'd rather it be $0, I still think my withholdings were a pretty good estimate, considering the amount of tax I pay.
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Re: How much was your Tax Refund (or amount DUE)
Federal $200 refund, NC owe $1700, SC refund $2400.
I sold land in SC in 2014 and had a large LTCG. SC required payment of $3100 at closing even though actual tax would be less. I miscalculated required NC estimated tax (NC income tax law changed dramatically in 2014). The interest penalty on my NC tax was only $27. I prefer to come as close to zero on taxes owed as possible. Hopefully, this year will be much more predictable.
I sold land in SC in 2014 and had a large LTCG. SC required payment of $3100 at closing even though actual tax would be less. I miscalculated required NC estimated tax (NC income tax law changed dramatically in 2014). The interest penalty on my NC tax was only $27. I prefer to come as close to zero on taxes owed as possible. Hopefully, this year will be much more predictable.
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Re: How much was your Tax Refund (or amount DUE)
Big refund this year: $3,500. Mostly due to a larger than expected bonus where the withholding was in a higher bracket.
Much better than the year we owed $6,000 because my wife didn't change her w4 to reflect our changing circumstances.
Much better than the year we owed $6,000 because my wife didn't change her w4 to reflect our changing circumstances.
Re: How much was your Tax Refund (or amount DUE)
Well, I was feeling pretty good until I saw your post. Obviously, your pencil is much sharper than mineRainier wrote:$395 federal refund, $390 due state.
Fed refund $366 Due State $377
I'll try harder next time.
Re: How much was your Tax Refund (or amount DUE)
Federal refund $4475(no state tax). I haven't changed my withholding since becoming married and having a child. Since this is going directly into E-fund I don't mind the interest free loan to uncle Sam.
Re: How much was your Tax Refund (or amount DUE)
$5500 federal and $500 state
I'm more than a little annoyed I was so off on my withholding. I'm at 5 with my wife and one child. Then again, I max 401(k) have pretax transportation, pretax medical, dental, vision, pretax flex spending account and an investment property I'm losing money on, so apparently even 5 wasn't liberal enough.
Cash flow was (just a tad) tight a few points during the year where I had to dip into my HELOC to see me through. Had I been closer to the mark that extra $500 per month would have come in quite handy in 2014
I'm more than a little annoyed I was so off on my withholding. I'm at 5 with my wife and one child. Then again, I max 401(k) have pretax transportation, pretax medical, dental, vision, pretax flex spending account and an investment property I'm losing money on, so apparently even 5 wasn't liberal enough.
Cash flow was (just a tad) tight a few points during the year where I had to dip into my HELOC to see me through. Had I been closer to the mark that extra $500 per month would have come in quite handy in 2014
- JDCarpenter
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Re: How much was your Tax Refund (or amount DUE)
A refund. Still awaiting one reporting form, so haven't technically filed, but the amount is a week's gross income for us. Good news is that 2000 of it will go to Amazon gift card for a matching 10%--which is why I went with turbotax again this year.... Better news is that our 110% withholding safeharbor will be lower this year and income should rebound....
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
Re: How much was your Tax Refund (or amount DUE)
+6700 Fed and State refund
We are required to pay quarterly estimated taxes based on the previous year tax, and though I was pretty sure this would be too much, there's not much I can do about it. Natch, now our estimated quarterly will be too low for next year, so I'll have to be ready to ante up as soon as confirmed.
Our return is moderately complicated, so tax projections can't be done with much accuracy. One taxable income source cannot be estimated without WAAAY too much work, and a few new rules applied to us, but I couldn't be sure how they would affect the bottom line taxes due until I ran the returns.
Not a disaster. I want to rebuild our emergency fund, so this is a lump sum deposit there.
We are required to pay quarterly estimated taxes based on the previous year tax, and though I was pretty sure this would be too much, there's not much I can do about it. Natch, now our estimated quarterly will be too low for next year, so I'll have to be ready to ante up as soon as confirmed.
Our return is moderately complicated, so tax projections can't be done with much accuracy. One taxable income source cannot be estimated without WAAAY too much work, and a few new rules applied to us, but I couldn't be sure how they would affect the bottom line taxes due until I ran the returns.
Not a disaster. I want to rebuild our emergency fund, so this is a lump sum deposit there.
The mightiest Oak is just a nut who stayed the course.
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Re: How much was your Tax Refund (or amount DUE)
I got back about $5k.
I'm doing it wrong, I know.
I'm doing it wrong, I know.
Although our intellect always longs for clarity and certainty, our nature often finds uncertainty fascinating.
Re: How much was your Tax Refund (or amount DUE)
I'm doing it wrong, too, but not intentionally. Every year I do the W4 exemption calculator and modify my w4 accordingly, but each year my return seems to get bigger and bigger. I'm not sure how many exemptions to add - I'm worried I'll go overboard and end up owing way too much. I was expecting a < $1k return this year, and was way above that.Ted Valentine wrote:I got back about $5k.
I'm doing it wrong, I know.
- JDCarpenter
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Re: How much was your Tax Refund (or amount DUE)
You can revise your W4 over the course of the year. In many years, we've made several changes throughout the year (DW's income fluctuates a lot).scottyja wrote:I'm doing it wrong, too, but not intentionally. Every year I do the W4 exemption calculator and modify my w4 accordingly, but each year my return seems to get bigger and bigger. I'm not sure how many exemptions to add - I'm worried I'll go overboard and end up owing way too much. I was expecting a < $1k return this year, and was way above that.Ted Valentine wrote:I got back about $5k.
I'm doing it wrong, I know.
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
Re: How much was your Tax Refund (or amount DUE)
My husband and I are getting back around $7,000!! That's almost one month of net pay for us, so a big (and unexpected) windfall.
We just got married last year so this is our first year filing jointly, and it was more difficult to estimate our taxes as a result. My taxable interest income was much lower than I'd expected due to a big note receivable being paid off mid year. Our capital gains were large but then offset by some tax loss harvesting my husband was able to do later in the year. I got a surprise bonusin December, but they withheld a ton. In short there were a lot of moving pieces and I thought the marriage tax penalty would be worse than it is.
After my husband's annual bonus in March I'll do some more detailed projections and see how we need to adjust our withholding. But with two people and all the income sources plus all the tax surcharges and loopholes, it's getting to be harder to do each year! Hopefully my surprises continue to be on the refund side...
We just got married last year so this is our first year filing jointly, and it was more difficult to estimate our taxes as a result. My taxable interest income was much lower than I'd expected due to a big note receivable being paid off mid year. Our capital gains were large but then offset by some tax loss harvesting my husband was able to do later in the year. I got a surprise bonusin December, but they withheld a ton. In short there were a lot of moving pieces and I thought the marriage tax penalty would be worse than it is.
After my husband's annual bonus in March I'll do some more detailed projections and see how we need to adjust our withholding. But with two people and all the income sources plus all the tax surcharges and loopholes, it's getting to be harder to do each year! Hopefully my surprises continue to be on the refund side...
"An investment in knowledge pays the best interest." - Benjamin Franklin
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Re: How much was your Tax Refund (or amount DUE)
Got $12 for federal. From filing to refund in the bank was 1 week! Now state I was set to owe $5 but the 529 tax credit gives me $275 back. The state web site is saying it might be 4 to 6 weeks!
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
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Re: How much was your Tax Refund (or amount DUE)
Just filed; Federal refund is $3900.
I make no effort to have withholding equal tax liability, because it is too much work for me. I instead make sure my withholding is not less than the previous year's tax bill. That's easy. The price I pay is fairly volatile bottom lines at tax time -- sometimes I owe a lot, sometimes I get a lot back.
In looking back at how I handled withholding last year I could probably have done better and controlling the bottom line without too much effort, and I'll try to adjust a bit in 2015. But more than half of my excess withholding was taken out December 1, so I don't feel too bad about opportunity costs in this case.
I make no effort to have withholding equal tax liability, because it is too much work for me. I instead make sure my withholding is not less than the previous year's tax bill. That's easy. The price I pay is fairly volatile bottom lines at tax time -- sometimes I owe a lot, sometimes I get a lot back.
In looking back at how I handled withholding last year I could probably have done better and controlling the bottom line without too much effort, and I'll try to adjust a bit in 2015. But more than half of my excess withholding was taken out December 1, so I don't feel too bad about opportunity costs in this case.
Re: How much was your Tax Refund (or amount DUE)
Federal OWED $5,900.00
State REFUND $3,000.00
State REFUND $3,000.00
Re: How much was your Tax Refund (or amount DUE)
.....
Last edited by Lynette on Wed Dec 06, 2017 9:08 am, edited 2 times in total.
Re: How much was your Tax Refund (or amount DUE)
$731 Federal (owed)
$878 State (owed - thanks Tennessee Hall Tax....)
And I'm in the 10% federal tax bracket with NO taxable income this year. I'm still trying to wrap my head around that after 2 decades of being in a 3*% bracket
$878 State (owed - thanks Tennessee Hall Tax....)
And I'm in the 10% federal tax bracket with NO taxable income this year. I'm still trying to wrap my head around that after 2 decades of being in a 3*% bracket
Re: How much was your Tax Refund (or amount DUE)
We get back around $2k every year from Federal, and about $100 from state.
We have them withhold extra because my self side income varies year to year significantly and I don't want to owe anything. We choose to just get a larger portion back and stick it in one of our savings accounts.
I guess we're just not too upset over losing a few bucks in interest that we would've gotten if we came closer to zero.
We have them withhold extra because my self side income varies year to year significantly and I don't want to owe anything. We choose to just get a larger portion back and stick it in one of our savings accounts.
I guess we're just not too upset over losing a few bucks in interest that we would've gotten if we came closer to zero.
Re: How much was your Tax Refund (or amount DUE)
I'm one of those people that goes against the grain, and prefers a large ish refund. My monthly income changes drastically since 80% of my pay is bonus and commission. I would not notice a few hundred extra bucks in my checks if I claimed more exemptions.. So every year I will put the refund against some goals (either saving or spending). This year I will most likely split it between a wedding and taxable account
Re: How much was your Tax Refund (or amount DUE)
A Fed refund of $384 this year. No state tax in WA.
I used to get about $4k refund each year. After reading about the don't give them a interest free loan for a year deal, it made sense to me. I changed the withholdings around last year and within a few hundred is close enough for me. I'm not too worried about trying for exactly zero.
My income is pretty simple and straightforward though, so no ups or down to try and anticipate.
I used to get about $4k refund each year. After reading about the don't give them a interest free loan for a year deal, it made sense to me. I changed the withholdings around last year and within a few hundred is close enough for me. I'm not too worried about trying for exactly zero.
My income is pretty simple and straightforward though, so no ups or down to try and anticipate.
Re: How much was your Tax Refund (or amount DUE)
Refunds of: $2270 Federal, and $1487 NY. Received both of them already.
Next year I predict I'll owe ~$300 federal, and I'll probably be at ~$0 for NY. But that can change drastically depending on what I decide to do Roth vs Traditional wise. For the past two years I've been able to grab $400 of savers credit with a traditional IRA. I could do it again if I put more in my 403(b), but I don't think I have the extra cash to swing it as I need to buy a car.
Next year I predict I'll owe ~$300 federal, and I'll probably be at ~$0 for NY. But that can change drastically depending on what I decide to do Roth vs Traditional wise. For the past two years I've been able to grab $400 of savers credit with a traditional IRA. I could do it again if I put more in my 403(b), but I don't think I have the extra cash to swing it as I need to buy a car.
Re: How much was your Tax Refund (or amount DUE)
$5100 back from the Fed's and $500 back from the state. I overpaid my quarterly estimated taxes.
Last edited by jfn111 on Sun Feb 22, 2015 10:19 am, edited 1 time in total.
Re: How much was your Tax Refund (or amount DUE)
Owe the fed $3.145. Owe Pennsylvania about $940.
$23,000 on the 1099 DIV capital gains killed me. I wish I knew enough to not have to owe so much other than increase my paycheck withholding.
$23,000 on the 1099 DIV capital gains killed me. I wish I knew enough to not have to owe so much other than increase my paycheck withholding.
- House Blend
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Re: How much was your Tax Refund (or amount DUE)
Capital gains on a 1099-DIV means that you are holding funds in taxable that have had capital gains distributions.canderson wrote:$23,000 on the 1099 DIV capital gains killed me. I wish I knew enough to not have to owe so much other than increase my paycheck withholding.
It may be hard to get out of it now, but the solution is simple: don't do that.
The big Vanguard stock index funds (Total Stock, 500 index, Total International,...) and many of the smaller ones essentially never have cap gain distributions.
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Re: How much was your Tax Refund (or amount DUE)
I'm getting about $3,700 back and my wife is getting about $1,600 back - we file separately in order to reduce her student loan payment.
Hoping to get that much closer to zero next year as I just increased my allowances AND did a traditional to Roth conversion for my wife that should zero hers out next year.
Hoping to get that much closer to zero next year as I just increased my allowances AND did a traditional to Roth conversion for my wife that should zero hers out next year.
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Re: How much was your Tax Refund (or amount DUE)
$1200 Fed, $200 MD
All towards my savings
All towards my savings
Re: How much was your Tax Refund (or amount DUE)
+1 on both sentences. I'd been reading all year how PMI wouldn't be deductible in 2014, then in December it suddenly is again.basspond wrote:About (2k). Hard to predict since the final tax laws aren't revealed until December.
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Re: How much was your Tax Refund (or amount DUE)
refunds:
$10,500 federal
$500 state
Combination of tuition credits, wife's almost $4000 nursing refresher course in search for work, worked for us. Plus I am deathly afraid of owing taxes. I would rather pay extra all year and get the refund.
$10,500 federal
$500 state
Combination of tuition credits, wife's almost $4000 nursing refresher course in search for work, worked for us. Plus I am deathly afraid of owing taxes. I would rather pay extra all year and get the refund.
Bogle: Smart Beta is stupid
Re: How much was your Tax Refund (or amount DUE)
Looks like I owe about 120k (need to wait for vanguard for the exact final numbers). A lot happier about it than last year when I got a 30k refund
Re: How much was your Tax Refund (or amount DUE)
$290 this year.
It was $5,000 last year. Amazon had a promotion through Turbo Tax where they would give you 110% of you return if you took it in gift cards. I made $500 on the deal. his year, the promotion was only 5%.
It was $5,000 last year. Amazon had a promotion through Turbo Tax where they would give you 110% of you return if you took it in gift cards. I made $500 on the deal. his year, the promotion was only 5%.
Re: How much was your Tax Refund (or amount DUE)
Well it's in VGHCX and there is (to me, I'm 32) a substantial amount in this fund. We do also have a substantial amount in Roths.House Blend wrote:Capital gains on a 1099-DIV means that you are holding funds in taxable that have had capital gains distributions.canderson wrote:$23,000 on the 1099 DIV capital gains killed me. I wish I knew enough to not have to owe so much other than increase my paycheck withholding.
It may be hard to get out of it now, but the solution is simple: don't do that.
The big Vanguard stock index funds (Total Stock, 500 index, Total International,...) and many of the smaller ones essentially never have cap gain distributions.
This is probably deserving a new thread but how best to maybe move that fund into a more tax-friendly one that maintains that terrific return?
Re: How much was your Tax Refund (or amount DUE)
I gave a big interest free loan this year. We had some big deductions and I received a big bonus this year.
Federal: refund $11,000
State: refund $8,000
Federal: refund $11,000
State: refund $8,000
- House Blend
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Re: How much was your Tax Refund (or amount DUE)
Yes, probably deserves a separate thread, but funds like VG Health Care belong in a tax-advantaged account, such as an IRA. (Also, are you holding it elsewhere, at a non-Vanguard brokerage? Just wondering why you wouldn't be using Admiral shares, when you clearly must have more than $50K in the fund.)canderson wrote:Well it's in VGHCX and there is (to me, I'm 32) a substantial amount in this fund. We do also have a substantial amount in Roths.House Blend wrote:Capital gains on a 1099-DIV means that you are holding funds in taxable that have had capital gains distributions.canderson wrote:$23,000 on the 1099 DIV capital gains killed me. I wish I knew enough to not have to owe so much other than increase my paycheck withholding.
It may be hard to get out of it now, but the solution is simple: don't do that.
The big Vanguard stock index funds (Total Stock, 500 index, Total International,...) and many of the smaller ones essentially never have cap gain distributions.
This is probably deserving a new thread but how best to maybe move that fund into a more tax-friendly one that maintains that terrific return?
One thing you could do now to mitigate the problem is to not automatically reinvest dividends and capital gains in that fund. Instead use the proceeds to buy shares of a tax-friendlier fund like Total Stock Market. Based on past history, looks like you should expect more cap gain distributions from this fund in March. Too late now, but that $23K in cap gain distributions from last year would have been a nice way to get started.
But given where you are now, with existing shares of Health Care, it's not so clear that you should be selling and realizing additional gains just to improve on tax-efficiency.
....or maybe it is clear. Just eyeballing the distributions from this year, I see about $23/share in LT cap gains distributed, plus ~$1.60/share in ST gains, plus another $2/share in dividends. This from a fund that's around $200/share.
Not clear to me if this was an unusual year for the fund, but if it routinely distributes > 10% of assets each year, that's toxic.
Even if the distributions were 100% LT cap gains and qualified dividends (they aren't), that's like an extra > 1.5% ER you're paying to hold this fund in taxable.
I would make plans to exit this fund in a small number of years. How much do you now have in unrealized LT and ST gains?
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Re: How much was your Tax Refund (or amount DUE)
Owe Feds about $2500 and owe Wisconsin about $1000. Got married this year and did an extra $30k in consulting work. I tried to get closer to zero but didn't take into consideration the loss of my husband's education credits and no rental property losses because our combined income is too high.
Next year should be better with a baby on the way, no consulting income and we just bought a house. Still I think the only kid-related break we'll qualify is the extra exemption.
Next year should be better with a baby on the way, no consulting income and we just bought a house. Still I think the only kid-related break we'll qualify is the extra exemption.
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Re: How much was your Tax Refund (or amount DUE)
Amount due $69 (I try to estimate withholding as close as possible)
No state income tax..
No state income tax..
Re: How much was your Tax Refund (or amount DUE)
[quote="travelnut1iNext year should be better with a baby on the way, no consulting income and we just bought a house. Still I think the only kid-related break we'll qualify is the extra exemption. [/quote]
Don't bank on it. I think you lose your personal exemptions if you end up paying the AMT.
Don't bank on it. I think you lose your personal exemptions if you end up paying the AMT.
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Re: How much was your Tax Refund (or amount DUE)
A couple of thousand. Big changes in tax situation as we've moved into full retirement... and no RMD's yet.
I like having a refund to motivate me to do my taxes. No way am I going to make a voluntary contribution to reduce our national debt, but I don't lose any sleep over the idea that Uncle Sam might make a little interest off of me--it's no bigger than lots of other small slightly-suboptimal financial moves I make all the time.
I like having a refund to motivate me to do my taxes. No way am I going to make a voluntary contribution to reduce our national debt, but I don't lose any sleep over the idea that Uncle Sam might make a little interest off of me--it's no bigger than lots of other small slightly-suboptimal financial moves I make all the time.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
Re: How much was your Tax Refund (or amount DUE)
Shout out to the Boglehead Forum and wiki -- with particular kudos to Livesoft and Jack -- for guidance about tax efficiency: qualified dividends, foreign tax credit, ACA optimizing, and tax loss harvesting. Portfolio in the two-comma club, more than half in taxable.
Federal: Amount owed/due $0
State: Amount owed/due $0
Federal: Amount owed/due $0
State: Amount owed/due $0
Re: How much was your Tax Refund (or amount DUE)
$0.00 Fed, $0.00 State. In 1980 I wrote the Feds a check for $279,000 and was much happier doing that than $0.00 this year!
Contrary to the belief of many, profit is not a four letter word!
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Re: How much was your Tax Refund (or amount DUE)
As an early retiree with zero taxes withheld from any of my dividends or cap gain distributions, any taxes I pay are either through estimated tax payments or in April of the following year. So I never get a refund.
I will owe the Feds about $600 and the state (NY) $50. Because I am bunching my deductions for 2014, I paid most of my state income taxes via estimated taxes before 12/31/2014, leaving very little to owe in (April) 2015. I'll then pay my 4th quarter 2016 estimated state income taxes in January of 2016 when the bunching cycle begins again.
I will owe the Feds about $600 and the state (NY) $50. Because I am bunching my deductions for 2014, I paid most of my state income taxes via estimated taxes before 12/31/2014, leaving very little to owe in (April) 2015. I'll then pay my 4th quarter 2016 estimated state income taxes in January of 2016 when the bunching cycle begins again.
Re: How much was your Tax Refund (or amount DUE)
I wish we were in the same category as many of you, though there are reasons we are not. Had known income with no withholding due to my RMD and wife's retirement, but withholding and estimated taxes paid in were based on 2013 income which resulted in a refund. Income higher than expected for sure as a one-time occurrence. Taxes completed but not submitted. Tax bill of $8,547. Ouch, but not really complaining since you have to have income to pay taxes for the most part, and there will be no penalty. No state tax.
tim
tim