The W-4 goal tends for the IRS to owe a refund ~$2k. I don’t like giving them an interest-free loan like that. So I adjust to result in owing the IRS a little. 
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done
My federal due was 80% greater than last year
My state refund was 100% greater than last year
odd result, assume it is the fixed amounts from my Bonus’, large last year and the distribution from an Inherited IRA (also larger last year)
Happily State > Federal, though will pay before I recieve
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I need to file mine. Was waiting on the form I needed to be available (bought a PHEV last year), and it became available a month and a half ago, but I haven’t logged on again to complete. I’m getting small refunds from both state and federal this year - the last two years I owed exactly $0 in federal, but no such luck this time.
Federal e-filed Friday night. Balance due, to be automatically paid from checking Apr 14. State printed to be filed by mail, with check, before deadline. Shame turbotax no longer includes one free state e-file. Still need to do my mother’s federal and state (will owe no tax for either due to medical expenses). May help adult daughter who lives at home with her simple return.
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Also did mine Friday. Federal was free, I paid the $15 to e-file state because I’m lazy. Ended up owing about $2k federal, got about $1k back for state due to the difference in treatment of property tax. I keep forgetting to up my withholding so it comes out closer to $0.
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Filed mine the other day, bit of a refund bc I switched jobs midyear and so overwithheld on SS. Counting the days till JD Vance comes through on more child subsidies…
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Don’t mind owing as long as no penalty. (Sort a filing pain, since 0 withholding, all estimated tax payments, and very heavily skewed to Q4 because income heavily skewed to Q4. So I need to file form 2210 to demonstrate payment pattern OK. Conceivably I could pay estimated taxes evenly anyway, and could change my IRA withdrawal pattern to be more even.)
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Filed 5 sets of returns for the family this weekend.
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a friend of mine died last week. sick for a long time, his wife was told " this is the end" three prior times in last 15 years. 10 years ago he was in hospice. Has been on oxygen pretty much since then.
He was an accountant, and surprisingly agreed to do a number of tax returns, which his widow is now figuring out who to return them to.
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Ok, so. This may be morbid, weird, or off-putting but I love this post. This is humanity. This is the heart of a great short story or even a short novel if written well. Thank you for this post.The widow, your friend, you have revealed a clear visage of what it is to be human.
A Dead Man’s Tax Returns
a story of loss and love
he is a pretty amazing story, because even with all his issues he never got reclusive. He would go to every event, walker and tank he would be on the dance floor. and never a negative word, never bemoaned his fate.
i love a good eulogy, his story i knew, but i love learning something new about someone, hearing a past i didn’t know
I’m not entirely sure why but starting a few years ago my company hasn’t been taking out enough and I’ve been on the hook for like 10k at the end of the year. I can’t remember the reason but think it has something to do with the mega-backdoor 401k. They told me I would have to set up additional withholdings to fix this but I didn’t bother. Needless to say, I never look forward to filing my taxes ><.
Mamasmurf (accountant) is always so busy this time of year that I just go on extension and ask her questions when she’s out of busy season.
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Fill out a new W-4. Do what every you are now but add $10K/(number of paychecks a year). Problem solved.
Under Step 4 part C.
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Mega backdoor should have no impact if you’re rothifying your non deductible 401k contributions immediately
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If you underwithhold significantly enough they also charge you a penalty
How bad is it that this reads like gibberish to me and I just put money in my 401k…
It’s totally fine. Most employers don’t even offer it as an option
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Pretty sure none of my employers, or at least none where my income made it potentially sensible to pursue, have offered the mega backdoor 401k.
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I am rothifying immediately so not sure what the issue is.
Did get a very small interest penalty last year. I may have also accidentally put in over the max but will have to check it out.
I was surprised when my employer said they were going to start offering it ~3 years ago.
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how you doin???
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