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Started By
Message
I'm dreading filing taxes this year
Posted on 1/23/23 at 7:46 am
Posted on 1/23/23 at 7:46 am
Many tax benefits that is related to child tax credit, child care etc.. have expired this year.
Instead of owing the usual 3-4K in federal taxes, I am prepared to pay in 5-8K range.
Instead of owing the usual 3-4K in federal taxes, I am prepared to pay in 5-8K range.
13
Posted on 1/23/23 at 7:48 am to Northwestern tiger
quote:
Many tax benefits that is related to child tax credit,
A lot of people are going to get a rude wake up call with this one for 2022 returns.
Went from $3k-$3.6k per kid to $2k per kid.
Posted on 1/23/23 at 8:09 am to Northwestern tiger
Claim those 401k losses. I know I'm down 28% YTD.
Posted on 1/23/23 at 8:12 am to Pauvetibete
quote:
Claim those 401k losses.
What?
Posted on 1/23/23 at 8:16 am to Pauvetibete
quote:
Claim those 401k losses. I know I'm down 28% YTD.
Posted on 1/23/23 at 8:28 am to Pauvetibete
Bold move Cotton
Posted on 1/23/23 at 8:31 am to Northwestern tiger
quote:
I am prepared to pay in 5-8K range.
Sounds like a dream. I'll be aroumd 280-290. Makes me ill.
Posted on 1/23/23 at 8:40 am to Pauvetibete
quote:
Claim those 401k losses.
quote:
Pauvetibete
You’re name is fitting.
Posted on 1/23/23 at 9:11 am to Pauvetibete
ALL tax strategy works unless you're audited.
This post was edited on 1/23/23 at 9:31 am
Posted on 1/23/23 at 9:13 am to Billy Blanks
quote:
Sounds like a dream. I'll be aroumd 280-290. Makes me ill.
You will owe an additional 280-290K in taxes beyond whatever withholding has been done?
Posted on 1/23/23 at 9:18 am to Northwestern tiger
Oh no the government is taking away yalls kid welfare
Now you know how us that can’t get a gf have always felt
Cmon Biden refugeegfs now
Now you know how us that can’t get a gf have always felt
Cmon Biden refugeegfs now
Posted on 1/23/23 at 9:21 am to lynxcat
quote:
Sounds like a dream. I'll be aroumd 280-290. Makes me ill.
You will owe an additional 280-290K in taxes beyond whatever withholding has been done?
No
Just on the year. I pay quarterly and makes me ill every dang time.
I wasn't going to be short this year. I thought I was good last year...I wasn't good.
Posted on 1/23/23 at 9:22 am to el Gaucho
quote:
Oh no the government is taking away yalls kid welfare
Now you know how us that can’t get a gf have always felt
Cmon Biden refugeegfs now
STFU
Posted on 1/23/23 at 9:59 am to Northwestern tiger
State of LA changed tax code as well. They lowered the percentage but also did away with the federal tax deduction. They claim that tax payers who do not itemize will pay less in state taxes and those that do itemize will pay more. However so far what we have seen is those tax payers are paying more even when they take the standard deduction. Lots of folks going to be wondering why they owe the state when they never have in the past.
Posted on 1/23/23 at 11:02 am to Northwestern tiger
Didn't the standard dedcution change?
Posted on 1/23/23 at 11:06 am to Northwestern tiger
quote:
Many tax benefits that is related to child tax credit, child care etc.. have expired this year.
Knew some of this was coming down, but didn't realize it would be this big of a hit. Looks like my tax bill is going to be around $6k to Feds, and another $3k to State (first time I ever owed the State more than $100
) May be worthy of a separate topic, but can I still claim Child and Dependent Care Expenses for PK3 & PK4 expenses at a private school. Appears both still fall within the rules under Publication 503, but is the education they are receiving really incidental? Is the education test still a thing, don't see it in the publication but have seen it in articles explaining the rules.
Posted on 1/23/23 at 1:31 pm to Northwestern tiger
This year is going to suck so bad for us.
Posted on 1/23/23 at 2:31 pm to Billy Blanks
quote:
No
Just on the year. I pay quarterly and makes me ill every dang time.
I wasn't going to be short this year. I thought I was good last year...I wasn't good.
I know this is the MT where we pride ourselves on finacial success... but if your liability is 290K then your taxable income is in the very high 6 figures and I doubt, even on the MT, you will get much sympathy
Posted on 1/23/23 at 2:33 pm to Weekend Warrior79
quote:
but can I still claim Child and Dependent Care Expenses for PK3 & PK4 expenses at a private school
Yes sir
quote:
is the education they are receiving really incidental?
Yes. PK3 and PK4 is still considered basically glorified babysitting where they also teach kids to color and maybe a few letters of the alphabet.
Because generally most states (maybe all?) start compulsary education at kinder, anything before that is considered essentially childcare.
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