Ouch!
You paid a year of payments including interest up front? Hopefully not. When making payments early, the entire payment should go to principle which reduces the principle and the amount of overall interest that is paid on the loan.
Same with us. It's tiresome. Of course, Grumpy has nothing to do with gathering the paperwork and mucking thru the mess -- only to ***** at me incessantly about not having filed yet. Oh and about the fact we owe the feds ... He's not the least bit pacified by the fact that out refund from the state basically cut the amount we owe, overall, in half.
Next year every time a tax document shows up In giving it to him. He gets to file for the next 20 years. Since the first 20 I have apparently not done it "right".
My wife worked last year. We paid $26K in federal tax. She quite December 31 due to the stress her boss was causing her. With her quitting, my tax bill was reduced $16K. It is amazing how much more tax you pay when you step up tax brackets.
This year I created a spreadsheet to calculate exactly how much tax needs to be withheld for both federal and state. I have adjusted my 401K contributions to keep me in a lower tax bracket, because if I go into that higher bracket again, I will be paying 83% more tax - screw that. FJB!
For those who aren't aware, here is the federal tax bracket.
This year I created a spreadsheet to calculate exactly how much tax needs to be withheld for both federal and state. I have adjusted my 401K contributions to keep me in a lower tax bracket, because if I go into that higher bracket again, I will be paying 83% more tax - screw that. FJB!
For those who aren't aware, here is the federal tax bracket.
We had to pay in for a few years back when we both worked so we went and had double taken out of our checks to compensate for what we had to pay in at the end of the year, so after doubling our withholdings and filing at the end of year we still had to pay more in than the year before so i said hell with it and just dropped it back to normal withholding and started getting a return.
We made a year of normal payments before paying it off at the end of the year. I was looking for some deductions since we don’t have any anymore. Also, since we were in shut down mode, I wasn’t able to get in to HR until June or July.
Married - single - filing double jointed....
It's hard for most folk to get more than $28k in deductions in order to itemize.
We are both retired and paid in 14K to the fed. We filed and got hit for another 7K because we withdrew some money to pay off our house. It's like someone said, we pay way too much but, the way they piss it off is what sucks. That idiot in the White House will give every penny he can rob from us to illegals and countries that hate us.
1099 to ME
Policy had my name on it, not estate.
As far as State was concerned; neither were taxable income
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