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Old 01-16-2024 | 05:07 PM
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Default 2023 Tax Bill?

Anyone get hit with a huge tax bill for 2023? Usually I get a few grand back but this year I'm gonna owe a lot. Anyone else have this happen yet?
is it the payouts we got?
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Old 01-16-2024 | 06:36 PM
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Originally Posted by GrossNavError
Anyone get hit with a huge tax bill for 2023? Usually I get a few grand back but this year I'm gonna owe a lot. Anyone else have this happen yet?
is it the payouts we got?
sounds like bad tax planning.
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Old 01-16-2024 | 06:58 PM
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Originally Posted by GrossNavError
Anyone get hit with a huge tax bill for 2023? Usually I get a few grand back but this year I'm gonna owe a lot. Anyone else have this happen yet?
is it the payouts we got?
If youre a high earner your bonus was likely taxed well below your marginal tax rate.
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Old 01-16-2024 | 08:17 PM
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Originally Posted by sumwherelse
sounds like bad tax planning.
Planning???
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Old 01-16-2024 | 09:39 PM
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Originally Posted by AllYourBaseAreB
If youre a high earner your bonus was likely taxed well below your marginal tax rate.
Yeah, pretty sure they taxed the retro at 22% which is well below the top marginal rate of most CA's. I saw that and contributed an extra $750 per pay since Oct check to mitigate it.
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Old 01-17-2024 | 04:40 AM
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Originally Posted by GrossNavError
Anyone get hit with a huge tax bill for 2023? Usually I get a few grand back but this year I'm gonna owe a lot. Anyone else have this happen yet?
is it the payouts we got?
technically owing is better then getting thousands back. Giving a free loan to the IRS 🤮. Slowly trying to get it as close to 0 as possible.
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Old 01-17-2024 | 04:56 AM
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Originally Posted by Fly76
technically owing is better then getting thousands back. Giving a free loan to the IRS 🤮. Slowly trying to get it as close to 0 as possible.
Yep, my goal is to always be in the +- $500 range.
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Old 01-17-2024 | 05:12 AM
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Originally Posted by Red Forman
Yep, my goal is to always be in the +- $500 range.
Thats exactly my goal, tough to do in this job, but fun to try. Adjustments are needed especially when you have a working spouse and their taxes are pulled at the wrong (too low) rate.
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Old 01-17-2024 | 05:24 AM
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Originally Posted by Fly76
technically owing is better then getting thousands back. Giving a free loan to the IRS 🤮. Slowly trying to get it as close to 0 as possible.
If you had a big jump in income, you will probably owe zero interest or penalties. They have multiple grace targets that protect you for that one year
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Old 01-17-2024 | 06:24 AM
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Originally Posted by AllYourBaseAreB
If you had a big jump in income, you will probably owe zero interest or penalties. They have multiple grace targets that protect you for that one year
I usually get money back. But slowly trying to get it to as close as 0. But we’ll see how it all plays out every year
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