# WTF? Owe $$$ for taxes? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [February 6, 2008, 11:20am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013 "2008-02-06T11:20:38Z")\ **Posts on this page:** 15\ **Page:** 2
**Author:** ![ryanmcell](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ryanmcell/32/7510_2.png) [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)\ **Post date:** [February 6, 2008, 12:03pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/21 "2008-02-06T12:03:00Z")
I used TaxSlayer this year, then also checked it by going through TurboTax’s free one. Exact same, so I used TaxSlayer since it was 20 bucks cheaper. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 6, 2008, 12:04pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/22 "2008-02-06T12:04:31Z")
> [@ryanmcell](#): > > I used TaxSlayer this year, then also checked it by going through TurboTax’s free one. > > Exact same, so I used TaxSlayer since it was 20 bucks cheaper. oh im not questioning the TaxSlayer validity… if it’s NYS endorsed, it’s gotta be alright. I just don’t know how good their software is at “finding deductions”. $0.02 ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [February 6, 2008, 12:07pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/23 "2008-02-06T12:07:25Z")
> [@Nikuk](#): > > No, not really. yeah your right, looks like the amount of taxes witheld is solely in the hands of the employer. ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [February 6, 2008, 12:08pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/24 "2008-02-06T12:08:21Z")
sounds like accounting didn’t adjust your tax contribution… add that with possibly being in a new tax bracket and you could end up with your exact situation. ---
**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\ **Post date:** [February 6, 2008, 12:26pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/25 "2008-02-06T12:26:09Z")
I really hope not, but it’s looking that way. I’ll let ya’s know what I find ---
**Author:** ![jay\_g](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jay_g/32/111288_2.png) [@jay\_g](https://forums.speedlife.net/u/jay_g)\ **Post date:** [February 6, 2008, 12:30pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/26 "2008-02-06T12:30:01Z")
Only reason I get any $ back each year is from claiming the interest on my student loans. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 6, 2008, 3:08pm UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/27 "2008-02-06T15:08:14Z")
> [@d3x](#): > > yeah your right, looks like the amount of taxes witheld is solely in the hands of the employer. no, not really. If you spent about 10 minutes on the internet you would’ve found the following information. I don’t know how old you are dEx, but I covered this when I was 19. :gotme: Sure, I’ll do the work for you: Page 63: [http://www.irs.gov/pub/irs-pdf/i1040gi.pdf](http://www.irs.gov/pub/irs-pdf/i1040gi.pdf) Steve is between 31k & 77k, so lets _ **assume** _ some stuff here: - Steve’s _AGI_ is $50k - He takes the _standard deduction_ of $5,350 - He’s filing as single & has no exemptionsHis taxable income is now $44,650 The IRS says (pg.68) he should’ve paid $7,580 to them last year through his weekly paychecks, AMT, or pre-payment. Assuming that Steve is on a bi-weekly pay period and has not paid any estimated taxes, he should’ve seen _ **approx $291.54 from each paycheck** _ go towards this. _**If it was more, then he gets a refund. If it was less, then he owes.**_ This example precludes _any_ credits, deductions, or salary adjustment. It is up to the payroll department to properly process _ **STEVE’S REQUEST** _ to withhold (prepay) funds from his check in this amount (single / 0 for example). If you want to, you can claim 99 exemptions on your W4, and have zero tax withheld from your paycheck. _ **If Steve had done that, he would owe an income tax bill of $7,580, due by April 15th.** _ ---
**Author:** ![Dr.Stevil](https://avatars.discourse-cdn.com/v4/letter/d/da6949/32.png) [@Dr.Stevil](https://forums.speedlife.net/u/Dr.Stevil)\ **Post date:** [February 7, 2008, 7:23am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/28 "2008-02-07T07:23:01Z")
alright, thanks for all the help :tup: 🍺 as it turns out, I didn’t quite understand what taxslayer was asking for in box 12a (401K info) and accidentally picked the wrong letter. I tried Turbotax and found the error. I now have about 600.00 coming back :tup: thanks again EDIT: for anyone that knows, if you screwed a return up (say, if I DID file and payed the govt the 2K) can you have that corrected the following year? A friend mentioned it and had no idea if you could audit yourself ---
**Author:** ![SHOtime](https://avatars.discourse-cdn.com/v4/letter/s/8e8cbc/32.png) [@SHOtime](https://forums.speedlife.net/u/SHOtime)\ **Post date:** [February 7, 2008, 7:40am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/29 "2008-02-07T07:40:09Z")
> [@Nikuk](#): > > no, not really. If you spent about 10 minutes on the internet you would’ve found the following information. I don’t know how old you are dEx, but I covered this when I was 19. :gotme: > > Sure, I’ll do the work for you: > > Page 63: [http://www.irs.gov/pub/irs-pdf/i1040gi.pdf](http://www.irs.gov/pub/irs-pdf/i1040gi.pdf) > > Steve is between 31k & 77k, so lets _ **assume** _ some stuff here: > > - Steve’s _AGI_ is $50k > - He takes the _standard deduction_ of $5,350 > - He’s filing as single & has no exemptionsHis taxable income is now $44,650 > > The IRS says (pg.68) he should’ve paid $7,580 to them last year through his weekly paychecks, AMT, or pre-payment. > > Assuming that Steve is on a bi-weekly pay period and has not paid any estimated taxes, he should’ve seen _ **approx $291.54 from each paycheck** _ go towards this. > > _ **If it was more, then he gets a refund.** _ > _ **If it was less, then he owes.** _ > > This example precludes _any_ credits, deductions, or salary adjustment. > > It is up to the payroll department to properly process _ **STEVE’S REQUEST** _ to withhold (prepay) funds from his check in this amount (single / 0 for example). > > If you want to, you can claim 99 exemptions on your W4, and have zero tax withheld from your paycheck. _ **If Steve had done that, he would owe an income tax bill of $7,580, due by April 15th.** _ He would still have a personal exemption ($3400). So… it would be tax on 50k- (3400+5350)=41250. Not a huge difference but a difference none the less. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [February 7, 2008, 7:41am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/30 "2008-02-07T07:41:25Z")
Good news Steve, glad to hear you don’t owe. I may be getting back up to $10,000. My CPA always sends me an estimate but, this year has seen changes for me that they didn’t calculate. I now have a sizable mortgage and property taxes that have increased as my house progresses. Once I find out what my refund is, I will adjust my weekly with holdings. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [February 7, 2008, 7:42am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/31 "2008-02-07T07:42:16Z")
You can file an ammended return, even for previous years. I have to do it this year because after I submitted mine god damn nys sent me a 1099G that I wasn’t expecting (for overpayment of estimated taxes last year). Not a big deal and I know TurboTax will prepare the form for you. You have to mail it in though because they don’t accept electronic filing of ammended returns. I’ll probably do it early next week once I’m sure NY isn’t holding on to any other surprise forms. ---
**Author:** ![OfficerK](https://avatars.discourse-cdn.com/v4/letter/o/4da419/32.png) [@OfficerK](https://forums.speedlife.net/u/OfficerK)\ **Post date:** [February 7, 2008, 7:57am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/32 "2008-02-07T07:57:56Z")
> [@Dr.Stevil](#): > > alright, thanks for all the help :tup: 🍺 > > as it turns out, I didn’t quite understand what taxslayer was asking for in box 12a (401K info) and accidentally picked the wrong letter. I tried Turbotax and found the error. I now have about 600.00 coming back :tup: > > thanks again > > EDIT: for anyone that knows, if you screwed a return up (say, if I DID file and payed the govt the 2K) can you have that corrected the following year? A friend mentioned it and had no idea if you could audit yourself good news!!! :tup: ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [February 7, 2008, 9:01am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/33 "2008-02-07T09:01:45Z")
> [@JayS](#): > > You can file an ammended return, even for previous years. I have to do it this year because after I submitted mine god damn nys sent me a 1099G that I wasn’t expecting (for overpayment of estimated taxes last year). Not a big deal and I know TurboTax will prepare the form for you. You have to mail it in though because they don’t accept electronic filing of ammended returns. I’ll probably do it early next week once I’m sure NY isn’t holding on to any other surprise forms. :lol: I bet you’re the first person in the history of New York State to overestimate their taxes. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [February 7, 2008, 11:31am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/34 "2008-02-07T11:31:33Z")
> [@SHOtime](#): > > He would still have a personal exemption ($3400). So… it would be tax on 50k- (3400+5350)=41250. Not a huge difference but a difference none the less. Doh, your absolutely right. I was just trying to explain the process tho. 🙂 ---
**Author:** ![hondaride22](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/hondaride22/32/5077_2.png) [@hondaride22](https://forums.speedlife.net/u/hondaride22)\ **Post date:** [February 7, 2008, 11:37am UTC](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013/35 "2008-02-07T11:37:50Z")
> [@Locutus](#): > > you need people. take your shit to > > ![http://hoboken411.com/wp-content/uploads/2006/04/HR%20block%20wash.JPG](http://hoboken411.com/wp-content/uploads/2006/04/HR%20block%20wash.JPG) lol [Previous page](https://forums.speedlife.net/t/wtf-owe-for-taxes/43013.md?page=1)