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Old 03-24-2013, 10:40 AM   #51
s mack
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I wouldn't play the exemption game if you have income that isn't subjected to withholdings. Either take 0 personal both for you and your spouse or make quarterly estimated payments and put the money to work before cutting the IRS a check.
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Old 03-24-2013, 11:49 AM   #52
pityr
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Quote:
Originally Posted by s mack View Post
I wouldn't play the exemption game if you have income that isn't subjected to withholdings. Either take 0 personal both for you and your spouse or make quarterly estimated payments and put the money to work before cutting the IRS a check.
Gotta be careful doing that at certain income levels. We did that thinking it was enough and have got stuck with a $7k bill. Should have happened last year too but we had a large deduction that hid it.
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Old 03-24-2013, 11:59 AM   #53
silver arrow
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Quote:
Originally Posted by pityr View Post

Gotta be careful doing that at certain income levels. We did that thinking it was enough and have got stuck with a $7k bill. Should have happened last year too but we had a large deduction that hid it.
Exactly what happened to us.
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Old 03-24-2013, 12:19 PM   #54
Bryan T
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My wife and I both work and ran into the "the government assumes that only one of you works" issue this year. I think we'll owe an additional $5K.
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Old 03-24-2013, 12:35 PM   #55
masskillingspree
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Just pay what you think is your fair share.
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Old 03-24-2013, 01:13 PM   #56
Jack
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I claim zero. Always. I live below my means and that's helped me to do that. In about February of each year, I get a big mysterious check. Bought about half an 07 WRX with my refund this year.
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Old 03-24-2013, 02:09 PM   #57
silver arrow
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I found a solution to paying the tax bill. 10k of my TSP is tax free due to contributions in a war zone, so because I'm retired from the military, I can withdraw or transfer the money and I'll only end up paying the 10% penalty and it won't bump up my income this year.
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Old 03-24-2013, 02:55 PM   #58
richde
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Quote:
Originally Posted by silver arrow View Post
I found a solution to paying the tax bill. 10k of my TSP is tax free due to contributions in a war zone, so because I'm retired from the military, I can withdraw or transfer the money and I'll only end up paying the 10% penalty and it won't bump up my income this year.
You can't get a loan? I would assume you just have a short term cash flow problem and could pay it off rather quickly.

You make quite a bit of money, where did it all go?
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Old 03-24-2013, 08:06 PM   #59
silver arrow
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You can't get a loan? I would assume you just have a short term cash flow problem and could pay it off rather quickly.

You make quite a bit of money, where did it all go?
I could get a loan, but then I have to pay it back. I can take this with a 10% penalty and no other taxes.

Again, my wife is losing 20% of her pay, we have to get the house ready to rent, move, increase withholding $800/month, and we have expenses coming up for my son going off to school, and we're currently losing $1100 per month in commuting costs, getting ready to buy another house, and have three cars. On top of that, we live in GA, with its tax and spend, big government conservatives.
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