Doing the Federal Income Happy Dance here!

[susandennis]

Last year I had to pay nearly $3,000 in estimated Federal income taxes every quarter. It was a bitch. My CPA told me I was one of the 5% of his clients who's tax situation was worse because of Trump's tax changes. Lucky me.

Most of the heavy tax bill was because when you hit 70.5 you are required to withdraw from some retirement savings accounts. BUT, what I did not know was that my wonderful investment guy set up Federal withholding from that withdrawal. So, turns out, I paid $5,000 more in Federal taxes than I needed to. PLUS, because of some losses and that withholding my quarterly taxes this year are just over $1,000!!

My accountant asked me how much of the $5,000 I wanted applied to this year's taxes. I said all of it.

So... to recap... all of my Federal taxes for 2020 will be paid up PLUS I get a refund that will cover the CPA's bill and still give me about $500 cash.

Holy fucking tax jackpot!! I am so glad I resisted the urge to do my taxes myself.

I can hardly believe it. Wow.

Comments

[likelydisaster.livejournal.com]

That's awesome! So rarely does something like this come out in one's favor!

[susandennis]

I know. I was trying to remember how many times in the past decade that this guy has been doing my taxes, that I've actually gotten good news from him at tax time. I think this may be it. He's raised the bar for sure.

[badrobot68.livejournal.com]

Congrats, that's great news!!

[billinaction.livejournal.com]

Awesome!!!

[chocolate-frapp.livejournal.com]

Yayyyyy!

[onelargecat.livejournal.com]

Nice!!

[adminbear.livejournal.com]

I have my yearly "meeting" with my CPA this coming Monday afternoon. I suspect I'm going to have to pay a lot more this year than I did last year. Sigh...

[susandennis]

I feel that. i expected the same.