I'm planning on seeing an accountant about this but can't get off work. I filed an extension yesterday, which I know is not an extension on paying back taxes... I will be filing during next week and paying whatever I owe.
I live in New York City and even though I work in a New York office, my company is based in New Jersey and that is where I've paid my state taxes to. The two online options I tried using to file my taxes wouldn't grant me more than 118 bucks towards NY State taxes even though I paid over $2500 to Jersey.
I'm also -176 somehow in my federal taxes. I don't understand that either, but that's a pill I can swallow... but isn't the state taxes I paid to Jersey supposed to basically cancel out what I didn't pay to New York State. According to both websites I used, I owe a total of like 2100 bucks.
My wife took the first pass at doing our taxes this year and told me that we owed $9000. Thankfully I found her mistake, and we were actually owed a modest amount.
You might have hit a threshold in the one State that is not in the tax structure of the other State, possibly on the exemptions.
It appears RI exempts $3,800 pp while the feds are 3,950, and it's M filing joint deduction max is 16,500 so you get stiffed on it's Sch A equivalent.
got a nice little refund from New York state this year
between doing the responsible thing and paying down some principal on the mortgage and investing in ETFs and spending it on a nice vacation and new threads.
Adding insulation to the attic.
So by using the tax refund for these projects it frees up money so the wife & I can take a trip to Savannah, Hilton Head & Charleston.
time to make a new one!
I live in New York City and even though I work in a New York office, my company is based in New Jersey and that is where I've paid my state taxes to. The two online options I tried using to file my taxes wouldn't grant me more than 118 bucks towards NY State taxes even though I paid over $2500 to Jersey.
I'm also -176 somehow in my federal taxes. I don't understand that either, but that's a pill I can swallow... but isn't the state taxes I paid to Jersey supposed to basically cancel out what I didn't pay to New York State. According to both websites I used, I owe a total of like 2100 bucks.
Does this make sense to anyone?
My wife took the first pass at doing our taxes this year and told me that we owed $9000. Thankfully I found her mistake, and we were actually owed a modest amount.
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We lost our last two kids this year as deductions...what an eye-opener that was.
time to make a new one!
And buy a new house. We're also reaching that part where it's mostly principle.
Link - ( New Window )
Refund!?
Nothing like taxation without representation to make me smile.
You can probably guess whether 'sarcasm' was on or off.
Does that make any sense?
Quastion for the finance guys here. What return would you need to persue this strategy?
It appears RI exempts $3,800 pp while the feds are 3,950, and it's M filing joint deduction max is 16,500 so you get stiffed on it's Sch A equivalent.
Very well put, I paid $844... Same reason
Tell me about Bill. These guys are in for a rude awakening once your dependents are gone!
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We lost our last two kids this year as deductions...what an eye-opener that was.
Tell me about Bill. These guys are in for a rude awakening once your dependents are gone!
So what you're saying is I should be good since I just built a house last year and have three kids ages 5, 3, and 1. All Giants fans of course
"Honey, I'm going out to buy a new (insert desired item)."
Works every time.
So by using the tax refund for these projects it frees up money so the wife & I can take a trip to Savannah, Hilton Head & Charleston.