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Income Tax Estimates

December 19th, 2010 at 10:14 pm

Let me just say it: Oops!

Earlier in the year I estimated our federal refund as well as our state return. Um. I did it wrong. And not in our favor.

I thought we would get a refund of $2870 and owe our state about $50. Turns out I forgot to include some of the money I rolled over to a Roth IRA, almost $6,000!

So...we'll still likely get a refund of about $1872, but owe the state about $500. Instead of net $2820, we'll net, $1372. That's a difference of $1448. Darn.

I suppose there is a possiblity that I did this last calculation wrong. It is an estimate and likely to change slightly.

Is anyone else already estimating their tax return? Or is it just me?

1 Responses to “Income Tax Estimates”

  1. ThriftoRama Says:
    1292815547

    Eek! We have some freelance income,and I'm not great at estimating my taxes, so we always have extra withheld from our one regular job check. I've tried estimating, but gave up. Now, I just aim to get a refund, because we've had a few years where we've had to pay, and it was an unexpected expense and kind of a burden.

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