<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Income Tax Estimates

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?

Posted in Taxes | 1 Comments »

1 Responses to “Income Tax Estimates”

  1. ThriftoRama Says:
    December 20th, 2010 at 03:25 am 1292815547
    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.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]