Poll of the Day > I've gone tax exempt for 75% of the year.

(+) Yeah! (+)

I have dependents, though, and am the sole bread winner.

How fucked am I?

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Somewhat. Depends on your income but you could easily look at possibly owing a couple grand. The IRS does let you pay in installments though, communicate with them and theyll usually work with you.

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Mead posted...

Somewhat. Depends on your income but you could easily look at possibly owing a couple grand. The IRS does let you pay in installments though, communicate with them and theyll usually work with you.

This and it also depends on how much you make. You will be just fine if you are below the poverty line. Now if you have a decent job then yeah you are going to owe some money.

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Damn. You guys did not comfort me at all.

Wait, even if I have 3 dependents plus myself? Cause, I mean, no matter how good the pay is... its being divided by 4 technically.


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Do you qualify for any tax credits? specifically the EITC or Child Tax Credit

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Yes, the child tax credit. Think its $1,000 per.

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Child tax will cover it.

I went exempt a whole year and only owed 2k.

I think I made 50somethingk that year

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EvilMegas posted...

Child tax will cover it.

I went exempt a whole year and only owed 2k.

I think I made 50somethingk that year

Government handout = child tax credit

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BUMPED2002 posted...

Government handout = child tax credit

It's really not. Having kids is expensive as shit. I spend 1k in childcare a month.

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EvilMegas posted...

It's really not. Having kids is expensive as shit. I spend 1k in childcare a month.

Dont forget that in case of draft, they would have to serve.

Id gladly give up the tax credit if it would guarantee they wouldnt be drafted.

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BUMPED2002 posted...

Government handout = child tax credit

where do people even get this kind of mentality

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Keep in mind that if you haven't been paying your taxes and you end up owing, you might be subject to a 6% penalty. Uncle Sam wants his money NOW, dammit, not next April.

https://www.irs.gov/taxtopics/tc306

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How much about did you make?

And are you married? Any of those dependants a spouse?

Basically the first 12k you make is tax exempt anything over that you owe taxes on, the next 10k or so is just 10% though and then the next 20k or so is only 12% (if my memory is right).

So ifyou only made 40k for instance with 4 dependants, you might owe like 1.5-2k total.

IF you have a wife/spouse/significant other whatever (legally married), and they are not working, the original deduction jumps to double 24k (or so, may be diff for 2019).

In that case if you only made say 40k, and you add in the dependants, you could get by with only owing about 1k in taxes total.

Now if you made 60k+.....then you may be in trouble. If you were only tax exempt for 3/4th of the year, that might even cover a 1k or possibly 1.5k amount, but if you made 60k + your gonna owe.

But yeah you can set up a payment plan.

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wolfy42 posted...

Now if you made 60k+.....then you may be in trouble. If you were only tax exempt for 3/4th of the year, that might even cover a 1k or possibly 1.5k amount, but if you made 60k + your gonna owe.

AAAAaaaaand Im nervous again.

Time to sell some stock.

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