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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow much did you pay in federal taxes in 2017 and 2018?
Trump paid $750.
I paid probably around 40,000 if you take away the medicare, social security, etc. Got a sweet refund though on those solar panels last year...
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ProfessorGAC
(65,401 posts)I paid around $30k each of those years. So, probably a bit over 60 grand.
I'd love to have paid $750 each year, but then I like roads, & airport security, & courts, and so on!
mahatmakanejeeves
(57,740 posts)I had been burned in the two previous tax years by underwithholding. I made sure to withhould like crazy in 2019. I'm way over what I started out at.
Surprise. A bunch of funds I held declared a special dividend on December 31, 2019. I had underwithheld again.
In addition to what I had already paid, I had to cough up over $5,000 by July 15.
I waited until the last minute. I think I paid up on July 14. I owed on my Virginia return too.
I am not an accountant, but I come from a family of accountants. No one in my family, and they are mostly pretty RW, would ever try to flim flam the IRS the way Trump attempts.
I take every deduction that's allowed. Those are the rules. I play by the rules. I don't try to cheat. There's a big difference. When I sign that return, I can sleep at night.
jorgevlorgan
(8,351 posts)Ended up having to make a payment plan for a couple thousand dollars which was taken care of the next year. Then I bought a house, bought solar panels, and got the biggest refund I've seen in my life. Still I made sure to withhold at a high rate this time, which helped. I'm sorry about your situation. I'm thinking about having a savings fund just in case I accidentally underwithhold again.
Xipe Totec
(43,892 posts)MyOwnPeace
(16,955 posts)Trust me, BunkerBoy has no problem sleeping at night (well, at some point in the early AM after he's done with his "tweeting policy" .
That's typical of someone with virtually no values, ethics, or virtue.
jorgevlorgan
(8,351 posts)MyOwnPeace
(16,955 posts)who's Father had a fatal heart attack while seated on the toilet.
We could only hope..............
jorgevlorgan
(8,351 posts)MyOwnPeace
(16,955 posts)probably in the middle of the sports page...........
PoindexterOglethorpe
(25,929 posts)and about $600 the year before.
My taxable income is very low.
jorgevlorgan
(8,351 posts)I remember being on medicare due to my income level, and barely making enough to survive. I hope your situation improves for the better soon!
PoindexterOglethorpe
(25,929 posts)SS, small pension, two annuities, and money I take from my investments. My income is a whole lot less than those here reporting five digit tax bills. But I am perfectly comfortable, and currently transferring money every month from my checking to my savings account. Like a lot of people I am simply not spending as much as I did before this pandemic, because I'm not going out to eat very often, and my usual trips aren't happening.
I also got solar panels and they are what reduced last year's tax bill to zero. But I still don't pay very much.
In the past, when I was still married, because of my ex's generous parents, our taxable income varied wildly from year to year, which was a pain. Nowadays, my financial guy has my investments extremely well organized. He was the person who got me into the two annuities, which was a wonderful financial decision. They were bought in 2012, one of those lump-sum things, and I started taking the income about two years ago. People here routinely trash annuities, but these two are amazing. If I die before I take out money equal to their value when I started getting payments, what's left goes to my beneficiary, my son. Only if I live long enough to take out more than that, do they die with me.
I also frequently look at this site: https://www.calcxml.com/do/how-long-will-my-money-last
It's very reassuring in terms of feeling secure that my money will outlast me. What I like best is that I normally calculate a 6% return, rather than the 8% which is its default. You can of course put in more or less return as you wish.
jorgevlorgan
(8,351 posts)Well you still probably paid more taxes in your life than the dump. I hope you continue being able to enjoy retirement!
PoindexterOglethorpe
(25,929 posts)And I am very much enjoying retirement. I never had a job I really loved, just went to work, did what I was supposed, and got a paycheck. Not having to get up in the morning is vastly better.