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jorgevlorgan

(8,351 posts)
Mon Sep 28, 2020, 04:53 PM Sep 2020

How 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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How much did you pay in federal taxes in 2017 and 2018? (Original Post) jorgevlorgan Sep 2020 OP
Much More ProfessorGAC Sep 2020 #1
I looked at my 1040 for tax year 2019 this morning. mahatmakanejeeves Sep 2020 #2
Before last year I underwithheld a ton. jorgevlorgan Sep 2020 #3
I had to pay an additional $7 fine for under-withholding. nt Xipe Totec Sep 2020 #6
"When I sign that return, I can sleep at night." MyOwnPeace Sep 2020 #7
I challenge that assertion based on his 3AM tweets. jorgevlorgan Sep 2020 #9
Had a friend.......... MyOwnPeace Sep 2020 #11
mid tweet? jorgevlorgan Sep 2020 #13
Nah...... MyOwnPeace Sep 2020 #15
I paid zero last year PoindexterOglethorpe Sep 2020 #4
That was me before I got a good job. jorgevlorgan Sep 2020 #5
I'm retired, have several sources of income: PoindexterOglethorpe Sep 2020 #10
Oh very cool! jorgevlorgan Sep 2020 #12
Oh, probably. PoindexterOglethorpe Sep 2020 #14
More and not even close.nt BootinUp Sep 2020 #8

ProfessorGAC

(65,401 posts)
1. Much More
Mon Sep 28, 2020, 04:57 PM
Sep 2020

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)
2. I looked at my 1040 for tax year 2019 this morning.
Mon Sep 28, 2020, 04:59 PM
Sep 2020

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)
3. Before last year I underwithheld a ton.
Mon Sep 28, 2020, 05:15 PM
Sep 2020

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.

MyOwnPeace

(16,955 posts)
7. "When I sign that return, I can sleep at night."
Mon Sep 28, 2020, 05:23 PM
Sep 2020

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&quot .
That's typical of someone with virtually no values, ethics, or virtue.

MyOwnPeace

(16,955 posts)
11. Had a friend..........
Mon Sep 28, 2020, 05:34 PM
Sep 2020

who's Father had a fatal heart attack while seated on the toilet.

We could only hope..............

jorgevlorgan

(8,351 posts)
5. That was me before I got a good job.
Mon Sep 28, 2020, 05:16 PM
Sep 2020

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)
10. I'm retired, have several sources of income:
Mon Sep 28, 2020, 05:31 PM
Sep 2020

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)
12. Oh very cool!
Mon Sep 28, 2020, 05:34 PM
Sep 2020

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)
14. Oh, probably.
Mon Sep 28, 2020, 05:38 PM
Sep 2020

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.

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