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I made over 130K last year...

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steppinthrax

Diamond Member
Just did my taxes last night. I'm so pissed how much tax I'm going to have to pay. I'm no longer eligibile for many deductions. I haven't even gotten to the AMT part yet!!!!!! Depending how this pans out I might switch political parties.....
 
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Pliablemoose said:
You've heard how to turn a Democrat into a Republican?

Make them earn and save $100K.

Worked like a charm for me.
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My jaw was hitting the fucking floor last night. I was so messed I I just sat in the couch and stared at the wall for 20 mins. I put in my W-2s and I started putting in my Rental income. Turbo tax was like RED, GREEN, RED, RED, GREEN, RED, RED, RED, RED, FUCK YOU.
 
steppinthrax said:
My jaw was hitting the fucking floor last night. I was so messed I I just sat in the couch and stared at the wall for 20 mins. I put in my W-2s and I started putting in my Rental income. Turbo tax was like RED, GREEN, RED, RED, GREEN, RED, RED, RED, RED, FUCK YOU.
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LOL.
 
steppinthrax said:
Just did my taxes last night. I'm so pissed how much tax I'm going to have to pay. I'm no longer eligibile for many deductions. I haven't even gotten to the AMT part yet!!!!!! Depending how this pans out I might switch political parties.....
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Which deductions are you not qualified for?

My comp is coming in at a bit more than that, no idea what I'll owe/ can write off. So far I've got a job related move, grad school loan interest and taxes paid last year. Possibly sales tax paid on a car I bought in Feb.

You're looking at like 30K in federal right?
 
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I'll be in a similar boat but with tons of deductions. Out of the ~$250k I'll be looking at, I should have over $100k in deductions 🙂.

Just been slacking.
 
steppinthrax said:
My jaw was hitting the fucking floor last night. I was so messed I I just sat in the couch and stared at the wall for 20 mins. I put in my W-2s and I started putting in my Rental income. Turbo tax was like RED, GREEN, RED, RED, GREEN, RED, RED, RED, RED, FUCK YOU.
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:awe:

That summed up my Tuesday night.

100k and above proper fucks you on deductions/credits. Student loan interest...gone. Roth IRA's start getting phased out. Child credits gone.
 
Chess said:
weeeeeeeeeeee get a house get multiple houses, give your $ away easy answer
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wiiiei.jpg
..
 
vi edit said:
:awe:

That summed up my Tuesday night.

100k and above proper fucks you on deductions/credits. Student loan interest...gone. Roth IRA's start getting phased out. Child credits gone.
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no sh1t

to save my deductions i max out my 401k, made my wife max out her 403b
max out my FSA for child care and medical
max out my transportation benefits
 
Yeah it stinks, but it beats being a student living at the poverty level. I work from home as much as I can so I can deduct sq footage, portions of my utilities, etc. The only downside is that they're huge red flags. Taxes will be interesting this time around because I went to work full-time for one of my clients while I let my consulting business churn on its own. It was an epic year financially, but I don't even want to think about the taxes.
 
i'm personally through with turbo tax. it's like $50 to use it, plus filing fee plus state and if you want the audit add on it's extra.

$150 for a CPA is just close enough for me to use a CPA like I did last year for the first time in years
 
halik said:
Which deductions are you not qualified for?

My comp is coming in at a bit more than that, no idea what I'll owe/ can write off. So far I've got a job related move, grad school loan interest and taxes paid last year. Possibly sales tax paid on a car I bought in Feb.

You're looking at like 30K in federal right?
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I learned last night that you can only claim a work related move if the sum of the distance between the old house and new house is 50+ miles between the old house and new workplace. In other words if your old work commute distance is 10 miles, THEN THE DISTANCE BETWEEN THE OLD HOUSE AND NEW WORKPLACE MUST BE 50 + 10 = 60. Then you can deduct it. I also for some reason can't deduct mortgage insurance.
 
alent1234 said:
i'm personally through with turbo tax. it's like $50 to use it, plus filing fee plus state and if you want the audit add on it's extra.

$150 for a CPA is just close enough for me to use a CPA like I did last year for the first time in years
Click to expand...

I've used tax slayer for the last couple years, cheaper than turbotax and essentially all of the functionality
 
steppinthrax said:
I made over 130K last year...

Just did my taxes last night. I'm so pissed how much tax I'm going to have to pay. I'm no longer eligibile for many deductions. I haven't even gotten to the AMT part yet!!!!!!

Depending how this pans out I might switch political parties.....
Click to expand...

From what to what?
 
I remember when I was a kid wanting a job that paid at least 100k. Now I just wish I could also have same cost levels as when I was a kid.
 
lupi said:
I remember when I was a kid wanting a job that paid at least 100k. Now I just wish I could also have same cost levels as when I was a kid.
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Holy cow THIS.

I have so much extra money coming in but now I have to fret about paying stuff and making sure we are set in the future.

Was SOOO much easier back in the day. All I had to worry about was making $50 for my next video game. Those were the days 🙁
 
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