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Old 04-03-2019, 06:00 PM   #361
Frisco
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Last year I owed around $4K in federal taxes and my preparer said it would likely go up $2K this year. Since our taxes are pretty straightforward, I thought Id give TurboTax a try. I diligently entered my data.... $27K!?@

Needless to say, I called my tax guy. Federal is $8K. I made a bit more this year and work took out less witholdings. He was right, about $2K more.

Anyone know what I might have done wrong with Turbo? I didnt stick around with them long enough to figure it out. I swear I entered my info accurately. Lets just say Im more appreciative of my tax preparer and $450 to Im seems like an ok deal.

CJ
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Old 04-03-2019, 06:10 PM   #362
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Are you saying TT said you owe $27K more or $27K is your 2018 total federal tax bill. Your preparer can come up with all kinds of numbers. It's up to you to review the return and make sure it's accurate. It's you that signs it under penalty of perjury.
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Old 04-03-2019, 06:35 PM   #363
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Are you saying TT said you owe $27K more or $27K is your 2018 total federal tax bill. Your preparer can come up with all kinds of numbers. It's up to you to review the return and make sure it's accurate. It's you that signs it under penalty of perjury.
$27K total. I didnt follow through with TT, so I wasnt able to review the final product. My preparers return was accurate.
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Old 04-03-2019, 08:22 PM   #364
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Ask your tax guy? Now you've got me curious too.
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Old 04-03-2019, 10:16 PM   #365
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So approximately $19K different between the two calculations if I understand you correctly. That may just be a single line item error but it should be obvious during any review if it was. I had something similar this year. I was looking at about a $20K refund which I knew to be wrong. After doing all my entry I did a review and found the error quickly. Turned out I fat fingered the keyboard when typing in the withholding from a W-2. Real obvious and once fixed I ended up with a few hundred dollars refund. So that one item wiped out almost $20K. But if you couldn't find something obvious maybe it was several smaller issues.
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Old 04-04-2019, 12:15 PM   #366
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I used CreditKarma Tax this year. Almost as good as TT but totally free.
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Old 04-16-2019, 05:28 PM   #367
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The only thing I can think of is you didn't go through each line item 1 by 1 on Turbo Tax. There are a lot of deductions and they're pretty good about hammering them out. Regardless glad your tax guy gave you a more palatable number.
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Old 04-19-2019, 09:45 AM   #368
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I saved 11k from new changes.

But still wrote checks for 30k to feds and 12k to state.

Own a business so I pay every year.

Thought we where being slick keeping payroll salary below 66k so we didnt have to pay the $1200 a month for medical insurance. Found out that since we switched to an S-Corp the business profits roll over to personal income. So we got dinged and had to pay the $1200 after all.

This year we are paying the medical, upped our salary, claiming 0 and pulling money from checks.

Lessons learned. But I'm sure there will be more to learn end of this year.
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Old 05-01-2019, 12:09 PM   #369
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My work just gave me the option to open a 401k.

I have a traditional IRA to which I already contributed this year.

How do I open the 401k and not incur a tax penalty for having both a 401k and an IRA in 2019?
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Old 05-01-2019, 08:34 PM   #370
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https://www.personalcapital.com/blog...bute-401k-ira/

Looks like if you watch your total contribution limits you should be good to go.

I am not a lawyer. Or an accountant.
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Old 05-03-2019, 09:36 AM   #371
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Quote:
Originally Posted by Frisco View Post
Last year I owed around $4K in federal taxes and my preparer said it would likely go up $2K this year. Since our taxes are pretty straightforward, I thought Id give TurboTax a try. I diligently entered my data.... $27K!?@

Needless to say, I called my tax guy. Federal is $8K. I made a bit more this year and work took out less witholdings. He was right, about $2K more.

Anyone know what I might have done wrong with Turbo? I didnt stick around with them long enough to figure it out. I swear I entered my info accurately. Lets just say Im more appreciative of my tax preparer and $450 to Im seems like an ok deal.

CJ
Dunno, but I have used it and its predecessors since it came out and have been super happy. I spend a day, minimum, looking at everything. I am never in a hurry to file. Some years, it's a week. (Complicated returns)
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Old 05-04-2019, 02:15 PM   #372
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Dunno, but I have used it and its predecessors since it came out and have been super happy. I spend a day, minimum, looking at everything. I am never in a hurry to file. Some years, it's a week. (Complicated returns)
This is us.
After W's accident we were in the hole big time and had carry overs for several years. The paid accountant never paid the self employment tax because we were in negative numbers. 10 years of $0.00 towards Social security results in an additional 5 years of working to try and catch up

I redid 4 years of returns with Turbo Tax and was able to retro-actively pay the self employment and penalties. I usually go over it twice before submitting.
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