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Tax stuff

March 31st, 2018 at 08:52 am

We got our returns back from the tax guy. Now I'm trying to figure out if we owe or break even:

AS overpaid federal, so the overpayment will apply to her 2018 Q1 payment (which is going down a little this year, though I'll still set aside the same amount and keep the difference in savings).
She owes $48 in state.
She owes $589 in federal 2018 Q1 estimated payment.
She owes $340 in state 2018 Q1 estimated payment (up $20 from last year).
She's getting an $826 property tax rebate.
She owes $385 in tax prep fees.
So overall, she owes $536.

NT and I owe $995 to federal.
We owe $1,321 to state.
We owe $455 in tax prep fees.
So overall, we owe $2,771. (Ouch!)

Together, we all owe $3,307.

I had set aside $697.72 from AS's paychecks last quarter.
I have $2,001.91 set aside for AS federal 2018 Q1 estimated tax.
I have $383.90 set aside for AS state 2018 Q1 estimated tax.
(These may adjust if AS gets a check in the mail today, since it's the last day of the quarter, but it won't be by much.)
So all told, we have $3,083.53 set aside.

That means we need to come up with $223.47. Definitely not as bad as it could've been -- NT's and my returns looked scary at first! AS does have a couple payments coming soon, so I'll edit this post if one of them comes today! Smile

1 Responses to “Tax stuff”

  1. rob62521 Says:

    Glad you don't have to come up with a lot more. You never know anymore with taxes.

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