Taxes are due tomorrow!

Gilligan

Gilligan

#*! boat!
PREMO Member
RareBreed said:
My co-worker (a retired cop) likes to mess with the ones who call about finding his name associated with a car in Texas filled with cocaine. One day he spent nearly an hour talking to them and getting passed around until they finally hung up on him.
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Love stories like that. A good buddy of mine that lives in KY is very quick witted and glib when it comes to dealing with spam calls; he'll reel 'em in and drag 'em around for a long time in most cases.
 
Sneakers

Sneakers

Just sneakin' around....
Pretty clear cut.... those who were getting a refund filed right away. If you owed, wait to last minute.

I was getting a boatload back and was afraid if I waited too long I might not see it for months, so I filed before Federal was officially accepting returns. Got mine back 3rd week Feb.
 
SamSpade

SamSpade

Well-Known Member
GURPS said:
What Changed ?

[ If you do not mind sharing ?]
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Oh it's mostly my fault. I reached an age where I can do a cashout of 401k, (so during COVID I did) and I hadn't counted on how much tax MARYLAND would do.
I had money taken aside for federal - and put up more against it just in case - but forgot all about how much Maryland would tax it. It wiped out my entire federal refund and added another 3k to the total.

I'd also heard that COVID relief measures would ameliorate the damage - but when I tallied everything up, it wouldn't do any good anyway.
 
Sneakers

Sneakers

Just sneakin' around....
SamSpade said:
I reached an age where I can do a cashout of 401k, (so during COVID I did) and I hadn't counted on how much tax MARYLAND would do.
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I did the same a few years back, took a pretty large disbursement from my IRA. Got nailed by both federal and state because I didn't have taxes taken at the time of disbursement. Lesson learned.
 
Louise

Louise

Well-Known Member
SamSpade said:
Oh it's mostly my fault. I reached an age where I can do a cashout of 401k, (so during COVID I did) and I hadn't counted on how much tax MARYLAND would do.
I had money taken aside for federal - and put up more against it just in case - but forgot all about how much Maryland would tax it. It wiped out my entire federal refund and added another 3k to the total.

I'd also heard that COVID relief measures would ameliorate the damage - but when I tallied everything up, it wouldn't do any good anyway.
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The problem is that you are an honest person. Hope all works out for you. God bless you, and the USA.
 
kom526

kom526

They call me ... Sarcasmo
Tax day was not good for my portfolio. (THEORY) A couple of my stocks, and most of crypto saw a good sized selloff on Monday, everybody was like WTF? Then somebody tweeted out about taxes being due at Midnight. There was a lot of money made in the OTC at the end of last year and to quote a guy I follow on Twitter, "all these uninitiated traders are learning now." Turning and burning a stock exposes you to higher capital gains taxes. If you hold for longer than 1 year, the cap gains goes down, and I don't even want to hurt my brain thinking about the wash loss tax rule.

www.forbes.com

Robinhood Trader May Face $800,000 Tax Bill

A Robinhood newbie is facing a potential tax bill of $800,000 despite only making $45,000 in net trading profits. The case should serve as a loud warning for the new crop of do-it-yourself investors.
www.forbes.com www.forbes.com
$800,000 tax bill on $45,000 income :faint:
 
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