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post #1 of 35 (permalink) Old 03-10-2011, 05:09 PM Thread Starter
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I owe the IRS $__

most people brag about how much they are getting back from the IRS. This is a thread started so we can brag about how much you owe. I'll go first. I owe $1343.00 which is less then last year at $2600.00

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post #2 of 35 (permalink) Old 03-10-2011, 05:10 PM
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Re: I owe the IRS $__

$10,800, which is far better than the $20k plus I thought I was going to owe earlier (my CPA, which is my dad, didn't know about an estimated tax payment I made in 2010).
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post #3 of 35 (permalink) Old 03-10-2011, 05:15 PM
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Re: I owe the IRS $__

$5600

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post #4 of 35 (permalink) Old 03-10-2011, 05:38 PM
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Re: I owe the IRS $__

($2000)



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post #5 of 35 (permalink) Old 03-10-2011, 05:39 PM
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Re: I owe the IRS $__





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post #6 of 35 (permalink) Old 03-10-2011, 06:09 PM
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Re: I owe the IRS $__

How do people owe the IRS? Do you not pay income tax with every pay cheque?

The only way its possible to owe the govt. extra money up here is if you take on a second job and they are not taking any taxes off, because its assume you make under X$ a year. Or your place of employment is inept when it comes to paying you properly.

I got a refund last year of $4007.00 (put a lot away to RRSP savings accounts) but this year I only got a refund of $695.00


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post #7 of 35 (permalink) Old 03-10-2011, 06:16 PM
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Re: I owe the IRS $__

Last year I got back $2700... this year.. $2. Im glad I didnt owe though!

Last year I was in school, this year, not so much.. Plus im single and claim 2 :shock: As long as it evens out at the end of the year! :P


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post #8 of 35 (permalink) Old 03-10-2011, 06:24 PM
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Re: I owe the IRS $__

[quote author=Canadian_LX link=topic=187561.msg3959474#msg3959474 date=1299798557]
How do people owe the IRS? Do you not pay income tax with every pay cheque?

[/quote]

Yes, they withhold from wages. However, some people have other income (capital gains, interest income, rental income, etc.).
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post #9 of 35 (permalink) Old 03-10-2011, 06:27 PM
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Re: I owe the IRS $__

[quote author=fatabbot link=topic=187561.msg3959488#msg3959488 date=1299799463]
[quote author=Canadian_LX link=topic=187561.msg3959474#msg3959474 date=1299798557]
How do people owe the IRS? Do you not pay income tax with every pay cheque?

[/quote]

Yes, they withhold from wages. However, some people have other income (capital gains, interest income, rental income, etc.).
[/quote]

Ahh, makes sense!


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post #10 of 35 (permalink) Old 03-10-2011, 07:44 PM
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Re: I owe the IRS $__

[quote author=Canadian_LX link=topic=187561.msg3959491#msg3959491 date=1299799638]

Ahh, makes sense!
[/quote]

Also, math isn't a forte of most Americans. When people fill out their W-4 (form used to determine tax withholding), they can't look at simple tax tables to see how many exemption allowances they should claim.
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