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tax surprise

February 2nd, 2020 at 09:42 pm

We usually break even with taxes in most years I was curious as how this year would turn out.
Since I temped with 2 different placement groups I could no longer log in to get a look early for one group so had to wait for mail.
It is super bizarre I always fill out withholding the same but I made more money at that placement overall and they took out way less tax, then they should have.
So a quick calculation shows us owing big.

I can cut total owed down by adding to my (2019)IRA as I can deduct the full contribution. It is not a dollar for dollar swap and we will end up paying something but I can bring it down by a good chunk.
It is frustrating since it will take my focus and funds from my regular savings plan or I can dig into one of my savings accounts. It also means now is not the time to leave this job even though I hate it.

I also had a small medical visit that I am not sure how the new insurance will pay. I just feel somewhat defeated at the moment.

1 Responses to “tax surprise”

  1. rob62521 Says:
    1580758394

    I'm sorry you are feeling defeated. That is frustrating when one place didn't take out enough tax. Years ago i worked for a small print shop and although I worked the same hours each week, the amount taken out was never the same and I complained. The owner's wife who was doing payroll had decided that although I had put zero deductions, she didn't think I should do that and took it upon herself to do the taxes differently. I was not a happy camper. She kept telling me that I should do it her way and I finally said unless the did it the way I asked, I would possibly report her. Apparently some of the other people were upset because they brought in a lady to start doing payroll and we finally got things straightened out.

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