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2008 Estimated Tax Liability/Refund

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    2008 Estimated Tax Liability/Refund

    Is there a website i can run my numbers to figure out estimated tax liability/refund for 2008.

    Income after retirement contributions: $137,801.00 for 2008
    California - Tax Witholding/Deductions
    Fed Tax: $15,702.00
    State: $4,950.00
    Status: Married with 2 kids
    Mortgage Interest: $13,201.00
    Property Tax Paid: $2,650.00

    Thanks.
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    #2
    There should be a calculator at irs.gov.
    Steve

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      #3
      Steve--I'm not having any luck so far.
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        #4
        Try hrblock.com. I just did mine. Looks like a federal refund of $499. That is the lowest I've ever received back! I'm getting closer to getting to zero.
        My other blog is Your Organized Friend.

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          #5
          Damn...I might owe $808.00


          Thanks creditcardfree.
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          www.mo-moneyman.com

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            #6
            I probably need to open IRA just to get more deduction to wipe that $808.00....

            So i run the number again if I get additional $3000 IRA contribution I get a $92 refund.
            Last edited by tripods68; 12-23-2008, 12:33 PM. Reason: PS i don't if this is worth it...
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              #7
              Your welcome...sorry you owe!

              Any chance you may get a refund on your state return to offset the $800 you would owe?
              My other blog is Your Organized Friend.

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                #8
                Originally posted by tripods68 View Post
                Is there a website i can run my numbers to figure out estimated tax liability/refund for 2008.

                Income after retirement contributions: $137,801.00 for 2008
                California - Tax Witholding/Deductions
                Fed Tax: $15,702.00
                State: $4,950.00
                Status: Married with 2 kids
                Mortgage Interest: $13,201.00
                Property Tax Paid: $2,650.00

                Thanks.
                Make sure you subtract out health, dental, life, LTD insurance premiums if you get them through your employer. They are usually pretax.

                Comment


                  #9
                  Originally posted by noppenbd View Post
                  Make sure you subtract out health, dental, life, LTD insurance premiums if you get them through your employer. They are usually pretax.

                  I have not consider this...we just substracted retirement contributions from the gross. We should have a better handle when we actually receive our W2s next month.
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                    #10
                    Originally posted by tripods68 View Post
                    I have not consider this...we just substracted retirement contributions from the gross. We should have a better handle when we actually receive our W2s next month.
                    W2 amount is usually gross minus 401k/403b, FSA contributions, and pretax benefits (like health ins, dental, LTD, STD, life, etc). So you may not owe. Not that I am arguing against making IRA contribution...

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                      #11
                      Originally posted by noppenbd View Post
                      W2 amount is usually gross minus 401k/403b, FSA contributions, and pretax benefits (like health ins, dental, LTD, STD, life, etc). So you may not owe. Not that I am arguing against making IRA contribution...
                      I agree we might not owe anything at the end.
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                      www.mo-moneyman.com

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