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2008 Estimated Tax Liability/Refund

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  • tripods68
    replied
    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.

    Leave a comment:


  • noppenbd
    replied
    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...

    Leave a comment:


  • tripods68
    replied
    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.

    Leave a comment:


  • noppenbd
    replied
    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.

    Leave a comment:


  • creditcardfree
    replied
    Your welcome...sorry you owe!

    Any chance you may get a refund on your state return to offset the $800 you would owe?

    Leave a comment:


  • tripods68
    replied
    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, 11:33 AM. Reason: PS i don't if this is worth it...

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  • tripods68
    replied
    Damn...I might owe $808.00


    Thanks creditcardfree.

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  • creditcardfree
    replied
    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.

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  • tripods68
    replied
    Steve--I'm not having any luck so far.

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  • disneysteve
    replied
    There should be a calculator at irs.gov.

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  • tripods68
    started a topic 2008 Estimated Tax Liability/Refund

    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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