IRS underpayment penalty

9,845 Views | 109 Replies | Last: 2 yr ago by malibucharles
Bubblez
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10:00p, 4/14/22
Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.
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Yesterday
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10:03p, 4/14/22
AG
Agreed but they usually allow an exception for unexpected income.
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A New Hope
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10:03p, 4/14/22
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
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Philip J Fry
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10:04p, 4/14/22
AG
What do you consider middle class?
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Ellis Wyatt
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In reply to A New Hope • 10:05p, 4/14/22
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.
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ttha_aggie_09
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In reply to Bubblez • 10:05p, 4/14/22
AG

I guess those checks from Democratic Underground have been cashed
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taxpreparer
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In reply to Philip J Fry • 10:20p, 4/14/22
AG
Philip J Fry said:
What do you consider middle class?


Not sure about middle class, but "rich is anyone who makes a dollar or more than me." -- Neil Bork
***It's your money, not theIRS! (At least for a little while longer.)
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Bubblez
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In reply to Ellis Wyatt • 10:32p, 4/14/22
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced
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zoneag
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In reply to Bubblez • 10:36p, 4/14/22
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced


Did the Trump tax cuts raise your taxes? No, no they most certainly did not. My tax bill was a bit painful too but seeing a leftist squeal about theirs warms my heart a bit.
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Aggie4Life02
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10:36p, 4/14/22
AG
F the IRS. F the Feds. Taxation is theft.
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ttha_aggie_09
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In reply to Bubblez • 10:38p, 4/14/22
AG
We didn't need your permission but thanks for confirming you're a communist
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Kvetch
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In reply to Bubblez • 10:38p, 4/14/22
AG
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced


What is their fair share? The wealthy account for the entirety of the net tax revenue and they create all of the jobs that support the middle class.

So please, very specifically, define fair share.
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homebuildingag
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10:40p, 4/14/22
AG
Vote better
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Signel
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10:42p, 4/14/22
AG
Remember when they said they were going to hire 80k more IRS workers, started taxing payment apps, and said that they plan to tax UNREALIZED capital gains soon?

Your president... as if they haven't already spent trillions of dollars they don't have, so they want more of your money.
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bmks270
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10:53p, 4/14/22
AG
Isn't the penalty pretty minor?
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Pinochet
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10:55p, 4/14/22
It's pretty easy to know how much to pay in to avoid underpayment penalties as an individual. Corporations don't have a safe harbor amount but individuals do. Maybe you should just get better tax advice?
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SociallyConditionedAg
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In reply to Bubblez • 11:08p, 4/14/22
AG
Bubblez said:
Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.

You know the last 6 months worth of checks from the Gov were just an advance on your child tax credit. You should have accounted fit that with your withholding. That didn't happen under Trump.
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Ellis Wyatt
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In reply to Bubblez • 11:11p, 4/14/22
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced
OK, you're a marxist. Not that there was any doubt. You want to steal other people's money.
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DallasAg 94
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In reply to Bubblez • 11:14p, 4/14/22
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DallasAg 94
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In reply to SociallyConditionedAg • 11:28p, 4/14/22
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APHIS AG
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In reply to Bubblez • 11:57p, 4/14/22
Bubblez said:
Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.
And I have been paying this for the last ten years for the same reason. I have added extra on my other incomes but this still gets me.
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Faustus
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In reply to zoneag • 12:24a, 4/15/22
zoneag said:
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced


Did the Trump tax cuts raise your taxes? No, no they most certainly did not. My tax bill was a bit painful too but seeing a leftist squeal about theirs warms my heart a bit.


Hopefully the corporate tax cuts will be renewed, but at least Trump didn't set the personal ones to expire in 8 years as some sort of shock collar on voting at the end of his second term.

Just a man standing between you and those out to get you.
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BusterAg
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In reply to Bubblez • 1:21a, 4/15/22
AG
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced
That's such a one-sided view.

What about the people who the economic system is benefiting an aweful lot from?

You think Bezos spends his life fortune on a crackpot online bookstore if the most he would ever gain from it was a $200,000/yr salary? You don't think that people like Steve Jobs should be insanely wealthy for the amount of convenience he helped bring to the world?

Or does the tech industry get a pass on billionaires.

Who is going to pay people to take financial risks to do things like, I dunno, drill oil wells? Those cost money and are risky. Lost of people lose their fortunes in that industry. A friend of mine went from a net worth of 9 figures to 7 figures in just a couple of years in that industry, and he is not an outlier.
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BusterAg
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In reply to APHIS AG • 1:26a, 4/15/22
AG
APHIS AG said:
Bubblez said:
Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.
And I have been paying this for the last ten years for the same reason. I have added extra on my other incomes but this still gets me.
I get paid big checks very infrequently. I probably clear 4 checks from clients a year.

My goal is always to pay just enough that my underpayment penalty is $10s. That is the goal.

One thing I do is that I have a 401k with enough in it, that every year I roll what I can into a Roth IRA. Schwab always withholds 10%, but I roll the whole amount over, backfilling with cash that came in from one of those big checks. That counts as an FIT payment on the day of the withholding, but I get the benefit of moving max money into a Roth as part of that payment.
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Ulysses90
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In reply to Bubblez • 5:59a, 4/15/22
AG
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced


It isn't the people that make more than you whao aren't paying their fair share. It's the people who make less that aren't paying anything.

Middle class Marxists that ***** about the wealthy not paying their fair share of taxes and the are strangely oblivious to the 47% that pay ZERO federal income tax. Lenin had a name for such complainers, he called them useful idiots. You complain about the top 1% that actually contribute over 50% of all income tax revenues but give a pass to the entitlements lass that consume all the social programs while skating. Even those who make very little must have real skin in the game. Simply not making a lot of money doesn't mean someone has skin in the game.
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B-1 83
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In reply to Bubblez • 6:09a, 4/15/22
AG
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced
I thought only the rich owned stocks and had capital gains…. By the way, the top 10% or earners still pay over 70% of income taxes.
Being in TexAgs jail changes a man……..no, not really
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ProgN
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In reply to Bubblez • 6:23a, 4/15/22
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced



Letting envy consume you is no way to go through life. Marxism doesn't raise everyone up, it pulls everyone down except for the elite. Spoiler alert, you wouldn't be one of the elite under Marxism and your life would be exponentially worse than it is now.
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gig em 02
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In reply to Bubblez • 6:38a, 4/15/22
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced


If we are paying based on benefits from the system why does over half the country pay 0 when they should be paying 100%?

You aren't a Marxist, you're just greedy and lazy
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gigemhilo
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In reply to Bubblez • 7:05a, 4/15/22
AG
Bubblez said:
Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.
Im sorry, but it does not favor the wealthy. 57% of taxpayers that didnt pay tax in 2020 say otherwise.
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BusterAg
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In reply to B-1 83 • 7:08a, 4/15/22
AG
B-1 83 said:
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced
I thought only the rich owned stocks and had capital gains…. By the way, the top 10% or earners still pay over 70% of income taxes.
I'll bet you an ETH it's crypto related.
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Marcus Brutus
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In reply to Bubblez • 7:09a, 4/15/22
In your case, I'm sorry it wasn't a whole lot heavier penalty. Also, since you obviously don't know how to do taxes, hire an accountant.
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gigemhilo
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In reply to Bubblez • 7:09a, 4/15/22
AG
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced



I agree - they aren't balanced at all. What effective percentage did you pay?
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Marcus Brutus
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In reply to Bubblez • 7:11a, 4/15/22
Bubblez said:
Ellis Wyatt said:
Fedup said:
Yes agree. But if you think you're middle class, then this admin thinks you're part of the entitled rich.
The OP fully supports this regime. He thinks they aren't marxist enough.


The current tax policy is very much where Trump left it.

And yes, if Marxism means the wealthy pay according to how much they benefit from this economic system, then call me a Marxist. The scales are no where close to being balanced


LOL, blame Trump because you don't understand how to pay what you owe.

Typical liberal.
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redcrayon
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In reply to Bubblez • 7:11a, 4/15/22
AG
Bubblez said:
Capital gains hit me quite hard and the IRS isn't happy with how much tax was withheld. So I got dinged with an underpayment penalty. That is just rubbing salt into the wound.

The whole tax system really still favors the wealthy. No way should the middle class be paying so much.

How much was the penalty?
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gigemhilo
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In reply to bmks270 • 7:11a, 4/15/22
AG
bmks270 said:
Isn't the penalty pretty minor?
it's essentially interest for not paying enough in through the year.
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