2022 (for 2021) Income Tax Thread

[tokamak 6452]

On 4/14/2022 at 9:21 PM, tfoolry said:

I owe $1,300 federal taxes for 2021 as my employer didn’t withhold enough since I increased my 401(k) contribution.   I’ve already increased my employer withholding for this year but turbo tax says I need to make quarterly payments to IRS starting tomorrow.  Will I get penalized if I don’t make those even though employer is now withholding more to cover this years estimated taxes?

My wife is a straight W-2 employee but her compensation is all over the place from year-to-year (sales), so accordingly our tax return is all over the place from year to year. I always just throw those quarterly payment stubs that TurboTax prints out straight into the trash. I'll write you a letter from federal prison if that strategy ever catches up with me.

[Parliament 14357]

I'll take care of your wife if it comes to that.

[deadshank 24653]

One week after having the new CPA firm do the corporate taxes, K1s, TX Franchise tax for one of my operations the guy in charge of our file dies of heart attack.

Coincidence?

I guess the job was too taxing.

[NeverMarryAStripper 22002]

That usually triggers an IRS audit of all of his clients

 

[Moby Ric 2058]

16 hours ago, deadshank said:

One week after having the new CPA firm do the corporate taxes, K1s, TX Franchise tax for one of my operations the guy in charge of our file dies of heart attack.

Coincidence?

I guess the job was too taxing.

Do you have any business affiliations with the Clintons?

[deadshank 24653]

7 hours ago, Moby Ric said:

Do you have any business affiliations with the Clintons?

Let me ask Hillary and I’ll get back to you 

[Spur08 382]

So, I fucked up.  I got PRK (eye surgery) the Thursday before Tax Day.  The recovery, while still ongoing, was pretty shitty for the better part of a week.  I'm talking I couldn't see the text on my phone in front of my face....blind as hell.  While in that joyous experience, I totally forgot to submit my taxes (I was waiting on a K-1) and then realized it that Wednesday.  I did owe a few grand and paid it on submission, but I'm wondering what kind of shit show I should expect from the IRS?  Since I didn't file an extension, nor the K-1 I expect there to be a problem.  I absolutely will owe some money on that K-1 as an asset was sold last year with several grand in profit.  How bad could this get?

[DalTxHornFan 3121]

14 minutes ago, Spur08 said:

So, I fucked up.  I got PRK (eye surgery) the Thursday before Tax Day.  The recovery, while still ongoing, was pretty shitty for the better part of a week.  I'm talking I couldn't see the text on my phone in front of my face....blind as hell.  While in that joyous experience, I totally forgot to submit my taxes (I was waiting on a K-1) and then realized it that Wednesday.  I did owe a few grand and paid it on submission, but I'm wondering what kind of shit show I should expect from the IRS?  Since I didn't file an extension, nor the K-1 I expect there to be a problem.  I absolutely will owe some money on that K-1 as an asset was sold last year with several grand in profit.  How bad could this get?

Failure to file penalty is likely coming up.  You might have a shot at getting a break for your particular medical circumstances.  But if you have a clean history with them, a "First Time Penalty Abatement" might be your best shot.  Good luck.

[CooterBrown 18042]

Failure to file penalty is likely coming up.  You might have a shot at getting a break for your particular medical circumstances.  But if you have a clean history with them, a "First Time Penalty Abatement" might be your best shot.  Good luck.

Not necessarily.

For 2020, I filed on time and the IRS cashed my check. Around November, I got a letter from the IRS that I hadn’t filed my taxes at all. I called them and was given another 60 days to submit my tax forms. There was never a hint of a penalty. He said they had a 2+ years worth of tax forms to process. They may not have the man power to deal with anything except really profitable audits.

[Kennythetiger 9492]

Have had very good luck combining DalTx and Cooter’s advice. Be very polite on the phone when you call and ask for your one-time abatement. Seems like the IRS is so back-logged that giving you the abatement takes one more matter off of their desk too.