Tax Owed

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Tax Owed

Postby Bohemian Raspberry » Wed Jun 19, 2019 9:50 pm

What has everyone owed in taxes in the past? I am budgeting my stipend and need to know how much to set aside. I have seen numbers as high as $12,000 in the forum, but a lot more on the sub $6,000 side.
Bohemian Raspberry
 

Re: Tax Owed

Postby Tax Cuts » Thu Jun 20, 2019 12:08 am

Bohemian Raspberry wrote:What has everyone owed in taxes in the past? I am budgeting my stipend and need to know how much to set aside. I have seen numbers as high as $12,000 in the forum, but a lot more on the sub $6,000 side.


Not entirely sure. My CPA calculated me owing around 5k, but after paying it the IRS issued a correction notice and refunded me a good chunk of that money.

With the recent tax law changes I believe taxes on the stipend are a lot less than before.
Tax Cuts
 

Re: Tax Owed

Postby guest50 » Thu Jun 20, 2019 11:30 am

Bohemian Raspberry wrote:What has everyone owed in taxes in the past? I am budgeting my stipend and need to know how much to set aside. I have seen numbers as high as $12,000 in the forum, but a lot more on the sub $6,000 side.


I paid about $4,500
guest50
 

Re: Tax Owed

Postby taxes » Thu Jun 20, 2019 8:16 pm

I have a little bit of other self-employment income, and subsequently my own expenses I can deduct like travel etc. but I owed about 3k this year.
taxes
 


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