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Tax Owed

Posted: Wed Jun 19, 2019 9:50 pm
by Bohemian Raspberry
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.

Re: Tax Owed

Posted: Thu Jun 20, 2019 12:08 am
by Tax Cuts
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.

Re: Tax Owed

Posted: Thu Jun 20, 2019 11:30 am
by guest50
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

Re: Tax Owed

Posted: Thu Jun 20, 2019 8:16 pm
by taxes
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.