Have a Tax Question? Ask a Tax Expert
No mortgage interest, advelorem taxes dependent children?
Use those as the only itemized deductions .. and no pre-tax contribuitons to qualified plans ... and no withholding:
Thanks. Let me double check with you.
ok. let me double check again for clarity
Sure, no Children, didn't add in things like car and personal property ad velorem tax ... also not the the personal exemption starts to be phased out because of the high income level
also, assumed no extra exemption for over age 65
no mortgage interest
but broad brush, that's about right ; 33% marginal, but 25% effective
Shall I list the assumption more concisely here?
I can asl re-paste the results if that helps
thanks. let me give you more information. my salary is 150k and contribute 17,500 to my 403b and pay about 5000 for blue cross for my wife and me (my work pays 5000 too). I am 44 and my wife is 31. We have no kids. but this year, i took a consulting job and made 210000 extra. i have already paid the feds 66000 estimated and 11000 to the state. we will pay 10000 mortgage interest and 3000 for real estate taxes. have i paid too much estimated? yes more detail would be great
OK great hang on
I live in massachusetts
ok, now first, 360 is the 150k +210K 17300 is reducing taxable ... and this model desn't handle state (other than including it as an itemized deduction on the federal ...
And you'll have to bet the estinated (plus any withholding against that 77,704)
NOW that you've given me state... let me use a different model
Just one more minut here
my wife makes 40k too
ok do you have withholding for you and/or her?
I have your estimated 60,000 and 11,000, but what about W-2 withholding
not with me, but we don't do anything special. Can we assume 25% or so was withheld from each of our salaries.
sure, just a sec ... probably pretty close
Thanks at the end of the day. I was guessing 97K taxable, about 40k withheld from our salaries, and paid 66000 to the feds. looks like I overpaid or in very good shape?
Yes definitely .. the withholding takes you over the top for a refund... the medi I use for feral and state is hanging up a bit oooone more minuts.. I'd like to give you the detailed output
cool. thanks. standing by.
This is the H&R Block estimator... we may have overestimated withholding
I will get 71k back?
Again , we may have overestimate the withholding on nyour 150,000 and your wife's 40,000 by using a 25% assumption
Here's where I thing you really are , in simpler terms
ok. standing by. thats seems too high.
yep, sorry the model I normally use that does both bstate, federal AND integrates is updating but if you'll let me play with that one just one more minutsee this (assuming NO estimated or withholding .. so just simply add the 60,000 plus whatever a real withholding number to that analysis as an offset
Npw, 60,000 plous only 32,000 more is break-even
Further that would be a 16.8% withholding rate on the 190,000
So of you ar withholding at 16.8 (probably VERY realistic, you're at breakeven)
excellent. so 92k liability and i have paid 66k. then 26k left over. if 16%withholding then 30k withheld.
so breakeven right now.
Yes, check the withholding to see for sure
But at you income levels 16% is probably conservative
If you'd like I can move us to the Q&A mode .... not a real-tie chat but the questions will stay open and I can wait for the model I use to come back onine and give you a very detailed quote... you could also be checking on your exact withholding in the mean time
I think I am ok. I don't have access to my taxes.
But I can tell you last year that we got about a 5000 refund and that was just our plain old salaries. it is this extra 210k that is new. i picked 32% for estimating the feds and 5.5% for massachusetts.
Your intuition is good ... probably conservative
your marginal IS at 33 but your effective, given deductions, exemptions is more like 25%
ok. i am good. thanks lane. have a good night
So Sorry, the model gets this far:Federal Married $400,000.00 $7,600.00 $23,000.00 N/A $91,920.00Massachusetts Married $400,000.00 $8,800.00 N/A N/A $11,000.00And then just stalls... I get this error: "There was an error loading the calculator! Please try again. If the problem persists, please contact us and let us know."If you'd like to try, (when it, working it's an excellent resource)... here's the site: http://www.tax-rates.org/income-tax-calculator/But again, if you can get the withholding we're very closeIf the withholding was at least 32000 you'll be getting a refundLaneAny luck on pulling the withholding to date?
thanks. I am traveling but will send tomorrow. thanks chris
I have had 22K withheld from my federal taxes with a federal taxable of 114.6K. So about 20%.
( am playing catch-up on maxing my 403b. Somehow I was not having the amount removed for each paycheck to get to 17.5K. Right now, I am at 12K but I have bumped my withdrawal for the last periods to get to 17.5K). If thats the case, the tax withheld should be a bit higher.
Lets assume my wife is the same and that should be it.