Home > 2020 Taxes a calculation error.

2020 Taxes a calculation error.

May 20th, 2021 at 05:07 pm

I made a slight error in our 2020 taxes and forgot a few things.  So I'm getting a refund of ~$7k.  That is unusual for us.  Usually we try to owe the government money. I would have preferred the money in our pocked but it is what it is.  Also this year 2021 I know we will get a huge refund more like $10k plus.  I don't know how to fix it either.  DH worked two jobs and with the startup they are just automatically take out the SS so we'll have over paid SS alone $8500.  Then a couple of other things and I think we'll be around $11k overage.  Also since he works for the startup and it's a weird no w4 form but they ask you number of people, deductions, and we qualify for the $3k child tax credit finally, that I am pretty certain that we will hit $10k.  Actually I think that we will be at $13k-$14k.  By my estimate from our withholdings we will be over around $6k but including the overage paid on SS more like $14k.  Since it's a startup using a seperate payroll company and a CEO who doesn't care and wants it simple as possible, we just have to roll with it.

It might even happen next year as well, but we won't have the overage SS at least.  That being said since I know it's being withheld and I'm planning on saving my $7k into our "sink" funds, I was thinking maybe I'll just earmark our overage taxes as savings.

How do you guys adjust what you owe or get back?  Do you normally owe? Or do you normally get a refund?  I like to be within $1000 of oweing.

1 Responses to “2020 Taxes a calculation error.”

  1. Lots of ideas Says:

    I don’t think there is any way around the duplicate Social Security.
    You can reduce your withholding but if tax credits will give you money, there is no way around that.
    At least part of the child tax credit will be paid monthly.

    I try to break even each year, but my income is very predictable,

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]