71–80 of 338 posts
It's pretty dumb that this has an upper income limit that covers plenty of regular W2 wage workers
What is the income limit? The IRS's publication describing the program for 2023 lists a 1099-INT income limit but no W-2 income limit: https://www.irs.gov/pub/irs-pdf/p5917.pdf
As a Brit it's baffling that this is even an issue. I filed my taxes online with HMRC for free this year (we call it Self Assessment), it took 20 minutes, and I received a 4 figure refund in ~2 weeks directly in to my bank account.
the tax difficulty in the US is overstated, we have plenty of services that will let you do it for 20 minutes for free. the most popular one is obnoxious and tries to upsell you often, but there are alternatives and you don't need to pay
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This works against the governments interest, as they'll lose revenue from all the fines they give to people who accidentally fuck up their tax return.
1. It surely costs way more in employee expenses to monitor, correct, and collect such small fines. Plenty of times they'll just let a $200 fine go because it's not worth the effort to collect. 2. Taxes are a means to an end, as is the government. There's no benefit to fining people for clerical mistakes besides encouraging them to not make them. There's no value created by fines. There's no shareholder greedily pock…
2. In an ideal world, yes. In practice, citation needed.
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I do get a 20% bonus at this company and I think it is attributed to that. It was my first time getting that bonus. What do I even do here? Talk to HR? I don't think I can do anything and just suck it up and pay it and expect it next year? I dunno.
Yes, you got a big bonus and it wasn't taxed when you got it. I don't know why you would be confused as to why your liability went up?
Be more condescending though, that's helpful, wise one.
I didn't say I KNEW it was the issue, I said it was potentially that. The IRS doesn't say "Hey you messed up here, fix this, that's the problem." They just send you a bill, which sucks. I had NO information on my $150k house sale tax and had NO idea what information they needed to rectify it.
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It's a huge problem that when the opposition comes into power, they immediately try to revert and undermine what the previous party did. Not because of merit, but just because of partisanship. So you end up with a lot of programs that get started and after a while get repealed or maintained badly. This costs the country a lot of money. The ACA is a classical example. Instead of improving it or proposing a real replac…
In 1991 the ACA was the conservative proposal, but in 2010 when it was passed under the Obama administration it suddenly became communist marxism. Sigh.
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> How volatile is this to the political winds? Very. Had the GOP won the senate in 2022, this would have probably been cut already. Depending on how this November goes the policy could definitely be reversed. > Something like this, in order to be permanent, needs congressional approval. This program did come from Congress. It was apart of the inflation reduction act.
It's a huge problem that when the opposition comes into power, they immediately try to revert and undermine what the previous party did. Not because of merit, but just because of partisanship. So you end up with a lot of programs that get started and after a while get repealed or maintained badly. This costs the country a lot of money. The ACA is a classical example. Instead of improving it or proposing a real replac…
As a Brit it's baffling that this is even an issue. I filed my taxes online with HMRC for free this year (we call it Self Assessment), it took 20 minutes, and I received a 4 figure refund in ~2 weeks directly in to my bank account.
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Your company fucked up by not taking withholding from the bonus.
I do get a 20% bonus at this company and I think it is attributed to that. It was my first time getting that bonus. What do I even do here? Talk to HR? I don't think I can do anything and just suck it up and pay it and expect it next year? I dunno.
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What is the income limit? The IRS's publication describing the program for 2023 lists a 1099-INT income limit but no W-2 income limit: https://www.irs.gov/pub/irs-pdf/p5917.pdf
"You can’t use Direct File if your wages are more than $200,000 ($160,200 if you had more than one employer)." from https://directfile.irs.gov/income
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"You can’t use Direct File if your wages are more than $200,000 ($160,200 if you had more than one employer)." from https://directfile.irs.gov/income
Thanks! It's also weird that that's buried on a webpage that they really don't want you to find anymore and not prominently displayed on the flyer they put out.