[OT] I'm In Shock!

We just got back from H&R Block. We owe *FOUR THOUSAND SIX HUNDRED DOLLARS*
to the IRS! thud

--
Hugs,

CatNipped
http://www.PossiblePlaces.com/CatNipped/

CatNipped wrote:
We just got back from H&R Block. We owe *FOUR THOUSAND SIX HUNDRED
DOLLARS* to the IRS! thud

Oh, that SUCKS! Mega purrs from Persia, gentle birdie chirps from Peaches
and my version of prayers for you.

Jill (doesn't want to think about next years taxes since she's been dipping
into her IRA - granted, article 590 says I can in my circumstances but they
will find a way to screw me)

"jmcquown" wrote in message
. ..
CatNipped wrote:
We just got back from H&R Block. We owe *FOUR THOUSAND SIX HUNDRED
DOLLARS* to the IRS! thud

Oh, that SUCKS! Mega purrs from Persia, gentle birdie chirps from Peaches
and my version of prayers for you.

Jill (doesn't want to think about next years taxes since she's been
dipping
into her IRA - granted, article 590 says I can in my circumstances but
they
will find a way to screw me)

That's what killed us. We had huge credit card bills so we figured we'd get
some money out of the IRA to pay them off and save all those interest
charges. So we got $26,000 out and held out almost $6,000 for taxes for
that. But on *TOP* of that the IRS charged us a $2,600 penalty!!!! The
freaking government is charging us for using our own freaking
money!!!!!!!!!!!!!! AAAAARRRRRRRRGGGGGGGGGGHHHHHHHHHHHHH!!

Hugs,

CatNipped

CatNipped wrote:
"jmcquown" wrote in message
. ..
CatNipped wrote:
We just got back from H&R Block. We owe *FOUR THOUSAND SIX HUNDRED
DOLLARS* to the IRS! thud

Oh, that SUCKS! Mega purrs from Persia, gentle birdie chirps from
Peaches and my version of prayers for you.

Jill (doesn't want to think about next years taxes since she's been
dipping into her IRA - granted, article 590 says I can in my
circumstances but they will find a way to screw me)

That's what killed us. We had huge credit card bills so we figured
we'd get some money out of the IRA to pay them off and save all those
interest charges. So we got $26,000 out and held out almost $6,000
for taxes for that. But on *TOP* of that the IRS charged us a $2,600
penalty!!!! The freaking government is charging us for using our own
freaking money!!!!!!!!!!!!!! AAAAARRRRRRRRGGGGGGGGGGHHHHHHHHHHHHH!!

Hugs,

CatNipped

Yeah, BUT, IRA's are funds set aside pre-taxes. When I got my partial
distributions I had them withhold tax. I also talked with my tax advisor
AND with an IRS Rep. I'm unemployed, my sole income is ME and I have
medical expenses so I allegedly qualify for partial distributions without
the penalty for early withdrawal. We shall see next year.

I'm still sorry to hear you got hit so hard. That sucks. They really
shouldn't tax retirement savings, IMHO.

Jill

jmcquown wrote:
Yeah, BUT, IRA's are funds set aside pre-taxes. When I got my
partial
distributions I had them withhold tax. I also talked with my tax
advisor
AND with an IRS Rep. I'm unemployed, my sole income is ME and I have
medical expenses so I allegedly qualify for partial distributions
without
the penalty for early withdrawal. We shall see next year.

I'm still sorry to hear you got hit so hard. That sucks. They
really
shouldn't tax retirement savings, IMHO.

Jill

I don't have any problem with it. Look at how many people can't afford
an IRA at all...it's pretty much a luxury.

I don't really understand why people complain about having to pay taxes
at the end of the year when they have underpaid. Your witholding is
under your control and it's not that difficult to figure out how much
you should have withheld, to break even.

-L.

-L. wrote:
jmcquown wrote:
Yeah, BUT, IRA's are funds set aside pre-taxes. When I got my
partial distributions I had them withhold tax. I also talked with
my tax advisor AND with an IRS Rep. I'm unemployed, my sole income
is ME and I have medical expenses so I allegedly qualify for partial
distributions without the penalty for early withdrawal. We shall
see next year.

I'm still sorry to hear you got hit so hard. That sucks. They
really shouldn't tax retirement savings, IMHO.

Jill

I don't have any problem with it. Look at how many people can't
afford an IRA at all...it's pretty much a luxury.

It's not a luxury. I've paid into the Social Security system for 25 years
but it's doubtful I'll get enough back to be able to live on the "pension"
they give me in 20 years. The IRA I have was a 401K provided by my employer
but the money that went into it came out of my blood sweat and tears.

I had it "rolled over" into an IRA when I lost my job a year ago. Again, I
paid into that fund with my own hard-earned money; it came out of my
paycheck. It's *my* money. I have no problem paying taxes on it. But you
should be able to use it when needed without being hit with a double-whammy
called a "penalty" for early withdrawal *after* electing to pay the taxes on
it up front when you need to use some of it.

Jill

I don't really understand why people complain about having to pay
taxes at the end of the year when they have underpaid. Your
witholding is under your control and it's not that difficult to
figure out how much you should have withheld, to break even.

-L.

"-L." wrote in message
ups.com...

jmcquown wrote:
Yeah, BUT, IRA's are funds set aside pre-taxes. When I got my
partial
distributions I had them withhold tax. I also talked with my tax
advisor
AND with an IRS Rep. I'm unemployed, my sole income is ME and I have
medical expenses so I allegedly qualify for partial distributions
without
the penalty for early withdrawal. We shall see next year.

I'm still sorry to hear you got hit so hard. That sucks. They
really
shouldn't tax retirement savings, IMHO.

Jill

I don't have any problem with it. Look at how many people can't afford
an IRA at all...it's pretty much a luxury.

A luxury??! Social Security doesn't cover retired people's expenses *now*,
and we'll be lucky if the SSA is not bankrupt by the time we're ready to
retire!! We do without a *lot* of things in order to put money away for
retirement.

I don't really understand why people complain about having to pay taxes
at the end of the year when they have underpaid. Your witholding is
under your control and it's not that difficult to figure out how much
you should have withheld, to break even.

For one thing, tax laws have changed so much that it is *not* easy to figure
out what you should withhold. For another, if it were *just* taxes that we
owed, that was not taken out during the year, it wouldn't have been even
half that much. But it was *penalties* that we were told by our IRA
financial institute would *not* apply, but which actually *did* apply, *and*
penalties on top of that for not paying *those* penalties by a certain date
that did us in.

Hugs,

CatNipped

-L.

On Wed, 13 Apr 2005 20:17:18 -0500, "CatNipped"
wrote:

"jmcquown" wrote in message
...

Jill (doesn't want to think about next years taxes since she's been
dipping
into her IRA - granted, article 590 says I can in my circumstances but
they
will find a way to screw me)

That's what killed us. We had huge credit card bills so we figured we'd get
some money out of the IRA to pay them off and save all those interest
charges. So we got $26,000 out and held out almost $6,000 for taxes for
that. But on *TOP* of that the IRS charged us a $2,600 penalty!!!! The
freaking government is charging us for using our own freaking
money!!!!!!!!!!!!!! AAAAARRRRRRRRGGGGGGGGGGHHHHHHHHHHHHH!!


Makes me glad I'm having them hold 10% for the early withdrawal
penalty and another 15% for taxes whenever I've dipped into my
IRA/401K. Good old Infernal Revenue Service.

The only good thing about April 15 is that it's a certain someone's
purrday.



Jeanne Hedge, as directed by Natasha

============
http://www.jhedge.com

"Jeanne Hedge" wrote in message
...
On Wed, 13 Apr 2005 20:17:18 -0500, "CatNipped"
wrote:

"jmcquown" wrote in message
...

Jill (doesn't want to think about next years taxes since she's been
dipping
into her IRA - granted, article 590 says I can in my circumstances but
they
will find a way to screw me)

That's what killed us. We had huge credit card bills so we figured we'd
get
some money out of the IRA to pay them off and save all those interest
charges. So we got $26,000 out and held out almost $6,000 for taxes for
that. But on *TOP* of that the IRS charged us a $2,600 penalty!!!! The
freaking government is charging us for using our own freaking
money!!!!!!!!!!!!!! AAAAARRRRRRRRGGGGGGGGGGHHHHHHHHHHHHH!!


Makes me glad I'm having them hold 10% for the early withdrawal
penalty and another 15% for taxes whenever I've dipped into my
IRA/401K. Good old Infernal Revenue Service.

But that's what we withheld - 26%. And they charged us $2,600 on *top* of
that!

The only good thing about April 15 is that it's a certain someone's
purrday.

Happy purrday!

Hugs,

CatNipped

Jeanne Hedge, as directed by Natasha

============
http://www.jhedge.com

On Wed, 13 Apr 2005 20:43:41 -0500, "CatNipped"
wrote:

"Jeanne Hedge" wrote in message
.. .


The only good thing about April 15 is that it's a certain someone's
purrday.

Happy purrday!


Not mine! That's not for a while yet.

But I'll be sure to let you all know to whom the appropriate greetings
may be directed when the day comes around ^.^




Jeanne Hedge, as directed by Natasha

============
http://www.jhedge.com