6 ms·

I get where you are coming from. What if I have a baby in January or February? Then I would qualify for a deduction and then I am indeed overpaying them. What

I get where you are coming from. What if I have a baby in January or February? Then I would qualify for a deduction and then I am indeed overpaying them. What if I lose my job? or get a job that is less money? It's not their money unless I earn the money to pay them, IMHO. It should go both ways.....why can't I ask them to estimate a refund then and give it to me in advance?

wycy 8y ago
> why can't I ask them to estimate a refund then and give it to me in advance? You sort of can, by adjusting your withholding.
- jason_slack 8y ago
  true, I could with hold like Married, 9, lol. But then if I did that and at year end didn't have enough taken I would still face a penalty. It feels like taxpayers just have to take it.
lukeqsee 8y ago
> It's not their money unless I earn the money to pay them, IMHO. Of course—and in my understanding estimates account for this. If you earnings diverge such that you will not owe that money in the end, you don't have to pay it and won't face a penalty, as long as you've paid a certain percentage of your year-end tax liabilities. And to be clear, I'm not arguing from principle. They should make it much easier and straightforward to pay and understand taxes regardless employment arrangement. However, in practice, they view estimated taxes (quarterly) or paycheck withholdings as required payments or they will levy penalties. :-)
- jason_slack 8y ago
  I feel you. I'm not trying to argue with you at all :-) I get both sides of the situation. It just seems the side of the tax payer doesn't matter.
Steuard 8y ago
For several years in grad school I had income that varied significantly in different parts of the year (I got a large scholarship check as a lump sum). So every year, I had to fill out some obnoxious, moderately complicated form detailing my month-by-month income and calculating the estimated tax that I needed to pay each quarter. Upshot: the tax system does allow for changing circumstances and won't penalize you for not foreseeing them in advance, but it does make your taxes a lot more complicated.
tathougies 8y ago
You can change your withholding at any time by filing a w 9 with your employer. Certainly for life events like a child, this is possible.

wycy 8y ago

> why can't I ask them to estimate a refund then and give it to me in advance? You sort of can, by adjusting your withholding.

jason_slack 8y ago
true, I could with hold like Married, 9, lol. But then if I did that and at year end didn't have enough taken I would still face a penalty. It feels like taxpayers just have to take it.

lukeqsee 8y ago

> It's not their money unless I earn the money to pay them, IMHO. Of course—and in my understanding estimates account for this. If you earnings diverge such that you will not owe that money in the end, you don't have to pay it and won't face a penalty, as long as you've paid a certain percentage of your year-end tax liabilities. And to be clear, I'm not arguing from principle. They should make it much easier and straightforward to pay and understand taxes regardless employment arrangement. However, in practice, they view estimated taxes (quarterly) or paycheck withholdings as required payments or they will levy penalties. :-)

jason_slack 8y ago
I feel you. I'm not trying to argue with you at all :-) I get both sides of the situation. It just seems the side of the tax payer doesn't matter.

Steuard 8y ago

For several years in grad school I had income that varied significantly in different parts of the year (I got a large scholarship check as a lump sum). So every year, I had to fill out some obnoxious, moderately complicated form detailing my month-by-month income and calculating the estimated tax that I needed to pay each quarter. Upshot: the tax system does allow for changing circumstances and won't penalize you for not foreseeing them in advance, but it does make your taxes a lot more complicated.

tathougies 8y ago

You can change your withholding at any time by filing a w 9 with your employer. Certainly for life events like a child, this is possible.