Doravaru Posted March 12, 2018 Author Report Posted March 12, 2018 5 minutes ago, alooparata said: afterall 2k ki intha hadavidi aa ? I know ppl who pay 8k-10k as tax dues. you and your wife income aithe, obviously both w2 incomes fall under higher tax bracket. Only thing you need to do is reduce your taxable income by doing any of the following - 1) Max out all of the 401k (you and your wife both) 2) or Buy a home (mortgage interest and property taxes can be shown as tax breaks which reduces your taxable income) 3) invest in IRA if you haven't already afterall 2k bro neeku... naaku adi burden.. married single income family maintenance is little hard with low salaries.. andulo malli pay cheyyali antey kastha aalochinchaali ... oke sari 2k is more for me.. so i am thinking of payment options... Quote
alooparata Posted March 12, 2018 Report Posted March 12, 2018 59 minutes ago, Doravaru said: afterall 2k bro neeku... naaku adi burden.. married single income family maintenance is little hard with low salaries.. andulo malli pay cheyyali antey kastha aalochinchaali ... oke sari 2k is more for me.. so i am thinking of payment options... oh ok I made this comment thinking you and wife are working. So, in your case check IRS for correct tax withholdings https://www.irs.gov/pub/irs-pdf/fw4.pdf Are you investing in IRA or 401k ? Quote
krishna0125 Posted March 12, 2018 Report Posted March 12, 2018 1 hour ago, BostonBullodu said: w4 lo iddaru working with no kids ayithe 0 pettali so that neeku monthly pay takkuv vasthadi so at the end of year nee tax returns ekkuva return kattadam undadu.... confirmed with employer and other experts... Can we put '0'? I always put '1' in my w4 and my wife w4. but still we end with 5-6K pay to IRS at end of the year.. Quote
Doravaru Posted March 12, 2018 Author Report Posted March 12, 2018 20 minutes ago, alooparata said: oh ok I made this comment thinking you and wife are working. So, in your case check IRS for correct tax withholdings https://www.irs.gov/pub/irs-pdf/fw4.pdf Are you investing in IRA or 401k ? yeah.. konchem chestunna to get my companies share of 3% into 401k bro... maa dantlo nen invest chestene company chestadi dollar to dollar upto 3 %.. so danikosam oka 3% pettina settings lo... Quote
Spartan Posted March 12, 2018 Report Posted March 12, 2018 17 minutes ago, Doravaru said: yeah.. konchem chestunna to get my companies share of 3% into 401k bro... maa dantlo nen invest chestene company chestadi dollar to dollar upto 3 %.. so danikosam oka 3% pettina settings lo... go for higher contribution from ur side to reduce ur tax burden and bracket. rough ga tax bracket oka level kindaki vachettu chusko. and 2018 lo, i think ur tax bracket will get lowered for sure. due to the latest tax plans. planning seskoval vayya... coming to ur current situation, 2K unte kattei. ledante extended plan tesko october varaku time istadu kattadaniki IRS vadu Quote
phatposts Posted March 12, 2018 Report Posted March 12, 2018 Check what your eligible IRA amounts are. 2017 ki cutoff Apr 2nd week 2018. This will be very beneficial for you. Seriously consider that. 2K mottam pay chese kanna, IRA lo 4K pettukovadam much better. Last but not least, pay off IRS. Payment plan is not recommended with IRS. Interest koncham padutundi. Payments plans lo mottam kattaka pote penalities tho ready gaa untaru. Quote
Doravaru Posted March 12, 2018 Author Report Posted March 12, 2018 1 hour ago, phatposts said: Check what your eligible IRA amounts are. 2017 ki cutoff Apr 2nd week 2018. This will be very beneficial for you. Seriously consider that. 2K mottam pay chese kanna, IRA lo 4K pettukovadam much better. Last but not least, pay off IRS. Payment plan is not recommended with IRS. Interest koncham padutundi. Payments plans lo mottam kattaka pote penalities tho ready gaa untaru. ee IRA lo ippudu pedithey next year taxes lo tagguthada or ippudu emaina change untada .?? give some details bro thanks @phatposts Quote
phatposts Posted March 12, 2018 Report Posted March 12, 2018 24 minutes ago, Doravaru said: ee IRA lo ippudu pedithey next year taxes lo tagguthada or ippudu emaina change untada .?? give some details bro thanks @phatposts IRA lo invest cheste taggutundo ledo first check chesuko. Max eligible tax deductible is UP TO $5500. Mee case lo meeku enta eligible oo check it. Then you can put up to that amount (let us say $4000) in an IRA Account for year 2017. Next year ki same malli. For example, in my case I max out my 401K, me & wife pay most of the taxes ahead and end of the year if there is something we can put in IRA to lower the taxes, wife invests in IRA around March every year depending on our tax situation. Wife doesn't have 401k. Else it would have been beneficial. Quote
BostonBullodu Posted March 12, 2018 Report Posted March 12, 2018 29 minutes ago, Doravaru said: ee IRA lo ippudu pedithey next year taxes lo tagguthada or ippudu emaina change untada .?? give some details bro thanks @phatposts IRA lo ippude tagguthadi make sure you understand IRA before you contribute... like IRA lo entha kattachu entha teeyachu teesthe entha tax kattali eppudu teeyachu etc... Quote
BostonBullodu Posted March 12, 2018 Report Posted March 12, 2018 3 hours ago, krishna0125 said: Can we put '0'? I always put '1' in my w4 and my wife w4. but still we end with 5-6K pay to IRS at end of the year.. that's what mesthri said..... Quote
Quickgun_murugan Posted March 12, 2018 Report Posted March 12, 2018 5 hours ago, Doravaru said: ee sari tax returns lo nenu oka $2000 kattalsostundi (fed & state kalipi) is there any way that I can reduce the amount. or if I have to pay that.. can I ask for a payment plan? IRS payment plans isthada?? process enti? emaina penalties untaya payment plan teeskuntey? what would you recommend ..?? paying istantly or going with payment plan (if one exists) ?? thanks guys @k2s @Quickgun_murugan @Spartan @mustang302 @raj_523 nee W4 lo 0 or 2 pettu... contribute more towards your 401K so that your tax bracket changes or make a Roth IRA and contribute to it.. HSA or FSA lo konchem pampu... check your allowances and exemptions once ... and keep it minimal.. Quote
Quickgun_murugan Posted March 12, 2018 Report Posted March 12, 2018 8 minutes ago, phatposts said: IRA lo invest cheste taggutundo ledo first check chesuko. Max eligible tax deductible is UP TO $5500. Mee case lo meeku enta eligible oo check it. Then you can put up to that amount (let us say $4000) in an IRA Account for year 2017. Next year ki same malli. For example, in my case I max out my 401K, me & wife pay most of the taxes ahead and end of the year if there is something we can put in IRA to lower the taxes, wife invests in IRA around March every year depending on our tax situation. Wife doesn't have 401k. Else it would have been beneficial. Quote
Doravaru Posted March 16, 2018 Author Report Posted March 16, 2018 On 3/12/2018 at 2:32 PM, Quickgun_murugan said: nee W4 lo 0 or 2 pettu... contribute more towards your 401K so that your tax bracket changes or make a Roth IRA and contribute to it.. HSA or FSA lo konchem pampu... check your allowances and exemptions once ... and keep it minimal.. okay Quote
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