Getting $960 tax refund this year after owning $130 last year. What changed?

One name per week. Not a registered user wrote:

Trump is very proficient at bankrupting companies. Guess he is taking a shot at the same for the United States. You better be ready for the economy to tank in late 2021 or 2022. I'm already stockpiling cash to buy up some carnage when it happens.

wait.... you think that when countries go bankrupt their currency becomes more valuable? maybe you ought to look at what happened in venezuela zimbabwe or weimar germany went bankrupt.

One name per week. Not a registered user wrote:

Primo Numero Uno wrote:

This during a time of economic prosperity. Trump will have managed to raise the national dept by almost $5 trillion, roughly 25% in his first 4 years.

https://www.statista.com/statistics/187867/public-debt-of-the-united-states-since-1990/

For a comparison point GDP is growing at less than 3% per year.

Trump is very proficient at bankrupting companies. Guess he is taking a shot at the same for the United States. You better be ready for the economy to tank in late 2021 or 2022. I'm already stockpiling cash to buy up some carnage when it happens.

How long have you been stockpiling cash? You are missing out on huge gains while you wait for a recession that may not even bring us down to where we were when you started stockpiling.

Hicksbuilt wrote:

One name per week. Not a registered user wrote:

Trump is very proficient at bankrupting companies. Guess he is taking a shot at the same for the United States. You better be ready for the economy to tank in late 2021 or 2022. I'm already stockpiling cash to buy up some carnage when it happens.

How long have you been stockpiling cash? You are missing out on huge gains while you wait for a recession that may not even bring us down to where we were when you started stockpiling.

Seriously, if you don't think the recession is coming until 2021/2022 why would you pull out of the market now? That's illogical.

You do have to pay an under payment penalty if you own more than a $1000 (waived if you paid at least 90% of your last year tax, were a farmer, etc, etc, see the IRS pubs). The penalty is 6% of your underpayment. So $120 for you (unless you meet one of the waivers).

I honestly just don't like digging up my bank account info or getting charged a five dollar "processing fee" to pay my taxes. I adjust my roth vs trad contribution so I have a net positive.

Earned income credit lol

blort wrote:

You do have to pay an under payment penalty if you own more than a $1000 (waived if you paid at least 90% of your last year tax, were a farmer, etc, etc, see the IRS pubs). The penalty is 6% of your underpayment. So $120 for you (unless you meet one of the waivers).

I will have to look into that. I knew there was an underpayment penalty, but thought it was more generous with what was allowed. It looks like I'll be getting close to 10% if I underpay $3000 or more.

While we're talking about taxes, is anyone else annoyed that they don't have some of their tax forms yet? I thought it was law that your banks, brokerages, etc had to mail this stuff by the 31st of January.

UsedToBeKnowItAll wrote:

blort wrote:

You do have to pay an under payment penalty if you own more than a $1000 (waived if you paid at least 90% of your last year tax, were a farmer, etc, etc, see the IRS pubs). The penalty is 6% of your underpayment. So $120 for you (unless you meet one of the waivers).

I will have to look into that. I knew there was an underpayment penalty, but thought it was more generous with what was allowed. It looks like I'll be getting close to 10% if I underpay $3000 or more.

While we're talking about taxes, is anyone else annoyed that they don't have some of their tax forms yet? I thought it was law that your banks, brokerages, etc had to mail this stuff by the 31st of January.

The January 31st deadline is only true for some forms. And even if you haven't received forms by the 31st, they're considered on time if they are postmarked by the 31st.

One name per week. Not a registered user wrote:

Trump is very proficient at bankrupting companies. Guess he is taking a shot at the same for the United States. You better be ready for the economy to tank in late 2021 or 2022. I'm already stockpiling cash to buy up some carnage when it happens.

You should be buying farms now. Trump's trade war has caused bankruptcies to spike up 20%.