Funding the Bailout

[shmike]

Originally Posted by Rider

I don't get how people owe so much to the enlivenment. Do you not have taxes taken out of your checks? I consistently get $4-6K back form the IRS every year. Strange because I also end up owing my state a couple hundred.

It depends on your income bracket and your deductions.

The more money you make, the less deductions you get.

I have itemized in the past but as my AGI has gone up, the limitations make it less and less likely to surpass the standard deduction.

As a single filer with no kids or mortgage, I'm lucky if my payroll withhold just barely covers my tax liability. Add in any 1099 income (bonus, dividends, interest, cap gains, 2nd job, etc.) and it pushes you over.

I haven't gotten a refund in 4 years.