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Whew! Taxes were not as bad as feared.

February 10th, 2008 at 04:31 pm

Good news after our first pass through TurboTax. I had feared we were in big trouble after under-withholding CA state tax, and did what I could by sending in a big check for estimated state taxes on Jan 17. Right now it looks like we will owe about $1000 in federal taxes, and will get a rebate from the state for about $1200. The penality was only $36.

I've got some stock basis to figure out, and also need to open a SEP-IRA, so the news may get better yet.

It was kind of interesting to do a what-if to see what would've happened if I hadn't started consulting. We would've had very large refunds -- $6,600 federal and $3,300 state.

1 Responses to “Whew! Taxes were not as bad as feared.”

  1. luxlivingfrugalis Says:

    Great job getting that estimated in then!

    How's it going otherwise?? I don't want to lose you around here - reading your blog keeps me inspired!!

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