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.
Whew! Taxes were not as bad as feared.
February 11th, 2008 at 12:31 am
February 17th, 2008 at 12:58 pm 1203253120
How's it going otherwise?? I don't want to lose you around here - reading your blog keeps me inspired!!