Tax question?

LOL.. ah… OK

Disagree.  He is likely buying the narrative that many Americans don’t pay any income taxes because they aren’t required to file an income tax return.  Or, to put it another way, he believes the only income taxes any of us pay is solely reflected on our own individual income tax returns.

Oh.. I think he knows how it works, he just said the quiet part out loud. LOL

Just another guy, like many of us, who doesn’t understand how the tax system works.

I think you’re correct on that Dave lol

Doesn’t sound like a winning campaign strategy!!

I don’t know, but I am thinking he might have a difficult time winning his election with talk like this. LOL.

Middle Class does not pay fair share…

Mike Gibbons

As far as getting a question answered form the IRS good luck. They said on the news this morning the IRS is only answering 20% of the phone calls they're getting???

n. pike --- Who must file Federal Form 1040 https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

Who must file Wisconsin Form 1 https://www.revenue.wi.gov/TaxForms2021/2021-Form1-Inst.pdf

See pages 9-12 of the IRS pdf above and pages 3-4 of the Wisconsin pdf.

Individuals with ONLY a few thousand dollars of earned income don't have to file.  However, sometimes those individuals have too much unearned income from investment accounts set up by parents or grandparents.  Therefore, it is always best to review the requirements.

My then 17 year old finally had to file for the first time due to investment income this year.  But, he would have filed anyway since he had over $100 of tax withholding from his job.

Went through that a number of years ago with my son…

If I recall, the threshold for having to file for the State is 2k.

From a Federal standpoint your good…

I think taxes are Wacky Rigs and The Dudes craft, they’ll likely have a better answer!

I can't be the only one with a teenager who made about 2,000 dollars working last summer. 

So, she has no federal or state tax withheld? Do I still need to file for her? 

They’ll be keeping a close eye on you now Brent   

Every year I try to be close, so I either get a very small refund, or owe just a few bucks…

A few years back my accountant told me I owed 18 to the IRS, and put a voucher and envelope in my  tax folder, and told me to write a check when I got home.

I ended up filing it away, and forgot all about it.

Fast forward two years, and I had to reference my old taxes for something, and noticed the envelope, and realized that I never paid. 

I was a little freaked out, as the IRS isn’t known for forgiveness or understanding lol

At any rate, I called them and let them know of my mistake, and with fines, penalties, and interest, I owed around 150 bucks.  I wrote them a check, but thought about what a person would owe if they forgot to claim 1,000 in misc income, or had a math error or something!  I ended up paying them around 8 times what I originally owed…

Also, they told me they went very easy on me because the issue was self reported, and  it wasn’t the result of an audit!

I think it was a SNAFU. Happens to the Government all the time. 

Not really a question just a issue I had. Last fall I get a letter from the IRS telling me I had a mistake on my return and owe them just over $500. It had to do with our medical insurance and my wife changing half way through the year when she went on Medicare.

OK, so I look over what I did and find the mistake and send them the check. Yesterday I get a check from the IRS (5 months later) telling me I over paid. It was the exact amount I sent them. Sure gives you confidence in yet another government ran program.

Wacki, I was never a fan of it either. It just worked out that were were fortunate enough to be in the right financial circumstances to take advantage and retire three years sooner than planned, without having to tap in to our tax deferred retirement accounts.