Question for those more experienced than I. With so many folks losing their jobs last year and the pause on ss/med taxes I think many more people will owe money this year. I typically end up paying around 4K each year and estimate it will be much higher this year. If we are living with a false government and dc is a foreign and hostile entity wouldn’t something need to happen prior to tax day? TIA and truly looking to get opinions. I’ve been thinking about his for awhile, but haven’t seen conversations on it as is yet.
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I was a commission based job and typically got a sizable amount back. However, I was let go in June of last year. Been on unemployment and have had to take money out of 401k (a couple of times) allowable under covid rules. I couldn’t hop back in to a job right away because I have twins that just started kindergarten. Luckily I live where they go to school in person, but have to pick them up at 2:10 and didn’t have aftercare help right away. Luckily we’re doing ok. But seriously wondering how all the above will affect if I owe or what.
With the unemployment exemption, assuming your withholdings are straight on your retirement distributions, you'll be fine.
I sure hope so! Thanks for the encouragement and positiveness