My firm didn't withhold local taxes from my paycheck and now I owe $11,500 for last year 😃

likefunny
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Did you invest the money in BTC, cuz then you’re down $18k 😂

funny

If you’re on Robinhood or IBKR and make your account margin, you can loan yourself the money from the value of your assets without selling at a rate of 5% APY - I’d say it’s a good gamble you’d beat that rate keeping your money in the etf and avoid a taxable sale. Can do this with other brokerages as well but more like 10%+ which is harder to justify

How did you not notice that?

like

I’m in sales, and a big month or whatever, I’m not noticing withholding. I just assume it’s correct.

If I make 600k, that’s under a 2% miss.

But I probably should start looking closer 🫣

Maybe enforcement got gutted by DOGE. Feelin’ lucky?

funny

A1 - IRS doesn't govern local taxes ;)

And you didn't look at your paycheck once and notice? Never trust the people in payroll or HR, they usually are not the brightest at a firm.

like

Is it they didn't, or you messed up on your W2 and claimed Exempt? And you say local taxes? Not sure what locality you live in that your tax burden at the local tax level would be $11K. State, sure. Local, no.

In somewhere like nyc you could owe that much in city taxes but you would have to be making over 300k

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