mrichman333 Posted February 24, 2016 Report Share Posted February 24, 2016 So I hate when this happens. A TP who has mutable sources of income (multiple 1099R,RRB 1099R, RRB 1099, and W-2’S) AND They have less then % withheld from any of them. Now he has a $9720 tax bill. AND I’m STRESSING, I went over everything 5 times to make sure I made no mistake. WHY??? It’s not my tax bill. I’m not the one who refuses to have enough withheld. I need to charge a stress fee on top of my PTA fee. 6 Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 24, 2016 Report Share Posted February 24, 2016 You could call him and tell him you have good news and bad news: 1) The bad news is he owes IRS $ 9,720 2) The good news is he only owe you $ 972 for all the double-checking. 7 Quote Link to comment Share on other sites More sharing options...
mrichman333 Posted February 25, 2016 Author Report Share Posted February 25, 2016 "2) The good news is he only owe you $ 972 for all the double-checking" 2 Quote Link to comment Share on other sites More sharing options...
JJStephens Posted February 25, 2016 Report Share Posted February 25, 2016 Back when I first started preparing taxes I had a retired client who waited until the final year to cash in a bunch of stock he acquired through an employee stock option program. It resulted in a total tax due (federal & state) of $120k. He called to ask how it was going. I hemmed and hawed and told him I had figured it six different ways. He replied, "I'm sure you did a good job. How much do I owe?" I again dithered and assured him that I had applied every trick I knew. He again thanked me and asked how much he owed. I finally told him $120,000. He practically screamed, "$120,000!" I again started trying to explain all the work I had done to minimize it, but he just yelled again, "$120,000!!!" Then he said, "How did you do that? I thought it was going to be at least $160,000! How did you manage to get it down to $120,000?" Every once in a while, I love getting to be a hero. I just never thought it would happen when I told someone he owed $120k! 10 Quote Link to comment Share on other sites More sharing options...
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