#4978 – sole propoprietership is balls

my W2 form arrived yesterday and so did the ability to import my W2 info. apparently my preliminary tax return says that i’ll owe a combined federal and state tax payment of $1057. what.

i say “preliminary tax return” because i think i still need a 1099 form from my retirement investments, but i’m not sure quite yet. they say most folks can import the information starting february 1, but they also say to not try to import that information until you receive the form in the mail.

i’d like to know why, when i put my info in on the IRS web page last summer, it said “hey, you’ve already paid the taxes you owe for 2007 already! go ahead and set your allotments to 10 so that you won’t have any taxes taken out for the rest of the year!”, and even when i did the return with just my work info and no income from my photography it still said i’d owe $200-something in federal. uncle sam, what gives? something doesn’t seem quite right… owe $200-something federal with just photography stuff, owe $200-something federal with just work stuff, but combined it goes up to almost $900? hm. something seems weird about that…

ha, it says here if i put $4000 into an IRA then i’ll get a refund of $31.00. nice! 😛