Message Font: Serif | Sans-Serif
No. of Recommendations: 1
After many years of meticulous planning and diligent pre-planning; I am now screwed. I have an xls that I do every year to predict my taxes and to arrange just the right amount of withholding so that I get around a $100 refund each year. I do this prior to a new year beginning, and in fact, I have already done my 2014 tax return.

So, for 2013 I had this all planned out and was heading for a refund of $80 and the year ended. Ready to submit my tax return. I just received an email from a Golf Tour that I play on each year, travelling the country and playing bad golf and having fun. They are looking for a W-9 to report my gift card winnings to the IRS. It would appear that my refund will now turn into a debt of some $300 (although I don't know what my winnings were - it appears that they are north of a $1,000 and this is in Gift Cards not cash!).

so my question is - is it too late to move to Canada? - No! that isn't my question -

how do I figure out if there is a safe harbor so that, in addition to taxes, I don't get hit with a penalty for shorting the withholding?

I'm thinking that there is something like a 90% rule - or ??

any guidance or commiseration, much appreciated,

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.