Money

Should I hire a CPA for my 2018 return?

Uber djsna
4d

Married filing jointly
AGI 500k
Bought a house in 2018 (was renting before)
No rental or business income, RSUs only
Lived in Bay Area whole year

TurboTax says I owe 25k federal because I didn’t withhold enough.

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  • Google SWE dπ
    Supplemental withholding rate is 22% now. TurboTax is right.
    4d0
  • Amazon / Product
    пысTaker

    AmazonProduct

    PRE
    Microsoft
    пысTakermore
    Yeah you owe money but be happy because you are technically rich. Remember the average family income is still under 50k. So you got 2 Peeps for what it costs most of America to take care of 40.
    4d0
  • Apple DwigtShrut
    If you sold any RSUs in 2018, check if the cost basis had been reported - sometimes it isn’t reported automatically and you need to manually enter it.
    4d3
    • Amazon / Product
      привет

      AmazonProduct

      PRE
      Microsoft
      приветmore
      True for whatever reason. All the software I've ever used fails to import cost basis. But the truth is trump changed the withholding requirements. Now they are low enough that a lot more people will owe who use to get refunds. Also you can no longer deduct property interest and state tax at the same level.
      4d
    • Adobe / Eng
      abcdxyz123

      AdobeEng

      PRE
      Yahoo, PayPal
      BIO
      Software engineer architect manager big data platforms
      abcdxyz123more
      Trump has no business changing the withholding requirements. IMO. It must be your w4
      4d
    • Amazon / Product
      привет

      AmazonProduct

      PRE
      Microsoft
      приветmore
      But for a year people went home with slightly bigger paychecks so that was something. I mean it was shit but until tax time it probably felt like a tax reduction to a lot of people who weren't actually paying attention.
      4d
  • DoorDash P7gw9j2ha
    Unless you have a complicated tax situation (ISO/NSO exercises, claiming amt credit from a previous year etc), I don't see much value in hiring a cpa. They charge you a hefty sum as well.
    4d0
  • Google / EngNestleMilo
    Probably the RSUs and any bonuses. There's a flat 22% federal withholding on them, which is too low once you reach a certain point.
    4d0
  • New udSE01
    In a similar position. Owe about $15k federal. I am considering talking to live CPA on TurboTax. They provide that for extra charge. And you can do that as many times you want it seems.
    4d0

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