Hi. Quick background. I was on unemployment until May, filed for about $5500 (withheld the 10% for federal tax). Found a job and started June 1st. Was given a relocationg bonus (the amount on post tax deductions). Live in Oregon (very high state tax rate). How big of a surprise am I in for come tax season? Will have 3k in capital gains losses to deduct as well, other than that, no major deductions/income. Appreciate the input!
https://i.redd.it/s7g95n9rtw8g1.jpeg
Posted by AltruisticLab1871
3 Comments
You posted a screenshot of a portion of a paystub, but did not include the breakdown of taxes. How much federal income tax ***in total*** have you had withheld from all your sources of income? How much Oregon state tax ***in total*** was withheld?
>Will have 3k in capital gains losses
Which is it? Gains or losses? And were these long-term or short-term gains/losses?
Are you filing single with no dependents?
Any earnings that didn’t withhold state tax, employment tax and federal could be a bit of a surprise. And yes the 3k in capital gain losses will help.
We need to see the breakdown. If that 25k is all state and federal withholdings, I think you’ll be getting a large refund