Rich Girl Roundup: Are You On Track to Owe, Get a Refund, or Break Even?

The Money with Katie Show

Money with Katie

Investing, How To, Self-improvement, Business, Education

4.8 • 1.3K Ratings

🗓️ 28 August 2023

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Would you rather owe the IRS come tax szn or get a fat refund? There are pros and cons to both, which Katie and Henah walk through—as well as the best way to break even and some tips on properly filling out tax forms. Listener Note: Katie misspoke in the episode when she said schedule K income and meant to say schedule C income—we hope this helps clarify! — Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week. Reminder: While we love diving into investing- and tax law-related data, we are not financial professionals. We have no formal financial education. We are not financial advisors, portfolio managers, or accountants. This is not financial advice, investing advice, or tax advice. The information on this podcast is for informational and recreational purposes only. Investment products discussed (ETFs, index funds, etc.) are for illustrative purposes only. It is not a recommendation to buy, sell, or otherwise transact in any of the products mentioned. Do your own due diligence. Past performance does not guarantee future returns. Money with Katie, LLC. — Mentioned in the Episode: Money with Katie Tax-Smart Investing Bundle: https://education.morningbrew.com/tax-smart-bundle SmartAsset's Federal Income Tax Calculator: https://smartasset.com/taxes/income-taxes ChooseFI with the FI Tax Guy, on using your previous tax return to financially plan: https://www.choosefi.com/transform-your-tax-return-into-a-springboard-for-financial-planning-ep-332/ — Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram - https://www.instagram.com/moneywithkatie Twitter - https://twitter.com/moneywithkatie TikTok - https://www.tiktok.com/@moneywithkatie Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Rich Girl Roundup.
0:04.0	Woo! I love it.
0:07.0	I had a jolt at like beginning of November in the middle of the night and I thought,
0:12.4	taxes, your spidey senses were tingling.
0:20.0	Welcome back Rich Girls and Boys to the Rich Girl Roundup weekly discussion of the money with
0:24.8	Katie Show. I'm your host, Katie Gatti Tossan, and every Monday we're going to dig into an
0:29.3	interesting money debate or dialogue. But before we do, here's a quick message from the sponsors of
0:34.7	this segment.
0:43.2	All right, before we get into it, this week's upcoming main episode is a solo jam on
0:49.1	investing outside of your retirement accounts. I know, please hold your applause. It's very sexy,
0:54.0	very exciting. But we're going to talk about why we do it, how to think about it, and some common
0:59.0	pitfalls that you might encounter. Okay, on to the Roundup. Hannah, how's it going?
1:03.7	Good. This week's question is for me.
1:06.6	Yeah, here we go. The question is, and I'll give some context, is it better to
1:11.6	owe taxes or get a refund from the Boys at the IRS a tax time? And how can I break even?
1:17.9	Because several years ago, your girl, more like your girl's husband, incorrectly filled out
1:28.0	a tax form. And then I had a jolt at like beginning of November in the middle of the night,
1:34.1	and I thought, taxes. And I went, it was like 430 in the morning, and for some reason,
1:39.3	these senses were tingling. I don't know why, but I'm really glad they did. It's so funny.
1:44.0	So I logged into the IRS calculator thing, and I put everything in. And I was like, oh, you're
1:49.0	going to owe $8,800. And I was like, and what we then did was like, friendically try to
1:58.2	adjust me and my husband's taxes to take out the max and then some to kind of recuperate a little
	...

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