Our tax bill went up as well and we had a big loss that we didn't have last year and our wage increases didn't keep up with inflation. Wasn't expecting to owe anything with the loss but.....
My tax bill was 3x what I expected...and no, I did not sell any of my stack.
- We did the health insurance marketplace since self-employed
-They provided a subsidy based upon our income (although I raised concerns about this possibility when working with their consultant)
- We made more money from a couple extra income streams
- Tax code had us pay back almost the entire subsidy for a product I didn't want in the first place. We do not use health insurance!
In fact, in 2023 we used both the insurance marketplace AND nostr:npub1q7xqc79rteknhs5s4rsqju2yu8tuguvptu373napkzptsz65yn2qz590jl. I wanted to just use CrowdHealth, but my wife was a little skittish to go completely away from insurance. Good news is that we DID just choose CrowdHealth in 2024...so no tax surprises in next year's taxes.
Discussion
I expected to owe some because of the new income streams with no taxes taken out (early withdrawal from IRA via 72t and rental income). But I had money set aside to cover it (even though I would have been pissed at the theft).
But the insurance subsidy...for catastrophic, high deductible insurance we didn't use...yeah, that blindsided me.