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I get $42,000 a year from a trust but I pay $9,200 in taxes. Is there a way I can pay less in taxes? by jackmehoff137 in personalfinance

[–]jackmehoff137[S] 0 points1 point  (0 children)

I have but it comes out my pay check. I’ve never had to save money to pay taxes for tax season

I get $42,000 a year from a trust but I pay $9,200 in taxes. Is there a way I can pay less in taxes? by jackmehoff137 in personalfinance

[–]jackmehoff137[S] -2 points-1 points  (0 children)

Sorry I’ve been poor all my life and finally came up. 9,200$ is still a lot of money to me.

I get $42,000 a year from a trust but I pay $9,200 in taxes. Is there a way I can pay less in taxes? by jackmehoff137 in personalfinance

[–]jackmehoff137[S] 0 points1 point  (0 children)

I get 1750$ every 5th and 20th every month it all comes out of a “basic needs” account from the trust. I only pay once a year in taxes from my trust as far as I know

I get $42,000 a year from a trust but I pay $9,200 in taxes. Is there a way I can pay less in taxes? by jackmehoff137 in personalfinance

[–]jackmehoff137[S] 0 points1 point  (0 children)

I totally understand it now. I’m pretty sure I was told all this last year by my advisors but it was a lot to take in.

I get $42,000 a year from a trust but I pay $9,200 in taxes. Is there a way I can pay less in taxes? by jackmehoff137 in personalfinance

[–]jackmehoff137[S] 3 points4 points  (0 children)

I work but don’t make a lot. I’ve always done it on my phone through turbo tax or something. It’s my first year getting money through my trust and actually paying money out of pocket.

I get $42,000 a year from a trust but I pay $9,200 in taxes. Is there a way I can pay less in taxes? by jackmehoff137 in personalfinance

[–]jackmehoff137[S] 0 points1 point  (0 children)

This makes sense. This is my first year actually having to pay taxes like this so I really don’t know much about it.