We Owed $10,000 in Taxes ???

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Information We Owed $10,000 in Taxes ???

Title	:	We Owed $10,000 in Taxes ???
Lasting	:	10.22
Date of publication	:
Views	:	3,3 rb

I owe 5,000 and I don’t even know how and it sucks
Comment from : Xiomara Ruiz

I owe 12,230 😢 I found out which could be the case with your husband's W2, that there is a check or fill in bubble that chooses that you are not the only income I stopped the bleeding by choosing that fill in bubble and adding the extra withholding Definitely a learning experience 😅 I will be on the ball with taxes going forward The good thing is that I am out of debt and have a larger than usual emergency/sinking fund So it will hurt but not too bad You do have the possibility to use capital loss to offset If it is not locked up in an IRAor Roth You can only do it with an after tax We have that ace up our sleeve for this year just in case Sucks but great learning experience
Comment from : Kika

I'm childless made total 50k income with multiple jobs and side gigs Lol one job screwed me and only took out 200 withholding I definitely updated the w4 for next year
Comment from : CNikki86

Just move to Florida No you don't have to pay income tax to state
Comment from : Sandy

How I was able to clear my taxes after I was dumped by my husband
Comment from : Lorrie Broyles

I use H&R Block tax software too The deluxe version that comes with state software costs about $45, but it is discounted to about $20 at Amazon a few times a year, usually near the end of November and in January I've been using it for decades Speaking of surprise taxes, I once forgot to fill in my city of residency in the state tax software, and that cost me $1000 in tax penalty
Comment from : rabid follower

A friend referred our guy He was cheaper and better than HR He saved us a ton too We'll worth it
Comment from : Amanda Ryan

For H&R Block (and I think TurboTax), you don’t have to add the premium stuff and can file your taxes for free
Comment from : Zari McFadden

Take a look at your actual state and federal tax obligation from your filed taxes in 2020 (Not the amount due or withheld but actual tax for the full year) brYou can calculate your effective tax rate with this number (Which for a nerd like me I like to compare each year)brBut also this year, compare what you are withholding for 2021 and annualize to make sure you are close to the total of last yearbrW4 withholding can be way off even if you fill out correctly brIn the W4 you can add additional withholding manually brWith a business it can be hard when comparing to the prior year if you do much better, but with your new way of withholding on your revenue that will be goodbrCalifornia can be a killer in taxes
Comment from : Danielle Russell

Taxation is theftbrbrbrThat is all
Comment from : Levi Hamilton

Why use a CPA when you can do it yourself and learn the process I get the forms and figure out what to do with them
Comment from : Nick Faulkner

Aaah the W2 one is a hard pill to swallow
Comment from : Juan Colmenares

Which one did you owe more: federal or state? I know CA has crazy state taxes
Comment from : Jessica ONeil

Thanks for sharing
Comment from : Jay Loves Life

Your employer is not allowed to adjust your withholdings It's entirely the employee's responsibility to determine their tax obligations
Comment from : Michele T

I owed 22,541 this year extra after all that which was withheld I thought I'd owe about 7k, but this was a crazy year
Comment from : TheSageDad

I feel you on this! My husband’s W2 was also off (which we didn’t realize) and we used a government education award from doing a year of Americorps after college to pay off some student loans We didn’t realize that education award was taxable income… yikes!!
Comment from : Mackenzie Agudelo

We filled out a basic W-2 for our work asking for maximum amount to be taken out Every year as a married couple we owed taxes and we never knew why (our guess was double income + no kids at the time) Now that we have a baby and use HSA, 401k, and Dependent Car credits we got a refund for the first time ever! It was very small refund so guess we are finally doing our taxes right
Comment from : Adrianne Arias

Not to make you feel better or anything but we owed about the same amount to Federal 😭 the society is harsh with childfree couples🥲
Comment from : Organic Freedom