Taxes, it's always something.

[rolylane6]

I read it as he was checking 0 dependents?

This^^^

But it is he who is claiming 0, not his employer. He will need to remain at 0 and have extra money withheld from each check. That's what I've done, but I've still missed the mark the last two years, so I've increased that amount again this year. We'll see...

[justletmein]

I read it as he was checking 0 dependents?

Yes thanks, we're both claiming zero on the W4. I don't know why I said both employers, think I was trying to make the distinction that I wasn't claiming zero dependents in TurboTax I guess and I couldn't remember the name of the W4.

Thanks roly, so now that I know I need to get to 90% I guess I'll have to get them to pull extra. That's gonna suck, might rather just pay the $350 fee.

[dustoffer]

I have my withholding adjusted so I still have to pay each year but don’t get the underpayment penalty. I despise getting a refund which means the government has had my money all year and doesn’t pay interest.

And it’s not just congress—Brandon just gave away millions in the student loan forgiveness issue.

[rut-ro]

makes me so mad and they wonder why people want to hurt the govt. We got hit with the underpayment BS too. We paid a whole lot more this year than the years past. Yet the hoodrat with 10 kids get about 15K back.

[HogHunter34]

makes me so mad and they wonder why people want to hurt the govt. We got hit with the underpayment BS too. We paid a whole lot more this year than the years past. Yet the hoodrat with 10 kids get about 15K back.

Yep along with subsidized utilities, food, & housing ... dems know who butters their bread on votes

[TXcazador91]

I am going to get divorced and get 10 baby mammas, sling dope for a cash hustle…that way everyone is covered

There you go! Folks like us have been doing it wrong all along.

[TXcazador91]

This^^^

But it is he who is claiming 0, not his employer. He will need to remain at 0 and have extra money withheld from each check. That's what I've done, but I've still missed the mark the last two years, so I've increased that amount again this year. We'll see...

I’m in the same boat. Both wife and I claim single and 0 and have our employers withhold additional amounts which we increase every year, thinking we won’t have to pay next year. And yet here we are again, writing a check to the IRS.

[brokeno]

F j b

[HogHunter34]

I’m in the same boat. Both wife and I claim single and 0 and have our employers withhold additional amounts which we increase every year, thinking we won’t have to pay next year. And yet here we are again, writing a check to the IRS.

I use a good CPA that can determine our tax liability very accurately. Any time there is any change to our income or selling assets requiring capital gains, etc. I contact her to discuss it and she can quickly crunch numbers and determine the tax liability, so it saves me the headaches of trying to figure all that out.

[TXcazador91]

I use a good CPA that can determine our tax liability very accurately. Any time there is any change to our income or selling assets requiring capital gains, etc. I contact her to discuss it and she can quickly crunch numbers and determine the tax liability, so it saves me the headaches of trying to figure all that out.

Yeah, I think it's finally time I get with a CPA, I'm getting tired of dealing with all this.

[rockyraider]

The IRS doubled the underpayment penalty rate back in 2023. Just one of those minor items that goes under the radar as it only impacts rich people...at least according to the Biden Administration.

OP, typically you don't get penalized for underpayment unless you failed to remit at least 90% of your tax liability. You might want to check the withholding on your W2's; that is unless you have other non-W2 income items you aren't mentioning.

This. Got hit with it too this year, never realized it was a thing. Ended up owing over $4500 which will go up as my child dependent care credit drops off. Good times. Our government sucks.

[Simple Man]

Simple W2's on joint return, but every year there's always some sort of surprise. How the heck I get an underpayment penalty when we simply file every year on April 15th with Turbo Tax is beyond me, clearly I messed something up last year. I ticked the box to bill me for it so gives me time to figure something out, this is what I get for waiting til the last day to file... silly I know.

Yep, I got the same. Even got an extra $100 convenience fee added in order to pay with my debit card.

[flywise]

Paid 29k and they still want another 1,200. Must be some third world peasants living large

[M16]

Paid 29k and they still want another 1,200. Must be some third world peasants living large

How would you like to pay that monthly.