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I feel like my taxes should be pretty simple, considering I have one (1) salary job, don't own a house or anything. Anyway I've started trying to use TurboTax, but it seems convinced that I received a refund last year, when in fact I owed money (and yes I finally just submitted a W-4 which is apparently why I have owed taxes the last few years  )I live in NYC, so I'm assuming that's why there's some fuckery (federal, state, local?) I can't find any proof that I was given a refund, but TurboTax seems to think I did. Not sure if it matters. Should I just continue and pay the amount it says I owe?
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Apr 10, 2024 00:04
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| # ¿ May 16, 2024 13:14 |
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drk posted:Do you not have a copy of last year's tax return? I do. It says that I owed money last year. Not get a refund
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Apr 10, 2024 16:19
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In an effort to not have to owe money for 2024, I'd like to update my W-4 (which I just learned from this thread I should have been doing annually). I was paid the same rate as last year for Jan - end of March but I got a promotion starting April 1 which means my income increased. The tax withholding estimator from the irs uses recent paystub and ytd pay for estimating. Any tips on how much I should increase my withholding?
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Apr 15, 2024 15:32
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H110Hawk posted:You should only need to update it any time you have a change in circumstances. If you are single income, all w-2, it should be set it and forget it until you <get married, have kids, sell taxable stocks, get a second income (remember getting married?)> Nothing has changed circumstance wise since I started at this job in 2018 except for annual raises and occasional promotions. (ie my income has gone up each year, which is expected). However, I somehow end up owing taxes each year which means they're not withholding enough. All I want to figure out is how to not owe taxes next year 😭
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Apr 15, 2024 17:06
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Quixzlizx posted:Do you have any other sources of income, like interest from a savings account? Because your W-4 isn't going to take those into account. No, no other sources of income. I'm not trying to overpay so I get a refund, just trying to avoid the annual huge tax bill. If that's normal, that's fine I just didn't know. The idea of putting the money in a high yield savings account is a good idea. Any advice on which one? Like is this normal? 
AnonymousNarcotics fucked around with this message at 18:19 on Apr 15, 2024 |
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Apr 15, 2024 18:16
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| # ¿ May 16, 2024 13:14 |
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KYOON GRIFFEY JR posted:Almost all of that is state taxes. You aren't far off on Federal. You should check your state tax withholdings specifically. I didn't know there were separate elections. I just checked and for some reason it didn't have me listed as a resident of NYC on the IT-2104 which is probably why this was so off. Just fixed. Thanks
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Apr 15, 2024 18:54
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