Question

Who here is going to OWE taxes this year? It's just me and my husband, no kids, and neither of us are in school anymore, so we have nothing to claim. The online estimates are that we will be owing about $4200 this year. Last year we owed about $1400, and all the years prior we got a refund/were not married. We both claim 0, and contribute to a 401k, so we will have to figure out an additional amount to be taken each pay check and maybe increase our retirement contribution for next year. I did make more money this year than I did last year, but still, $4200 seems like so much.  

Answer 1

We would have. except we opted to file separate so that he only owes a small amount and I received a refund. Otherwise, we would have owed $2800.  

Comments

Yeah, I thought it was strange in the beginning, too. But, it made more sense for us and our situation.  

---

@hennessey speaking of Florida, my husband and I live in MS. He travels sometimes to other states to work and this year on his W2 he made around $100 in FL but no taxes came out. So do you know how that would work?  

---

Once you file married jointly you cant just file single or married separate. If you get audited you can be in big trouble. My CPA has always had us file single because my income is low compared to my husband's and with kids I get way more back.  

---

@bibulous I have no idea!  

---

@rachellerachis My spouse owns a home in Illinois and I do in Florida. His employment is Illinois-based and mine is Florida. This works best for us since FL doesn't have a state tax and Illinois does. We actually spoke with the IRS last year before filing and they suggested doing ours married filing separate.  

Answer 2

I have extra money takin out check toward federal & state never mind 300 -400 to get my taxes done

Answer 3

There is a calculator on the IRS website that you can use to better estimate. I just used it yesterday because apparently I’ve had WAY too much coming out the lat six months when I switched jobs.  

Answer 4

If you have the money can you make IRA contributions or if eligible HSA contributions to help mitigate what you owe? At least it goes to you instead of Uncle Sam.  

Comments

@thales say I owe 3k could I open an ira for that amount and not owe 3k or is only a fraction of your ira deductible?  

Answer 5

I'm gonna owe, but only due to a divorce and a 401k cashout. I claim my youngest, exhusband claims the ithe son. hopefully he isnt sneaky and tries to claim both. I'm pretty sure the tax bill is gonna hurt!  

Answer 6

We’ve paid for the last six years at least.  

Answer 7

We had to pay in last year so I increased my 401k contribution and tax withholdings. Hopefully money back this year!  

Answer 8

I owe  

Answer 9

We owe $2, 800 but have a small business.  

Answer 10

We will owe as well. 2 children are on their own now, 1 still at home and turned 17 in December. Ridiculous that the age is 17 to lose that deduction! Increasing 401k deductions this year by a wide margin. I just want to break even.  

Comments

@nuremberg there are 2 ways to claim children, at least there used to be. They can still live in your home as a dependent, but you don't get the deduction for them after 17.  

---

Yes, a dependent but you lose the deduction. Can't remember how much it used to be.  

Answer 11

Can you open an IRA this year to decrease the amount you owe? At least you keep your own money

Answer 12

Luckily we get a nice refund.  However my parents have had to owe before. This year they asked for $50 per check to be taken out for taxes in addition to them claiming 0. Perhaps you could do this too for next year?  

Answer 13

I’ve owed every year since year 2 of marriage. No kids, own a home. it sucks! Luckily it hasn’t been that much. I think one year it was $600 owed but I put an extra $60 per paycheck toward federal :(. Now we usually break about even, owing like $60 to federal and getting back $100 from state

Answer 14

In prior years I have gotten pretty good tax returns with only one kid. I have three now and getting less than what I used to get. Thankfully I don’t owe though.  

Answer 15

My husband and I both claim zero and pay in at the higher single rate now that all our kids are on their own. We got back about $1400 last year. Haven’t figured this years yet.  

Answer 16

When we only had 1 child & both worked, we owed. We since had a 2nd & I stay home. But child tax credit is only $1-2K, so not sure there would be a difference if we were both still working- we'd probably still owe. We do the standard deduction, no other credits. Curious about IRA!  

Answer 17

Not sure how you’re filing (online or in person) but my boyfriend was told he owed every time he did it online. We assumed it was because of his new job. We went to a person and suddenly he was getting money back and no longer owed.  

Answer 18

In Canada, if the government knows you are common law or married, you have to file together, or you will get audited and come after you for all the money you owe. They WILL FIND OUT, especially if you are on the same insurance plan.  

Comments

@joker33363 Thanksloch It’s the same in the US. I don’t think she’s saying she’s filing separately

---

@mambo I wish it was like that here. I cross the border to do my grocery shopping at least once a week, and to get gas. I don’t understand why our two countries are so different. There are so many things I wish we had in Canada, like cheaper cell phone plans, the choice of car insurance brokers (I live in BC and we only have one), like there are in the US. Why do I have to pay 3times the price for milk because of where I live? But then why do Americans have medical bills and we don’t? It’s not fair. I feel horrible for my American friends when it comes to the medical system.  

Answer 19

I always owe. As a matter of fact, I have to pay quarterly taxes . The government sucks sometimes.  

Comments

@eckart it sucks ALL the time.  

---

@geoff I’m in the process of purchasing a business. The lump sum I get at the end of the year from the business goes right back to pay off my business debt. (My former boss, current partner is carrying the note for me). I still have to pay taxes on that lump sum  

---

Yuck. Taxes stink. Normally I try to break even. I haven’t gotten a refund in years, but this year I am hoping for one. I just lost my job last week, so the cash will be a nice cushion.  

Answer 20

We always owe. I work in a different state than we live in and always have to pay the difference in taxes. Each August I start $100 a week transfer to another savings account so I can have around$4000 by April 15! It’s painful but automatic and less painful than sitting there trying to figure how to pay it spring.  

Answer 21

I suggested completing the IRS withholding calculator using both of your last pay stub for for 2020. This will help you better determine how you need to complete the new W-4 form because they changed the tax tables in 2020 and possibly the standard deductions.  

Comments

@crucible absolutely, I do this every quarter to make sure we are still in line each year, I don’t like owing & this keeps that from happening. This year we will get a small refund but I am working to break even next year. The new W-4 will help move that along but they are having issues with it because not all companies/software are ready for it. So use the IRS calculator a few times a year & it works great, was very close to the refund we received this year.  

Answer 22

Do you itemize or take the standard? Have you always had to owe regardless?  

Answer 23

I go to my appt next month. I am scared to get them done. My husband was on turn around all summer and fall and made twice as much last year  

Answer 24

When claiming 0 they are supposed to take the most out of your checks and not owe more, I don’t get that, sorry for your situation.  

Answer 25

I owe 4g, we claim 0, claimed my daughter, own a house and still owe.  

Comments

@chimera Whhatt? You don’t get the deduction for your daughter? Do you itemize for your house? That’s awful. I’m sorry.  

Answer 26

I am married with two kids, and we owe every year. I use the IRS. gov withholding calculator several times a year to adjust our withholding and always have extra taken out.  

Comments

@banausic58412 Oh no! That’s awful! I thought the deduction was more for kids now? I guess you can’t always believe what people say. I’m sorry to hear that.  

---

I should add, I am a tax accountant. I will always set myself up so that I either owe a little or get back a little. No big amounts either way.  

Answer 27

I owe every year even with dependents, a mortgage, etc because I underpay on purpose. I’m not really in agreement with giving the government a tax free loan with my money for the year.  

Comments

For sure this. Me too.  

Answer 28

Both my husband and I withhold at the Single rate on our W-4 forms to ensure that we don’t owe, but that’s our choice. A lot of people don’t like to give the government an interest free loan so they’d rather pay in at the end. You have to do what works best for your situation! ETA, I also have a family HSA and max out the contribution so it reduces our taxable income.  

Answer 29

With the TCJA increasing the standard deduction, many itemizers are going to owe or not get back as much as they normally would. The tax laws are not set up for the W2 employee to thrive so its pertinent to strategize before April 15 deadline. Perhaps you need to max out your retirment contributions. Engage in activities that would reduce your tax bill like selling stocks that aren't performing (taking those losses). Fix your W4 to take out the max amount each check so you dont have a tax liability. Engage in transactions that affect your bottom line. I invest in real estate. Passive losses negate passive income. So I can keep more of my cash flow from my rental. Start a business- hone in on those talents/gifts you possess. You can deduct all kinds of business expenses. Our W2 is just to keep us afloat not to drive the boat.  #Corporatetaxprofessional #AccidentalRealEstateInvestor

Answer 30

I got $200 last year owe. $1, 000 this year.  

Answer 31

We have owed thousands every year, have tried readjusting our withholdings, and still wind up owing somehow. I feel sick over taxes every year

Answer 32

We owe every year. 3 kids. Not sure why. Plus we owe city tax (neither employer takes out for city tax 2% gross income).  

Comments

@tensible1628 try updating your W-4 to withhold extra on top of the maximum taken out if you can.  

Answer 33

We always owe! We both claim 0 and my business gets written off but our part time jobs always kill us.  

Answer 34

My husband and I will have to pay in this year!  we are not prepared!  

Answer 35

Timothy Sizer read this about the IRA

Answer 36

Were estimating to. owe around 3k this year  

Answer 37

We owed last year and this year. You aren't alone! Mortgage, kids, etc.  

Answer 38

We owe every year  

Answer 39

Every year.  

Answer 40

We have owed every year since getting married really without kids getting married screws you over on taxes because many of the cutoffs are not 2x a single person for a married couple which sucks

Answer 41

So far, we are owing $464 but I haven’t gotten my W2 yet ☹️

Answer 42

I just plugged in our numbers and we owe $2k to state and $250 to feds

Answer 43

We owed $4000 last year and have kids and numerous deductions. We’re hoping we made enough changes to break even this year. We’re losing the ability to deduct one of our kids this year.  

Answer 44

We will have to pay this year. I have a high yield savings account • I take 25% of each paycheck and put in there to sit and collect on until quarterly payments.  

Answer 45

We are nervous as fuck. Husband has been exempt all year ‍♀️

Answer 46

I'm nervous. >dont even want to do taxes this year. Last year we were hit hard with 14000.  

Answer 47

I do. About $29, 000

Answer 48

God I hope not. I don’t feel like we make nearly enough but who knows.  

Answer 49

I got a nice bill for about 4200 sooo I'm going to shop my tax service provider & see where I can the most back to break even, I have a kid & a house & still have to worry owing  

Answer 50

We only owed on year. The IRS was great to let us set up a payment plan that was an auto draft from our account. Good luck.  

Answer 51

On that note did yall know multi million dollar companies don't pay taxes. Just putting it out there, we need someone in office to change that, let's all register to vote & not have to worry about these taxes that are keeping us from rising  

Answer 52

The tax plan that was passed also messed with the withholding tables for our paychecks. That’s why more people are owing or only getting a little back.  

Comments

@dragnet ☝️☝️☝️exactly  

---

Taxes should be the same for income levels  right now we carry the burden

---

@dragnet  

Answer 53

This is the first year that I have ever had to pay  1353. 00 due. ugh! I feel your pain!  

Answer 54

We owe 3 year's taxes. Approx $36000 now. It's a nightmare

Answer 55

The one year we tried to do our own taxes, it said we owed. So we ended up back w/our gal at HR Block and got a hefty refund.  

Answer 56

I’ll probably owe around 6k  I only made one of my quarterly payments because of some family hardships and having to really pick up the slack for a while.  

Answer 57

Oh its me! I am on that train with you

Answer 58

I got the fun surprise yesterday that we would owe. Never had to before so it was a bit of a shock (and minor mental breakdown)

Answer 59

I feel you. I have 3 kids am a single mom and still owe. It’s because of the investments I have. If you get more than a certain amount back interest and dividends (max is $3600), things like earned income credit, no longer qualify for. Totally sucks. That’s what happens when you are smart with money and try to save for the future

Answer 60

My husband and I are likely in the same boat. Last year we owed around $5k so we switched to claim 0 instead of 1. I upped my 401k contribution but we aren't sure what is going to happen this year. I have to file my business taxes before we can file our personal taxes so fingers crossed it won't be like last year but who knows.  

Answer 61

Im afraid to even start on my taxes lol

Answer 62

Where can I find out, my husband and I made $90, 000 also dont have any dependents

Answer 63

Usually owe as well. Sometimes we come out even but will see what happens. We pay an accountant to do them, usually around 150, worth every penny.  

Answer 64

Turbotax is easy, you can figure out how much you owe without paying anything

Answer 65

When you know you are going to owe money, you have more withheld, divide amount by number of paychecks.  

Answer 66

Decrease your exemptions! Eeeeek. I’m sorry for those who end up owing! But I think you just need to decrease your exemptions!  

Comments

@basinger oooo. My taxes are simple praise JESUS! idk how it works when you have loads to input.  

Answer 67

I thought 0 was a sure bet you wouldn’t owe? Unless you are self employed?  

Comments

@vain43381 I share the same thoughts

---

@vain43381 unfortunately no  

Answer 68

Me! I am in the same situation.  

Answer 69

We owe this year. We almost always owe state wise. This is the first we’ve owed federal. We expected it though. We have 3 kids, but sold our home and both claim 0. We’re both adding to our retirement for 2020 and hoping our house will be built by May to give us a little to write off.  

Answer 70

‍♀️ We owe about the same as you. We’re going to try to pay as much as we can before April 15th and then set up a payment plan for the rest. We didn’t change the settings from last year and last year we got $1k back. ‍♀️

Answer 71

This is the first year we get a refund and I think it’s because I’m a stay at home mom so that helped. But we had been making payments from a previous year so we don’t get to keep our whole return. But at least we get some back

Answer 72

We will owe about $1500 to federal and break even for state. It's also just my husband and I, but we both claimed 1 this year.  

Answer 73

YES I always enter our stuff on turbo tax before I drop it off to be done by someone and it said we OWE over $6, 000!  

Answer 74

My husband is self employed so we owe every year. last year we payed $12k.  

Answer 75

Pay in every year. Self employed problems

Answer 76

I have a kid and a house and we're getting a measly 1500 back. Majority from State taxes. I've never had a huge refund. I wanna say the most I ever received was 3k? My husband does claim more on his checks so he receives more on his checks vs receiving on taxes. I only claim 1.  

Answer 77

We owe every year and every year we have more withheld from our check so MAYBE we won’t owe the next year but it hasn’t helped yet. We have kids house . all the things that are supposed to help. I HATE tax season. I’d love to be one of those people who get giant refunds  

Answer 78

Current administration perhaps ‍♀️

Answer 79

Those with no kids are especially penalized with the current tax code.  

Answer 80

I usually end up owing a couple hundred. But I have a kid now so hopefully I get some breaks for that and get a bit of a refund this year

Answer 81

We file married but at a singles rate. Maybe that could help next year?  

Answer 82

A lot of the exemptions and etc no longer exist so it is much worse now

Answer 83

I owe 166, claimed single and 1 all year on accident  

Answer 84

Can someone school me on what’s so different about taxes this year? I tried reading the new federal W4 form but my brain cannot comprehend  

Answer 85

I’m single, retired and living on a small pension check. I owed 1K last year, so I had to have more taken out of my monthly check this year. I feel ya.