Last year was the first time my wife and I had a full 12 months paid jobs (she was on mat leave before that). When she started she put herself as Married but taxed as single but I completely forgot to update my W4 (married with 2 allowances). Did my TurboTax and I owe like almost $15K!!!!! At this point is it worth going to an actually CPA in the hopes of them finding some loopholes or something? I’ve already put all our info and tax credits (child, donations, etc). I personally think it’s not worth it since both of us are employees (not self-employed and there is not much wiggle room). What do you guys (gals) think? Thanks
Trump tax victims, welcome. Your AGI is in the 'Get Rimmed' zone. Just review it twice and pay.
The tax law just took effect, your last year taxes have nothing to do with trump...
Unfortunately can’t blame anyone but myself for this one.
Same case for me. Owed 17k, called company tax assistant program, no other ways just pay up now so u don’t pay interest
Thanks. That’s what I thought
Welcome to AMT!!! Holding wrong on W4 can be big tax hit
Sure, go to a CPA but there’s no way to legally turn a $17k debt to $0 It sucks but you folks should be more proactive on your tax liability. The salary deduction is just a prepayment of the liability. For the AMT guy, no one mentioned AMT. OP got his W4 filing wrong. That’s not AMT. For the “Trump Tax victim” guy, chill a bit. It has nothing to do with that. The new tax code starts with TY2018. This is “Obama’s Tax code” still. (Whatever that means)
Most reasonable answer so far.
Thanks!
You earned interest on the 17k (hopefully) instead of 0, which is a good thing.
This shows a Blindness to how humans think/operate. If OP still had the money he wouldn’t have posted the question to begin with... 😔
Uhhh no. Read the original post again. The way he ended it he obviously has the money to pay it off.
Just file your taxes man and whatever you owe just pay. It’s very simple.
Be thankful you do not have to pay penalty for under withholding. Two years prior your income was less. So, last year underwithholding did not trigger penalty.
👍👍
There is very little chance that a CPA can reduce your tax liability.
It's normal for 2 salary in family. We have been paying about that much tax for 3 4 years now. No CPA can help here.
It really isn’t. Adjust your W4 to suit your situation. You’re paying underpayment penalty after year 2 of this.
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I owe $18k and I want to know too.
At least I’m not alone :)