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Started By
Message
LA State tax withholding help
Posted on 7/11/23 at 8:48 am
Posted on 7/11/23 at 8:48 am
On my 2022 state taxes, I got hit for $4800 due in unpaid taxes. This was a first for me and I can only assume it was due to a large increase in salary as I have not changed withholding in a while (or at least I don't remember).
I just received a letter from Dept of Revenue for a "Underestimated Penalty" of $311.04, nice!
Doing a little reading and it has only confused me more. I currently have the following:
"Total Exemptions from Block A": 0
"Total dependents from Block B": 1
"Increase/Decrease amount withheld": $0.00
Married, 1 kid, wife doesn't work. I am guessing that in Block A, I should be putting "2", but when I look at the linked table, that would only take less out of my check. Any ideas?
https://revenue.louisiana.gov/taxforms/1306(1_12)TF.pdf
Block A
• Enter “0” to claim neither yourself nor your spouse, and check “No exemptions or dependents claimed” under number 3 below.
You may enter “0” if you are married, and have a working spouse or more than one job to avoid having too little tax withheld.
• Enter “1” to claim yourself, and check “Single” under number 3 below. if you did not claim this exemption in connection with other
employment, or if your spouse has not claimed your exemption. Enter “1” to claim one personal exemption if you will file as head
of household, and check “Single” under number 3 below.
• Enter “2” to claim yourself and your spouse, and check “Married” under number 3 below.
Block B
• Enter the number of dependents, not including yourself or your spouse, whom you will claim on your tax return. If no dependents
are claimed, enter “0.”
I just received a letter from Dept of Revenue for a "Underestimated Penalty" of $311.04, nice!
Doing a little reading and it has only confused me more. I currently have the following:
"Total Exemptions from Block A": 0
"Total dependents from Block B": 1
"Increase/Decrease amount withheld": $0.00
Married, 1 kid, wife doesn't work. I am guessing that in Block A, I should be putting "2", but when I look at the linked table, that would only take less out of my check. Any ideas?
https://revenue.louisiana.gov/taxforms/1306(1_12)TF.pdf
Block A
• Enter “0” to claim neither yourself nor your spouse, and check “No exemptions or dependents claimed” under number 3 below.
You may enter “0” if you are married, and have a working spouse or more than one job to avoid having too little tax withheld.
• Enter “1” to claim yourself, and check “Single” under number 3 below. if you did not claim this exemption in connection with other
employment, or if your spouse has not claimed your exemption. Enter “1” to claim one personal exemption if you will file as head
of household, and check “Single” under number 3 below.
• Enter “2” to claim yourself and your spouse, and check “Married” under number 3 below.
Block B
• Enter the number of dependents, not including yourself or your spouse, whom you will claim on your tax return. If no dependents
are claimed, enter “0.”
2
Posted on 7/11/23 at 2:10 pm to HeadyMurphey
quote:
On my 2022 state taxes, I got hit for $4800 due in unpaid taxes. This was a first for me and I can only assume it was due to a large increase in salary as I have not changed withholding in a while (or at least I don't remember).
You need to talk to your HR / payroll people. If you had a large increase in salary, you should have also had a large increase in withholding.
For married filing joint, the tax rate from 25K to 100K is 3.5% and north of 100K it's 4.25%. So it's not a huge jump in rates.
Something is really wrong with how your company withheld. Did they flat out forget to withhold?
Posted on 7/11/23 at 7:55 pm to HeadyMurphey
Per Instructions you would enter "2" in Block A and "1" in Block B. Also check "Married" on line 3.
You're not alone in getting shocked with the large taxes due for 2022. One small change in the new tax code is that we are now taxed on Fed Adjusted Gross Income instead of Fed Taxable Income. Our Federal Standard Deductions is not a deduction for state taxes. Rates may have been lowered but actual taxes have increased tremendously for many folks because what you are taxed on is greater.
Try to get an idea on your tax liability for 2023 and consider adding additional withholding for the remainder of the year if you have under-withheld up to now. Can always change L4 next year if additional withholding are not needed.
You're not alone in getting shocked with the large taxes due for 2022. One small change in the new tax code is that we are now taxed on Fed Adjusted Gross Income instead of Fed Taxable Income. Our Federal Standard Deductions is not a deduction for state taxes. Rates may have been lowered but actual taxes have increased tremendously for many folks because what you are taxed on is greater.
Try to get an idea on your tax liability for 2023 and consider adding additional withholding for the remainder of the year if you have under-withheld up to now. Can always change L4 next year if additional withholding are not needed.
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