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re: First time ever I owe taxes

Posted on 3/24/24 at 10:06 pm to
Posted by tigerbacon
Arkansas
Member since Aug 2010
3724 posts
Posted on 3/24/24 at 10:06 pm to
Welcome to the rest of us. Can’t remember the last time I didn’t owe money. Married and we both claim zero dependents. We file jointly and always owe thousands. I just consider it a interest free loan at this point
Posted by tigerbacon
Arkansas
Member since Aug 2010
3724 posts
Posted on 3/24/24 at 10:06 pm to
Forgot to include that if you get money back it’s a bad thing. It means the government was given an interest free loan from you
Posted by UltimaParadox
Huntsville
Member since Nov 2008
40909 posts
Posted on 3/25/24 at 8:33 am to
quote:

We file jointly and always owe thousands. I just consider it a interest free loan at this point


IF you owe more than 1000 a year on consecutive years you will owe a penalty for underpayment of estimated taxes.

You should either adjust your withholding to owe less, or start making prepayments every quarter.
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