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re: First time ever I owe taxes
Posted on 3/25/24 at 7:26 am to dallastiger55
Posted on 3/25/24 at 7:26 am to dallastiger55
quote:.
What am I missing?
technically, you want to owe/receive as little as possible during tax season.
those refunds you were used to getting wasn't a gift from the government. it was your own money. you gave too much of it to the gov't during that year and they were just giving it back. hence the term "refund".
if you owe a couple hundred bucks, that's fine. if you only get a couple of hundred back, that's fine as well. $2800 is a bit of a stretch. i'd go back through and make sure you didn't "fat-finger" any of the numbers with your income.
what system are you using to do your taxes? turbo tax usually let's you sign into your retirement accounts for that stuff. W2 should be a simple upload.
Posted on 3/25/24 at 8:39 am to finchmeister08
quote:
$2800 is a bit of a stretch. i'd go back through and make sure you didn't "fat-finger" any of the numbers with your income.
Yeah, it's a $3300 swing and without any reasonable explanation, I feel a strong error review is warranted.
OP: Did you have any sale of property, or significant transaction for which you have capital gains exposure? Did you move a bunch of money into a high-interest account last year?
We're brainstorming because you're right that something is up with the numbers, but you have the best information on what might be a big change. There was no policy change I'm aware of that could result in this big a swing on similar numbers.
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