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re: First time ever I owe taxes
Posted on 3/25/24 at 1:56 pm to dallastiger55
Posted on 3/25/24 at 1:56 pm to dallastiger55
quote:
also it has a N next to my wife doesn't work and it should be Y. Will that make a difference
Pretty sure that’s the answer. You’ve told your payroll administrator that your wife doesn’t work so the withholding being calculated with just your salary as your total taxable income.
From your previous post, your wife’s w4 also indicated she was withholding lower than she should due to claiming a dependent.
You are under withheld. If you can afford it, switch your w4s to show you are single and you will continue to get refunds like you did in the past.
As always, consult with a tax professional before taking advice from strangers on the internet.
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