Not enough withheld again.
February 15, 2010 3:41 PM Subscribe
For at least 2 years I have had trouble with owing the IRS significant amounts of money at tax time. Please help me determine how to fill out my W-4s so this won't keep happening.
posted by Rad_Boy to Work & Money (16 answers total) 2 users marked this as a favorite
Both my wife and I work at respectable midsize companies and make above average income. We own our on home; kids are grownup. For the 2008 tax year, we owed an additional $1250 (beyond withholding) to the IRS. So we had additional amounts (box 6 on the W-4) withheld from each paycheck. For 2009 we owe about $2500! Even though I am good with numbers and doing my own taxes for years AND have what I think is a very simple tax situation, I am obviously not cluing into the W-4s correctly. We both list ourselves as married (box 3) with no allowances (box 5). Our total interest and dividends is about $1100.
Please help with friendly tax advice on this subject!