Never owed a cent until this year and it was over 400 dollars!
And I’m 64 years old!
I know that it probably doesn't matter right now but what were your taxes paid this year compared to your taxes paid last year? Is it less?
Also, look at reason #6 above. Things will work out better once you refine a few numbers.
“”Never owed a cent until this year and it was over 400 dollars!””
Last year I had to pay 14,876.00 on top of payroll deductions for the wife and I and your complaining? I haven’t had a refund in over 25 years!
The withholding per check was decreased. It made for a bigger paycheck but less refund.
I received a $5,000 federal tax refund last year. This year I owe $4,500. The cap on state and local taxes is the difference. I should be getting a deduction of $25,000 in state and local taxes paid, on top of other deductions. But they are capped at $10,000. So I have to take the standard deduction. Otherwise I would owe $7,000. Also I failed to adjust my withholdings after the tax law passed because I falsely believed I would be paying less in taxes.
If this is happening to everyone else, I don’t understand what the budget is not balanced.
I’m 66 and retired - had about $800 less tax burden this year.
Paying $400 and paying more taxes may be two different things - I use one of my retirement accounts to balance my taxes so i am within a range of owing or paying under $500 - last year I paid over $900 and decided to not change the deductions from my balancing account - this year I paid $136.