Question

Why Do we Owe?

Forum|Forum|5 years ago
February 19, 2021
1 reply
0 views

Married filing jointly, no kids, make roughly the same amount, own a house. We both have our employers take the maximum taxes out of paycheck so why do we have to keep owing federal?

Not A Product Question

RayW7

Your Federal Income Tax withheld is less the the amount of your Tax Liability at the end of the year.

You can reduce the amount owed by adjusting your W4. Contact your HR department or employer and adjust your withholding.

See the following link for additional information.

Video: Why Would I Owe Federal Taxes? - TurboTax Tax Tips ...

A

Ardennis3Author

Can't adjust it anymore, already claiming zero.

MaryM428

You can use the IRS W4 calculator to determine how much more to withhold from your pay so that you do not have a tax payment due.

In addition to having your withholding set to zero, you can request that your employer also withhold an additional amount from each pay so that all taxes are paid for the year.