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M
margiewashaba
April 14, 2024
Question

I'm being penalized for underpayment of estimated taxes. I don't have taxes taken out from my social security. Can this be the reason?

  • April 14, 2024
  • 1 reply
  • 0 views
My husband and I have taxes deducted through our employers. We do not pay estimated taxes. Why would we have an underpayment penalty?

1 reply

M
MinhT1
April 14, 2024

Yes.

 

Your SS income with no tax withheld could be the reason for the underpayment penalty.

 

If you have wages, you could fill out a new form W-4, asking for an additional withholding amount on each paycheck by filling in an amount in Step 4 c.

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