Fed taxes sticker shock
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Anonymous
| Anyone experience fed taxes sticker shock this year? We swung from about a 10k refund to owing 12k. Same rough income. I use turbo tax and have crunched the inputs over and over. |
Anonymous
| I've been using turbotax for more than a decade. We went from owing $2500 last year to getting a refund of $3000 this year. Our HHI was $120k-$130k both years. It's always a mystery to me. |
Anonymous
| We always owe. Another 10k this year. Why do I bother working?!?! |
Anonymous
| There were no significant tax law changes. You either screwed up your withholding or something did materially change with your income/deductions. |
Anonymous
| We typically pay and ever year we adjust with holdings. This year we got a refund. Who knows. |
Anonymous
Owing $10k means that you borrowed that much from the government over the course of the past year. People not understanding the basics of taxes as an adult baffles me. |
Anonymous
| We owed the last few years despite taking extra payment to taxes each paycheck. This year we used a calculator on the IRS site this year to finally figure out how much extra to withhold so we wouldn’t owe. I did it a few times during the year. You enter the information from your pay stub and it tells you if you’re on track. Also keep aware of any bonus payment. |
Anonymous
| I overwithheld and the govt already sent me a refund before I filed anything which I found odd. |
Anonymous
Isn't there a new W-4 that is really throwing people off? |
Anonymous
no need to be so dramatic 
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Anonymous
Yes, there were. https://gwtoday.gwu.edu/why-do-i-owe-taxes-year |
Anonymous
|
Also here in the WSJ. That's because inflation prompted the IRS to raise thresholds for income tax brackets for tax year 2023.Feb 28, 2023
What Are the New Tax Brackets for 2023? - Buy Side from WSJ |
Anonymous
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if you have large cash balances, the higher rates may have impacted your refund.
$150k cash at 3.75% = $5,625/yr in income. If you're in the higher brackets that's not immaterial. In previous years that same $150k = $750/yr in income |
Anonymous
| Taxes are so high for the hard workers it's awful |
Anonymous
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I was the closest to $0 I've ever been.
I received a $10 fed refund and came in at $0 for VA state taxes. |