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Money and Finances
Reply to "fed tax way underwithheld this year. arghhhh"
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[quote=Anonymous]I don't know why the withholding changed and in the end it doesn't matter. Do the calculator, submit a new W4, know that you are unlikely to have much in the way of penalties if this only happens in a single year, and move on. Also if your child's health needs were very expensive, check if your medical expenses exceeded 7.5% of your 2022 income and whether that means you owe less in taxes if you itemize rather than taking the standard deduction. Most people come out ahead with the standard deduction and it's easier to file taxes with it, but having a lot of medical expenses may make itemizing worthwhile.[/quote]
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