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Reply to "Owing Federal tax each year - am I doing something wrong?"
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[quote=Anonymous]I do our taxes myself using Turbo Tax. Dual income family (DH and I make almost the same amount of money, AGI is 340K) - 2 kids, each nearly max out 401K (both put in $21K this year), also each do maximum pre tax health FSA. Each claim 0 for federal taxes and also have an additional $100 withheld each pay period. We have mortgage interest and charitable contributions that put us over the standard deduction threshold. It looks like we will owe $5K in federal taxes this year. Does this sound right? (In the past few years, we’ve owed about $2K) Yet, Somehow, each year we get money back from the state (about $2K). Do I just need to up our additional federal taxes withholding?[/quote]
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