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Money and Finances
Reply to "Just did taxes...annoyed. Other people in the same boat?"
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[quote=Anonymous][quote=Anonymous]I vote for IRS incompetence. There were news stories at the time that stated that the IRS withholding based on the new tax law was way off. Based on those stories we increased our withholdings and we don’t Owen [/quote] Because the withholding tables are still based on exemptions, but there are no exemptions anymore, instead we have a higher standard deduction. It doesn’t really correlate. After I waited to see what happened to the first paycheck after the new law went into effect, I ran the irs withholding calculator and the Turbo Tax one. Wildly different answers. So then I went and pulled the actual tables and did my own calculations and came up with something more in the middle. (Would have wildly overwithheld under the turbo tax method and underwithheld with the IRS calculator.) I was within $500, which is fairly typical for us. [/quote]
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