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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'd love to know how 2 people making a total of $500k a year can't figure out their taxes. What line of work are you in that you make so much but can't figure this out?

In any case, I always schedule a mid year tax review to review current withholdings and make sure we'll have enough to cover the bill by year's end.[/quote]

I mean, my spouse is in tech working on  mobile apps, and I work at a biotech company as a scientist -- tax and finance is just not something we think about much; I updated withholding a few years ago following the formula, I just thought it would not require an annual adjustment.

BTW, Turbotax didn't notify we had a penalty, I only noticed it when reviewing the PDF -- I probably paid in years past blissfully unaware of the cost.[/quote]

No one's asking you to formulate federal tax and fiscal policy, OP.  This is basic, fundamental personal finance that every adult needs to know.  If theater majors across the country can figure out their taxes every year, it's likely you can too.  Just pay attention.  [/quote]

NP. I'm not sure why the PP needs to criticize you so much.  If this is not your strong suit, it is not a character flaw.

I can identify with OP.  In the past, we were also in the position of owing money on 4/15, and it was not fun.  Like OP, we had similar income, but it was a relatively recent development.  We were primarily just wage-earners.  (And we did not have passive income, capital gains, etc.)

Once you get to a higher income level (where you are), you could consider doing quarterly estimated taxes, rather than just relying on adequate withholding by your employer.  That way, you are pretty sure you'll know that you are covering your taxes.  This will come in handy once you are able to start having some passive income, and get beyond just being wage-earners (which we are in the process of trying to do).[/quote]

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