I ended up having to pay a tax penalty this year because I underpaid my taxes. Is there a way to try to calculate whether or not I'll need to pay a penalty next year, and if so, can I pay taxes now (in 2022) to avoid a penalty?
I have never made estimated tax payments. Is it possible to increase withholding of our December 2022 paycheck to pay more taxes if we need to?
How can I calculate whether or not we are underpaying?
You'll need to sign in or create an account to connect with an expert.
This calculator should help.
IRS revised W4 from couple of years ago and in the new form instead of claiming number of exemptions, you have to calculate and enter dollars.
To maximize the every paycheck net take home pay, please update and submit a new W4 form. Here is your link to IRS withholding estimator
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
kelster2
New Member
SanDiego25
New Member
eyouse
Level 1
atxhorn17
New Member
audreyrosemary11
Level 2