in Education
2782254
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.
anonymouse1
Level 5
in Education
meenakshimishra
Level 2
sakilee0209
Level 2
johntheretiree
Level 2
aamandaxo03
New Member