I've always used turbotax and never had a problem. We don't claim any exemptions on our W-4; never have. We always expected that we'd have sufficient (or mostly sufficient) monies withheld from our paychecks since we have 0 exemptions.
Our taxes are VERY simple. 2 incomes; married filing jointly; Our kiddos are 13 and 17; NO changes over the past few years to the way we file. The last few years we've had the standard deduction and we've ALWAYS received a refund (fed and state typically). If ever we owed, it might have been $100. That's it.
This year we actually earned $100K+ LESS (yep) and owe $7500, plus an underpayment penalty to the fed. $600 refund from VA. How is this possible?? I've done my taxes 2 times now thinking that somewhere there must be an error, but I'm ending up with the same result. Appreciate any thoughts/recommendations. Do I really need to make ADDITIONAL payments? That seems excessive, but I definitely don't want to owe like this again (if it is right).
Thanks in advance!
