Yes, it's still possible to owe taxes when you file even if you have taxes withheld at the highest rate from your wages.
The new W-4 form is more comprehensive and takes into account additional income. You can use that tool to review your W-4, or you can make estimated tax payments.
Both of those options are part of TurboTax. Here's how to find those sections:
- Sign in to your TurboTax account.
- If you have already filed your return, select Add State to get back into your return.
- Select Other Tax Situations.
- Expand Other Tax Forms and find Form W-4 and Estimated Taxes, click Start or Revisit to the right.
- If you want to go over your W-4 form, answer Yes to the question Do you want to change your W-4 withholdings for 2024?
- Answer the remaining questions according to your situation.
- Once you are done, if you also want to review your estimated tax, select Review Now on the next screen.
- Answer the questions about your 2024 filing status, expected income, and deductions.
- On the screen titled, Which Method? Select one of the 2024 options, not the first option.
- When you come to the Print Vouchers? screen, answer Yes and the program will include your 2024 1040-ES payment vouchers when you print a copy of your return.
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