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Why do I owe so much this year when I'm a S-00?
Reading through this thread, I'm having the same experience so far working on my 2024 taxes. I owe an extreme amount and am also getting fined for not paying enough taxes last year. From what I see on my W4s, I filled them out correctly and so the maximum amount should be being withhheld. Yet I apparently owe nearly $2000 for federal and $1400 for state. The amounts I owe also seem to be increasing over the past few years, despite even having made far less during a couple of those years. I bought my first house last year, too, and I've checked that the amounts automatically filled in were correct against the W-2s, 1099s, etc. What's going on?
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‎February 20, 2025
8:24 AM