I have a couple of new (to me) tax items in my 2024 taxes.
- I was unemployed for 6 months and collected NJ unemployment, and had federal tax withheld from my payment.
- I did some consulting work for about 6 months - earning about $7500, and did not pay taxes yet on this income
- I took a 1-time payout from my 401K and withheld the federal tax on that (my financial advisor said that I did not owe a penalty)
- I also worked for 2 businesses and had taxes withheld from that income (recvd W2s)
Normally I receive a refund, but knew that I would owe taxes on my self-employment earnings (TTax show $1,077). However, TTax is showing that I owe $4,457... I am trying to understand why I owe so much. I earned about the same this year as last year, with the exception of my 401k distribution, but I did pay tax on that. Any ideas why this might be happening?
