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When filing married jointly (with 0 exemptions) and taking the standard deduction we owe thousands of dollars and owe a fine. Our incomes are similar. Is this normal?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Not too much is "normal" this tax year, given the new tax laws. Tax rates and standard deduction amounts were changed for 2018. New withholding tables were sent to employers and they were used for taking taxes out of your checks. In many, many cases, not enough was taken out and taxpayers ended up owing a lot at tax time. So, this is indeed not unusual this year, and it will continue if you don't make changes to your withholding. You should choose to have at least one of your W-4s changed to married, but withhold at the single rate to avoid the same next year.

A

Anonymous

Answer

Not too much is "normal" this tax year, given the new tax laws. Tax rates and standard deduction amounts were changed for 2018. New withholding tables were sent to employers and they were used for taking taxes out of your checks. In many, many cases, not enough was taken out and taxpayers ended up owing a lot at tax time. So, this is indeed not unusual this year, and it will continue if you don't make changes to your withholding. You should choose to have at least one of your W-4s changed to married, but withhold at the single rate to avoid the same next year.