Owe taxes, anything that can be done, or next steps

Chandelier — Wed, 29 Jan 2025 19:36:11 GMT

I'm a single mom of one, I made $33k in 2023, worked a lot of hours and over-time and somehow managed to make $98k last year. Now I owe over $8k in taxes as estimated and just saw I had no federal income tax withheld. Did some research and called my employer to give me a w4 so I don't have such a mess next year. Is there anything that can be done to lower the $8k bill? What are my next steps? I don't think I'd be able to cough that up anytime soon, since I already have loan payments to take care of. Thanks.

Re: Owe taxes, anything that can be done, or next steps

MinhT1 — Wed, 29 Jan 2025 19:45:45 GMT

Unfortunately, if you have entered all numbers correctly, there is no solution to reduce your tax owed. Make sure that you have the Child Tax credit for your child.

The main reason for this large tax bill is that your form W-4 was not filled correctly. So you need to submit a corrected form W-4 as soon as possible and perhaps ask to withhold an extra amount each pay check by filling in Step 4 - line (c) to avoid such a bad surprise next year.

If you can't pay your tax by April 15, you should still file your return by April 15 and go online to request a short-term or long-term payment plan.

Please read this IRS document for more information.

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Owe taxes, anything that can be done, or next steps

Re: Owe taxes, anything that can be done, or next steps