CA Pension and 2nd new job

[rormo]

Good Morning,  I am collecting a pension of $ 43,500 a year. My pension last year I paid $5,500 in Federal tax 1099R. For both Federal and State I claim single with 0 exemptions with and additional $100.00 each month. Because of a divorce, and living in California - I currently have a job in which I made GROSS $88,333 NET $43,136. I put away 25% into my 401K so about $22k. Last year 2022, I paid $10,000 to Federal and $4.000 to State and $5,300 to Social Security.  I have no write-offs now, sold the house in 2020.   So in total I paid $15,500 in Federal and $6,200 to State at the end of 2022.  Why at the end of the year did I still owe an additional $2,000 plus combined to Federal and State. What do I need to get closer to owing nothing at the end of the year.  Go Tea Party 😎  

[rschule1]

Hi there:

Turbo Tax has a great downloadable App called TaxCaster. It will help you forecast your taxes.

[KarenL4]

Hi Rormo,

Sounds like our free W-4 calculator would be a great help.  Just input all your data and it will give you what to fill in for that W-4.   The fact you owed money last year likely ties to your multiple income streams.  This calculator should help!

This article also may help.

If this answer helps you, please cheer...

Thanks,

Karen