So, I'm filing married/jointly. There was 1 W2 for my full time job, and 2 W2's for 2 different part time jobs my husband had. Neither of his jobs offered any retirement plans. No federal taxes were deducted on either one of his W2's.
There's two issues, 1 coming up with the $2500 owed, and 2 trying not to get penalized for his federal taxes not being withheld. I don't know if there would be any penalties, I'm just wondering if there would be. I want to pay installments of $500 a month if I can.
I'm leaning toward filing by April 15th, but if necessary I could also go on extension until October and that would maybe give me more time to come up with the $2500. So, could I be looking at any penalties and is either way April or October filings better to avoid penalties?
Perhaps since a joint filing and my federal taxes were withheld maybe no issues with possible penalties. I made 168k to his 30k that he earned!
Thank you!
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TurboTax will calculate underpayment penalty if any is due.
assuming you filed jointly in 2023 and made no estimated tax payments for 2024 there will be no underpayment penalties if federal withholding is 90% of 2024 tax or 100% (110% if 2023 Adjusted Gross Income was over $150K) of 2023 tax. state laws differ.
the best way to pay the$2500 if you can't pay the full amount by 4/15/2025 is to set up a short-term payment plan. besides the $2500 you'll be charged penalties and interest until the total amount owed is paid. so the only advice we can offer is to pay as much as you can as soon as you can
THANK YOU!
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