Why do I owe so much this year when I'm a S-00?

[confused86]

Reading through this thread, I'm having the same experience so far working on my 2024 taxes. I owe an extreme amount and am also getting fined for not paying enough taxes last year.  From what I see on my W4s, I filled them out correctly and so the maximum amount should be being withhheld. Yet I apparently owe nearly $2000 for federal and $1400 for state.  The amounts I owe also seem to be increasing over the past few years, despite even having made far less during a couple of those years. I bought my first house last year, too, and I've checked that the amounts automatically filled in were correct against the W-2s, 1099s, etc.  What's going on?

[MayaD]

Here are some reasons why you might owe more this year after you already checked that you entered your withholding and that form W-4 is correct:

• You didn't qualify for the Earned Income credit. 
• Received  income from sources other than jobs that is not subject to withholding. For income from sources other than jobs, you can pay estimated tax instead or having extra withholding(W-4 step 4c). 

 Mortgage interest might affect your tax return if the total of your mortgage interest plus other itemized deductions is more that your standard deduction. 

irs.gov

Consider using the estimator Tax Withholding Estimator

I also recommend that you do a line by line comparison with last year's return to see wat have changed. 

[Edited, 02/20/2025|09:10 AM, PST]