Hi there,
I have done my 2023 tax filing and I have a question about my insufficient withholding.
I have the simplest W4, single & nothing special. When I started working on my tax and just imported the W2 (nothing else yet - I had investment income but not imported yet). TT told me that I owe several hundred dollars.
That said, only for the salary and bonus from the same W2, the withholding based on my W4 (which cannot be wrong at all) is not accurate. How could this happen? Shouldn't the withholding per cycle and the annual final tax based on the same rate?
I understand that I can add extra withholding on W4, but just wonder why this happened. Thank you for your help.
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The projected refund or balance due from the Race bar is not necessarily accurate, it depends on the information that is already entered into the system. Most likely the Bonus did not have enough withholding. Below is a tool for calculating your W-4.
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