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Old 02-06-2015, 01:10 PM
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Unhappy More than 10k owed in IRS

Hey everyone, this is my first post for this forum.. And I'm about to lose it..

Hoping someone from here can help..

so for my 2014 W2 I had a full time and part time job I am married and using m-2 for withholding, I have a daughter under 3 yrs old. Combined I made around 120-130k for 2014 that's a big jump from my 2013 which was around 60-70k. My wife made around 45-60k also using M2. Our W2 combined on box 1 is $160-180k... I used the HR block calculator and it showed that we are going to owe 10-13k in taxes why is this ? we are 27-33yrs old.

Will IRS let us pay this in increments?
What are your suggestions to avoid this ? Make m-0 for salary withholding ?

And I'm sure you'll ask where did all our money went ? Well... Since it was our first having that type of money we didn't spend too well and now biting us in the rear. (About to cry right now) please help

I really appreciate any feedback

(numbers are approx for privacy reasons)


Last edited by rooki3 : 02-06-2015 at 01:21 PM.


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Old 02-08-2015, 04:31 PM
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so for my 2014 W2 I had a full time and part time job I am married and using m-2 for withholding, I have a daughter under 3 yrs old. Combined I made around 120-130k for 2014 that's a big jump from my 2013 which was around 60-70k. My wife made around 45-60k also using M2. Our W2 combined on box 1 is $160-180k... I used the HR block calculator and it showed that we are going to owe 10-13k in taxes why is this ? we are 27-33yrs old.======>>>>>> it is possible; there is a lot of variables go into taxes and how much is owed. maybe you jumped into a higher tax bracket, thus owing more tax at the end of the year. You may be claiming less excemption on your W-4 so it's only going to hold out .according to that. If you want more back, claim zero and it'll take more out of your check. For w4, the amounts that your employer withholds are based on the information that you supply on your W-4 to them. It is your responsibility to assure that your withholding amounts are in accord with your requirements since your employer has no knowledge of your circumstances; has no advance knowledge of changes that may occur in the tax codes of the state or federal tax systems. You may, if you wish, change your withholding several times a year to meet your modified requirements.

Will IRS let us pay this in increments?=======>>>>>>>>as said above.



What are your suggestions to avoid this ? =======>>you need to check it with your employer/HR dept.


Make m-0 for salary withholding ?==============>>>>>>>please visit the irs website here; 2015 Withholding Calculator

And I'm sure you'll ask where did all our money went ? Well... Since it was our first having that type of money we didn't spend too well and now biting us in the rear. (About to cry right now) please help===========>>>as mentioned above; It is your responsibility to assure that your withholding amounts are in accord with your requirements since your employer has no knowledge of your circumstances;refund is not good;




unless you like giving interest free loans to the government.



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