Advice needed! What would you do? I have an unexpected tax bill due after recently filing my taxes, $5500. It’s due to wife’s pay not being tax deductible by mistake, will correct going forward. To ensure, I can pay by April 15th, would you do. See below of my options
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Not following what you mean by wifes pay not being tax deductible but don’t think that matters. Any method to pay it is fine. If you have1000k per month extra you are fine. On the other hand, assuming it is actually 1k, that is 3k by April. Money is fungible. Paying out of emergency fund or extra should still allow you to use 3k plus 2.5k from emergency fund. Just add what you need after 4/15 to get emergency fund back.
Depending on how much you are contributing to 401k, that is an option but would not cut it so much to avoid any match
You don't have to pay by April 18. Set up a payment plan
still don’t know what that means. If your wife’s income was not taxed then how does that result in tax due?
Hers wasn’t being “withheld”, not “not taxed”…that’s why I was confused. I understand now.
Max out both you traditional IRAs. Dont forget the penalties and interest that will be due because you didnt make estmated quarterly tax payments since your wifes employer wasnt deductimg anything. Its on you to stay on top of it.
Do what you can to minimize the damage now.
I’d assume (and hope) they hit safe harbor. It looks like my husband and I are in a similar boat and it’s because we didn’t adjust from single withholdings.
You could always just set up a payment plan with the IRS, or give an extension and do taxes by Oct 15th
You still need to pay by 4/15 even if you do an extension but yes ask for a payment plan
From IRS website
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.