Every tax season I feel blindsided. My husband and I are both on W2 with TC slightly above $200k, and as all W2s, we have federal tax withheld in paycheck. But every year when we file taxes we still owe so much more even after all the deductions. This year we owe $16k. Do other people experience this? Do you ask for employers to withhold more?

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Yes, every year. And while the HHI on my side is a bit more, it still doesn't make it sting less. My spouse has a lot of variable comp that's incredibly difficult to keep up with in terms of W4 adjustments. Our accountant keeps telling us to schedule quarterly calls to assess throughout the year, but we've never done it.

You should be able to see which of you isn't withholding enough. Once you figure that out, you can adjust your withholdings. I don't mind owing a few grand here and there, it's the $10k+ that's a blow.

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We try to reasses our withholdings at least at the 6 month mark. But maybe you should do it more often.

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helpful

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