Single filer, I ended up owing taxes both to the IRS and the state. All I had was some interest income and some minor dividend income besides the salary. I can't seem to figure out why I owe taxes when nothing has really changed except income growth over the years. I expect the company payroll to take out taxes as required given the annual salary, so shouldn't really be too much of a surprise beyond paying some tax for interest income. Anyone got any ideas?

likeupliftingfunny
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The W-4 and withholding methodology changed in 2020 due to the TCJA. You have to use the new W-4 and the withholding tool on IRS.gov to have the correct amount withheld.

It is not payroll’s job to make sure you’ve had enough withheld, it’s your responsibility. Payroll’s job is to make sure you get paid and withhold based upon YOUR elections on the W-4 you provide them.

TLDR; update your withholding and be an adult.

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This reminds me of a couple of my 1040 clients that get mad at me when I tell them they owe $$ when they file. Umm, did you tell me your income was going to be higher or pay me to run updated estimate calculations for you so you could pay in above safe harbor? No? Then get out your checkbook, put on your big boy or girl or they pants and pay up.

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And these are HNW folks so not like they can’t access the funds to pay. It’s always the 2nd or 3rd generation that acts like this. New money is much easier to work with since there’s not so much of the entitlement mentality

How much do you owe?

About 4400 including state and federal

Was your withholding on your 2020 W2 reasonable compared to your 2019 W2?

Their job is to withhold based on your w4. It is your responsibility to make sure you withhold enough

like

Do the w4 worksheet to determine what should be withheld

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