More Taxpayers Will Owe The IRS In April Because Of Underwithholding, Report Says

Interesting question, we will only know next year.

Three events caused me lots of headaches. One year I did not withhold enough. One year I received back pay. One year my ex filed bankruptcy and the joint debt became my problem. I negotiated on her CCs and van debts. To add insult to injury, I had to pay taxes on the forgiven amounts.

If anyone looked at the W-4 calculator they would have seen the variance. I added and subtraction one dependent and my bi-weekly paycheck and it dropped and increased (respectively) almost $200. So January will tell the story on how great this postcard 1040 form will be and the massive tax break the rest of the us are getting.