In that case, how can I learn how to fill out the W4 correctly?

Why do you think mortgage interest rate will be lower next year?

Refund went down: https://reddit.com/r/personalfinance/comments/111j2s2/why_did_my_tax_return_go_down_omnibus_edition/

The home loans were 100% necessary to keep my home insured. Also, 'bit' was just a word I used. That amount of credit card debt was due to some unfortunate uncovered medical requirements and not indicative of normal spending habits.

>Why would they need/want our DL information?

Why haven't you asked them?

This all sounds like a terrible idea to me.

You filled out the W4 and they entered it just like you requested. They can't figure out how you want it done

Awesome thank you for your advice! :)

Employer would take taxes out depending on how your W4 was filled out and the amount of wages.

Even if the employer didn't take the correct amount there is nothing to be done about it now. You are responsible for your taxes whether thru payroll or paying now.

So IMO paying CPA to go thru paycheck will not help.

It depends on what you value in life and what you want. How much is time worth to you?

They're both right.

Payroll withholds according to the instructions you provide them in your W4 form. They did everything correctly according to what they were told. If they have incorrect instructions from you, then it would result in not withholding enough and owing in April. But they don't know your financial situation, hence the reason the W4 form exists.

File a new W4 form with your employer, and make sure the instructions are correctly followed.

LOL, that's a ridiculous sense of entitlement. The median salary doesn't even pay much more than 50k total.

Assuming a 1 hour commute over 220 work days each year, that 50k comes out essentially getting paid $227 per hour.

If I'm getting paid $227 per hour to drive around I'll do it all day, wherever you want.

Payroll did everything right does not mean you don't owe taxes. It simply means they withheld in accordance with the withholding allowances you claimed.

Bonuses can be messy for federal taxes. If you bonus is more than about 20% of your income, I would strongly suggest you build a spreadsheet to predict your tax liability and pay quarterlies if needed in the future.

Withholding is an estimate. It's never perfectly right, and there's nothing wrong with owing a bit at the end of the year. You can adjust your W4 so that more is withheld for 2023 if you wish. There's no point in going through each paycheck. Aggregate withholding is all that matters.

Your payroll only withholds based on how your W4 is filled out. So yes, they likely withheld correctly per your W4, but your w4 was not set up correctly.

Fix your W4 so you don’t have the same issue next year.

You don’t have your withholding set to “Married”, do you?

If you're eligible for the exclusion and know that you don't want to own it forever then get it sold and laugh all the way to the bank with those tax-free gains. If you try to time the market you may be forced to sell for less in a year to get it done before the clock runs out.

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>CPA says I owe federal taxes; payroll says they withheld everything correctly

It's possible for both of these things to be true.

Your employer only knows how much they are paying you. They don't know about the rest of 900 possible things that could change your tax bill such as capital gains, interest, rental income, etc.

ETA: I see you've added that you have no other sources of income. You can look at the IRS tax withholding tables yourself and compare what your employer is deducting to the tax tables. No need to pay an accountant to do that.

Do you have other income that's not having taxes withheld like stock sales?

Hell yeah. Doggo probably loves that too

I’m sorry but your “bit” of credit card debt and personal loans is not everyone else’s “bit”. I know you’re already in a shitty situation with the layoff but in the future you might want to change your spending habits a bit. Carrying $35k in 10%+ loans can’t be good for your long term financial well being (unless of course those personal loans were for improvements that were immediately necessary like roof or water heater).

Yeah it really depends on the org and position. My best network was made remotely with a big tech company. I met most of them in person 1-2 times in 2 years. My small company I worked for in person, all of those people in that network… still work for the small company.

As I've grown older, wiser, and more wealthy, my credit score has gone to the bottom of my worry list. I had my identity stolen while in the military and had to deal with fraudulent accounts going to collection and screwing up my credit. I went through the process to clear it all up and everything was good again.

Now I'm 35 with a house and good job, I care much more about my retirement accounts, savings, etc., than my credit score. I got a notification that another fake account went to collections, taking my account down 100 points to low 700's. And I really don't care at this very moment. When I'm bored one day, I'll submit the paperwork to get it cleared out. But it doesn't matter much to me at this point in my life.

When I go to buy another house, I'll make sure it's all cleaned up. But my point is to not fret about the score too much. Build wealth instead.

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If you're not interested in being a long-term landlord, then just sell it.

I take it you lived in it for at least 2 years before you started renting it out?

https://www.realized1031.com/blog/what-is-the-2-out-of-5-year-rule#:~:text=The%202%2Dout%2Dof%2Dfive%2Dyear%20rule%20states,the%20date%20of%20the%20sale.