Just tiled my 2016 taxes.
For the third year running, I owed the IRS as HUGE chunk of change....
Seems my trouble stems from two sources:
first, I didn't realize, two years ago, when I began drawing social security, that I
needed to request tax be withheld. I have now, but I have been burned three times
in the meantime.
Second, with my state and military retirement, I was taxed only at a 10% rate, since
it is assumed that each would be my sole means of income. When all was totaled
up, I was put into the 25% tax bracket and WHAM.
My tac consultant (H 7 R block) advises me to have more tax withheld from my two
pension to solve this.
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