I did a rough estimate of taxes owed to the US Federal Government this morning using Turbo Tax TaxCaster. As I expected we will owe money. The estimate is $623. I can handle that.

I did an estimate this summer and came up with $262 that we would owe. However, as with many estimates, it didn't include a few things. I did not include last years state tax refund, which was over $2K, or some of the interest we earned. I just forgot about these when I did my estimate.

We also paid far less in real estate taxes this year because we moved into a new home where the full value of the home has yet to be taxed. This means we don't have enough expenses to itemize. Usually we have about $13,000 in expenses we can itemize, but not this year, just under the standard deduction of $11,900 by a few hundred dollars.

Since I have three months until this money is owed. I will be setting aside $100 for the next 6 pay periods, including the last one on April 15th. I will make payment that day.

I feel better knowing the amount. I realize it could change slightly, but I think this estimate is right on target and includes everything this time around. We shouldn't have to owe as much next year...unless my husband gets promoted. In that case, I will likely have to change his withholding, since we will be in a different tax bracket.

Maybe I can find a credit card to charge this payment on and get a cash bonus! Or does the government charge extra to process credit cards over debit cards? What is the most you have ever owed the government at tax time?