Q.I have heard that friends are having more taken out for federal tax on their IRA or annuity accounts. Mine did not. Does that mean I’ll owe money next April? I thought all the Bush tax cuts were extended.
A. Withholding and the actual tax you wind up owing are two different things. I can’t tell you whether or not you’ll owe money in April, but the more you contribute during the year, the less likely you are to have to pay later.
