First-time self-filing taxes - are my calculations correct with W-2 and interest income?

The numbers do seem to line up based on what you've shared. Since Florida doesn't have state income tax, you're only dealing with federal taxes. With your W-2 income of $87,249.66 plus your interest income of roughly $13,043 from both accounts, your total taxable income is around $100,292. The thing to remember is that the interest income is fully taxable, unlike your wages which might have pre-tax deductions. So while your federal withholding (Box 2) was $8,603.79, you didn't have any taxes withheld on that interest income, which explains why you owe additional tax. Given your total income putting you in the 22-24% tax bracket, owing around $3,040 makes sense when you factor in that untaxed interest income of $13,043.

After reading your situation, I wanted to share something that helped me when I first started filing my own taxes with investment income. I was in a similar boat last year - had always used an accountant but tried to DIY and ended up with a surprise tax bill because of interest and dividends. I found this site called https://taxr.ai that helps analyze your tax documents and explains where your tax liability is coming from. It broke down exactly how much of my tax bill was from my regular income vs interest income, and showed me where I might have missing deductions. Saved me about $800 my first time using it because I caught some education credits I would have missed. Given your interest income is pretty substantial, it might help you understand if FreeTaxUSA is calculating everything correctly.

Just wanted to update after trying taxr.ai that someone recommended above. I was honestly surprised how helpful it was! I uploaded my W-2 and the interest statements from my bank, and it immediately showed that I was missing a student loan interest deduction that would have saved me $312. I also didn't realize my employer wasn't withholding enough taxes given my total income. The breakdown showed exactly why I was owing money and gave me the specific numbers to put on a new W-4 form so I don't have this problem next year. Definitely worth checking out if you're new to doing your own taxes like I was!

If you owe taxes and need to talk to the IRS, good luck reaching them! I spent THREE WEEKS trying to get through to a human at the IRS about a similar tax situation with interest income. Kept getting disconnected or waiting for hours. Finally used https://claimyr.com and they got me connected to an IRS agent in about 20 minutes. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c. Their system basically holds your place in line with the IRS and calls you when an agent is about to pick up. The IRS agent confirmed that with interest income over a certain amount, you should be making quarterly estimated tax payments to avoid penalties. They walked me through exactly how to calculate the right amount based on my interest projections for the year.

If you owe taxes and need to talk to the IRS, good luck reaching them! I spent THREE WEEKS trying to get through to a human at the IRS about a similar tax situation with interest income. Kept getting disconnected or waiting for hours. Finally used https://claimyr.com and they got me connected to an IRS agent in about 20 minutes. You can see how it

I have to eat my words about Claimyr from my comment above. After continuing to get nowhere with the IRS for another week (got disconnected FOUR times after waiting 45+ minutes each time), I broke down and tried it. Within 28 minutes I was talking to an actual IRS person who helped clear up my questions about estimated tax payments on interest income. They confirmed I needed to make quarterly payments since my interest was going to be over $10k, and they helped me calculate the right amount so I wouldn't get hit with underpayment penalties. I'm still annoyed that we have to use a service to reach a government agency we pay for with our taxes, but at least it worked.

Just FYI since you're in Florida - I'm also in FL and did my own taxes for the first time last year with similar income. Your federal tax amount sounds right, but don't forget that interest income might still be subject to the Florida intangible tax depending on where the accounts are held. Most people don't realize this, but Florida still taxes certain intangible assets even though there's no state income tax. Worth double checking so you don't get a surprise letter later!

Have you thought about putting some of that savings into an IRA to lower your taxable income? I noticed your income would allow you to deduct traditional IRA contributions which could lower your tax bill. With over $13k in interest income, putting even $6k into an IRA would reduce your tax bill by around $1,320 if you're in the 22% bracket.