Jude asked:
I haven’t been “single” in 15 years but remember when I was I always got money back. I am shocked that I owe nearly $1000 and of course, not prepared to pay.
I haven’t been “single” in 15 years but remember when I was I always got money back. I am shocked that I owe nearly $1000 and of course, not prepared to pay.
{ 4 comments… read them below or add one }
Maybe you made a mistake preparing the returns? I always claim married 0 and get a big refund at the end of the year.
if you make a lot of money, claiming zero may not be enough. my wife and I claim only ourselves on our individual W-4′s, and we have to have additional money withheld just to not have to pay additional taxes with our 1040.
Typical, yes, but not for sure. The place it often hits people is high middle income married couples who both make about the same amount. If you are single, and filed single 0 on your W-4 all year, recheck your numbers. Of course if you had a large amount of income that wasn’t taxed at source, like maybe a large capital gain, then that would be a problem. Or if you withdrew money from a tax-deferred retirement plan, especially if you are under 59-1/2 so you owe a penalty on it, that could explain it – even if they withheld some tax, they very possibly wouldn’t have withheld anywhere near enough.
Even though you may have claimed 0 on your W4.. your company may have made an error resulting in not enough taxes withheld from your checks.. you should check to see what % they took out for federal. This happened to a friend of mine a few years ago… and she owed $6,000. There was nothing she could do besides pay it because she used the money throughout the year without even noticing it. Best Wishes!