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Additional Details
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dumbfounded | I got a refund last year, but am owing money this year, why is that? |
2006 i made 12k, and received a couple hundred dollars back on my return. Last year i made 27k and am owing the gov $200. On my w-4 i claim a 2. Because i am single, and nobody can claim me as a dependant. My w-4 information has always stayed the same, and i have been getting the same pay rate as well. But of course the income total is higher last year compared to 2006. So why am i owing money this year? |
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pagodaboy2001
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1. Since you claimed 2 on your w-4, your company withholds less.
2. Your income for 2007 bumps you up to a different (higher) bracket so you have to pay a higher percentage.
3. Because of 1 and 2 you are not withholding enough to cover the amount you owe in taxes. |
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twapped2000
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Oh my how I HATE the instructions for w4's!
We always claimed married but withhold at the higher singel rate and zero for dependents. Of course we always got a lot back...then I started to DO taxes as an accountant. It makes sense for me to fill my w4 as married and claim 1, hubby does the same. With no children left to claim we either pay in a little or get back a little but it makes better sense to USE your money instead of them keeping it for months!
If you are single, claim one or, if you LIKE a big refund, claim zero on your w4 |
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mich
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Because you claimed a 2, lower it to 1 and you shouldn't have any more problems. |
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Judy1
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I'm not sure you understand just what a refund is. Through the year you might have money withheld from your paycheck for federal income tax. At the end of the year, you prepare a form called a tax return to calculate how much tax you owe total for the year, and compare that to what was withheld. If you had more withheld than your total tax, you get the extra back as a refund. If you didn't have enough withheld, you have to pay the rest rather than getting a refund.
A refund isn't some sort of bonus the government gives you for working. It's like if you went to WalMart and bought $16 worth of items, but gave the cashier a $20 bill. You'd get a "refund" of $4, but it's not them giving you something, it's just getting your own money back.
It sounds like you just didn't have enough taken out. With claiming 2 allowances, you should be pretty close, but might owe a little. The higher income would end up with more taken out, but maybe not quite enough. |
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chatsplas
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Because your income increased and you're in a higher tax bracket. You're no longer the working poor! And I'd recommend claiming 0 , or perhaps 1, never 2 for a Single.
Singles don't have a lot of deductions. Best thing you can do besides changing your W-4, is to join the 401 k at work or start an IRA. It reduces your taxable income and provides money for your retirement which will have years to grow. |
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Tomk
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In 2006 your income was 12,000
In 2007 your income was 27,000
You're now in a higher tax bracket due to your higher income. The more $$$ you make, the larger % the government takes.
As others have said, change your W4 to have more taken out each month. |
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crookedstepvmx
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More income = higher tax bracket.
Lower your exemptions. |
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v b
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Single/2 is designed to break even. Owing $200 is pretty darn close to that goal. Due to rounding, pay variations and any bonuses you may have received, the amount can never be exactly right.
If you hate owing, change the W-4 to single/1. |
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sarge927
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You ended up owing because you made more money and, as a result, you had more taxable income after you weighed in with your deductions. If you claim 2 dependents they're taking very little out for Federal Tax and state tax, which means you'll get more in each pay check but you'll get less back (or you'll end up owing the Feds and the state) at the end of the year. If you continue to claim 2 dependents on your W-4, be prepared to owe money to the IRS and the state every year from here on out... |
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kckid2
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Your income more than doubled, yet you claimed 2 on Form W4 when you should have claimed 1. You were not having enough withheld. That's the reason.
When income was low, claiming 2 has negligible impact. But as income increases, it makes a big difference. |
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