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Jessica C | Why do I owe over $300? |
I'm 21 years old, and I'm a part time student. My income was a little over $16000 for the year, and I claim zero (my mom claims me as a dependent). I was using turbo tax to file my taxes and it says I owe over $300! How could this happen?? Every other year I've filed I received a pretty decent refund...
Any suggestions?
Additional Details
I've always been a part-time student, but my income did increase (got a 2nd job)......that would cause me to owe money? |
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Charles G
|
This is actually a simple tax return, as tax returns go. I doubt Turbo Tax got it wrong.
The simple answer (besides arithmetic), is the US has a graduated income tax system. In other words, the more you make, the more percentage is paid in taxes. You slipped from the zero percent tax rate into the 10% tax rate.
The good news is you have more money. The bad news is that you pay a bit more taxes. |
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Andrea
 |
Did you used to be full time student and now part time? Did your income increase? Anything else change?
I'm not an expert on taxes but those are the questions that pop into my head. Did you review all your entries and make sure there's no errors?
I hope you figure it out. Hopefully, someone more knowledgeable will be along to give you a good answer. |
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ஐ♥Serenity's Mommy♥ஐ
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Did you already file?
If not, redo your taxes again...this time check to make sure that where they ask you if you received a stimulis check to make sure the amount says 0 (since you said you didn't receive one). When I did taxes it automatically put in 900 for me and I had to go back and change it to 300...that could be why you owe over 300. Because if your tax software put in that you received 300 and you didn't fix it, it would think you owe the 300 back since you shouldnt of received it.
I could be wrong, but it's worth a shot, right? |
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Brown eyes
 |
did you borrow |
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hrblockchristinew
 |
You are paying more because of the increase in income. When you are being claimed by your parent and you do not get your exemption of $3500 to lower your income. You can only claim the standard deduction of $5450. Anything over this amount is taxable. If you were not a full time student and under 24,your mom would not be able to claim you because you earned over $3500.
Check out the links below,they may be of some help.
Christine EA Master Tax Adviser
Check out my profile
This advice was prepared based on our understanding of the tax law in effect at the time it was written as sit applies to the facts that you have provided. http://www.hrblock.com/taxes/tax_tips/index.html
http://www.hrblock.com/taxes/tax_calculators/index.html |
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Judy1
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The second job is almost surely what caused you to owe. If you have multiple jobs, each takes out like they are the only job you have, so they don't take out enough.
Claim zero on both jobs and you will have a better chance of coming close to even next year. If you claimed zero for both and still owed, and if you are going to have 2 jobs this year also, ask them to take out an extra $8 a week besides claiming zero. |
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Mr Slick
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Well all I can say is call up they Alphabet boys (IRS) and see whats going on with your taxes there may be a mistake in the turbo tax software (I read that somewhere here on answers) if that does not work than call the offset number at 1-800-304-3107 and just make sure you did not owe anything. If that does not help you I do not know what else to say except good luck. By the way no one has to pay back the stimulus checks given out last year. Do not let these people lie to you. |
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Beau.Gus
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If you claim zero, that's how much will be withheld! Your Mom has nothing to do with it!
I wish I only paid $300 in taxes for each $16,000 I earn! |
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Nat P
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I think this is going to be a surprise to everyone at tax time this year. The one and only answer I can think of here is......drum roll please............that wonderful stimulus check you received earlier this year. Yup! I'll tell you my little story here. I did my taxes on turbotax as I do every year. I was going through it and I made a mistake of putting down that I had received only $600 for the stimulus check and it flagged it. I asked my wife how much we received, because I can't remember anything, she said $1200 dollars. So I went back and changed it.......and low and behold, guess what happened........Yup......exactly $600 dollars came right off of our tax return. Heck my son did his on the computer yesterday and he owes $113 and he never pays in. So I know this is not good news, but I hope it helps.......I know ALOT of people are going to be up in arms when they find out they have to pay back the stimulus dollar for dollar. I'd rather not received one at all if I knew this would happen. |
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AyBayBay
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Make some more money don't worry about it. Instead of thinking about, just join free websites and complete surveys. Hey I'll give you a little push. I think you can find some info here: http://sites.google.com/site/freemoneyexpert/ |
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