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I only have 1 job where on my W2 I claim ZERO exemptions, for both Fed and CA income taxes. And after this year for some weird reason I calcuated on Turbotax with the standard deduction that I owe around 200 to the Fed and around 800 bux to the state
Is it even possible that a person who pays taxes every month with zero exemptions can owe such big amount of money??? I am shocked. Please let me know.... Shall I go to some financial institution?
I only have 1 job where on my W2 I claim ZERO exemptions, for both Fed and CA income taxes. And after this year for some weird reason I calcuated on Turbotax with the standard deduction that I owe around 200 to the Fed and around 800 bux to the state
Is it even possible that a person who pays taxes every month with zero exemptions can owe such big amount of money??? I am shocked. Please let me know.... Shall I go to some financial institution?
thank you
Anna
Why do you people are using Turbotax and other crap? Go get a CPA. For a single w2 you will pay $50-75. That's only once a year.
There's nothing wrong with Turbo Tax. Plenty of people use it. Though I'd suggest Taxact which is a similar program but a lot less expensive (about $15). Anyway, to answer your question...yes it is possible to owe money. It really depends on how much you were earning.
Yes, it is possible to owe money even with 0 allowances. In fact on the original W-4 where you claim your withholding allowances, there's an extra line that allows you to add additional money to be withheld. The allowances are just general and if your income is high and you don't have many deductions like mortgage interests, etc. then you will end up paying more taxes.
Turbotax is just fine especially if you don't have a complicated life. I've used a CPA one year, and it was a horrible experience. He made me do all the work like figuring out cost basis, etc. So, I decided to do it via Turbotax every year thereafter. Good luck.
If your income has changed significantly, and you don't have the deductions, you might need to have additional Fed. taken out (easily done w/your employer - 0 Plus $50 or whatever works out best)
Turbotax led me down the wrong road two years in a row. I use a professional tax preparer now.
Well, I used a cpa twice and got little back but after using turbo tax I got lots back so I guess it depends?
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