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Old 02-08-2009, 03:24 PM
 
2 posts, read 6,255 times
Reputation: 10

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HI

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
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Old 02-08-2009, 03:32 PM
 
Location: So Cal
90 posts, read 515,476 times
Reputation: 105
Quote:
Originally Posted by myanna555 View Post
HI

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.
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Old 02-08-2009, 03:36 PM
 
2 posts, read 6,255 times
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i am new to this country
a friend told me to go do it on Turbotax
what is a cpa? and where I get it?
thank you
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Old 02-08-2009, 03:37 PM
 
6,584 posts, read 23,683,425 times
Reputation: 3220
Turbotax led me down the wrong road two years in a row. I use a professional tax preparer now.
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Old 02-08-2009, 03:56 PM
 
Location: southwestern PA
20,419 posts, read 40,897,946 times
Reputation: 39315
Quote:
Originally Posted by myanna555 View Post
what is a cpa? and where I get it?
Not an 'it', but a person... an accountant who will do the taxes properly for you.
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Old 02-10-2009, 10:31 AM
emh
 
298 posts, read 799,279 times
Reputation: 148
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.
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Old 02-10-2009, 01:18 PM
 
Location: Sverige och USA
702 posts, read 2,869,056 times
Reputation: 418
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.
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Old 02-10-2009, 06:29 PM
 
Location: Missouri
6,046 posts, read 22,499,894 times
Reputation: 5139
For peace of mind, get a second opinion. I have used TurboTax and H&R Block and been satisfied by both.
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Old 02-10-2009, 07:04 PM
 
Location: Alexandria, VA
12,610 posts, read 22,566,997 times
Reputation: 19499
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)
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Old 02-10-2009, 09:37 PM
 
Location: Memphis
948 posts, read 3,516,186 times
Reputation: 525
Quote:
Originally Posted by FarNorthDallas View Post
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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