How come I never get any money back and I always owe ?

[Rachel_W · Accepted solution]

If you always end up owing and never get any money back, the reason is that you are not paying enough in for taxes during the year.  In order to get money back when you file your taxes, you will need to have more in taxes taken out of your paychecks or pay in estimated tax payments.

If you work as an employee and receive a Form W-2, you can adjust your withholding so that your Employer takes more in taxes out of your paycheck during the year by filling out a new Form W-4.  If you fill out a new Form W-4 with -0- exemptions, your Employer will take out the max.  Depending on how many exemptions you have on your current Form W-4, I would recommend bringing it down by at least 1 or 2 exemptions.

If you are self-employed and receive a Form 1099-Misc to report your income, you can file Form 1040-ES to pay in estimated taxes during the year.  Check out the TurboTax FAQ below if you are interested in making Estimated Tax Payments:

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