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New Member
posted Dec 15, 2023 4:06:16 PM

What do i need to do so i can receive taxes instead of owing

I havnt received taxes for 3 yrs when i have always received taxes i file single no one can claim me as dependant i dont have healthcare insur. so why do i owe taxes

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2 Replies
Level 15
Dec 15, 2023 4:09:26 PM

No one can see your information so we do not know how much income you had, how much tax you had withheld from your paychecks, etc. etc.   One of the most common reasons for owing the IRS instead of getting a refund is that you are not having enough tax withheld from your paychecks.   

 

You might need to change the W-4 you give to your employer to have more tax withheld.   The goal should be to "break even" and not owe, but not give the government an interest free loan all year just to get your own money back as a refund.

 

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Level 15
Dec 15, 2023 4:22:24 PM

another possibility is that you have enough withheld from paychecks to cover those taxes but have outside income for which no taxes are withheld. Owing is not necessarily bad as long as you are not having to pay penalties. Getting a refund means you made an interest-free loan to the IRS for about 1/2 year.  However, some taxpayers enjoy getting a refund because they can't save and use that refund for something special like a vacation