I owed money!

Forum|Forum|2 years ago
May 29, 2024
1 reply
17 views

I am head of household with 1 dependent. I owned money this year (almost $500) even though I added an additional amount ($10) in withholdings from each check. What happened and HOW can I make sure I do not own anything next year?

Ask the Experts - W-4 II - May 2024

kcumberland

Employee Tax Expert

There are so many factors that determine why you may have owed this year. The best way to make sure you have the correct amount withheld and possibly not owe next year is to use the Turbo Tax W4 Calculator.

https://turbotax.intuit.com/tax-tools/calculators/w4/

The calculator will help you complete your W4 correctly and provide the necessary amounts for your employer(s) to withhold. Be sure to gather all paystubs, copy of your previous tax return, and child care expenses, if necessary.

Mike9241

Level 15

since it's late in the year, a new w-4 using HOH may not produce adequate withholding for the year. i would suggest using single as filing status for the new w-4.

Mike9241