topic Re: deductions in Get your taxes done using TurboTax

deductions

tlapray — Thu, 13 Aug 2020 20:19:00 GMT

I changed my deductions to 0 last year. Again I owe feds $1200 and state 500. Why this is killing me financially.

Re: deductions

fanfare — Thu, 13 Aug 2020 22:31:15 GMT

If you are W-2 your payroll withholding must at least match your tax.

otherwise you will owe on April 15th.

I don't know what you mean by "deductions".

Re: deductions

Critter-3 — Thu, 13 Aug 2020 22:43:29 GMT

Depending on when you made the change last year it is possible that it didn't happen early enough (since you owe so little) so if that is what happened you should be good for 2020 ... review your withholding to date between the 2019 pay stub and the 2020 stub.

If you are married and your spouse works and/or have more than one job at the same time then you need to work the new W-4 form carefully as it changed recently ... there are no more deductions like in the past ... you can also use the TT program to complete a new W-4 form to hand in. https://www.irs.gov/pub/irs-pdf/fw4.pdf

Re: deductions

Carl — Thu, 13 Aug 2020 23:23:25 GMT

Assuming you are a W-2 employee, while you may have submitted a new W-4 form to your employer, that does not mean they processed it, or processed it in a timely manner through their payroll accounting department or service. Also, if you submitted it to your employer late in the year, the change (if it was processed) may not have been soon enough to make that much of a difference to your tax liability for the 2019 tax year.