topic I barley made any money in 2020 and it’s saying I owe taxes back why? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961944#M705863 Sun, 21 Feb 2021 06:37:59 GMT sammierene95 2021-02-21T06:37:59Z I barley made any money in 2020 and it’s saying I owe taxes back why? https://ttlc.intuit.com/community/taxes/discussion/i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961944#M705863 Sun, 21 Feb 2021 06:37:59 GMT https://ttlc.intuit.com/community/taxes/discussion/i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961944#M705863 sammierene95 2021-02-21T06:37:59Z Re: I barley made any money in 2020 and it’s saying I owe taxes back why? https://ttlc.intuit.com/community/taxes/discussion/re-i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961960#M705869 <P>What are your standard deductions set to? That effects if you owe money or not. Also if you had unemployment income and taxes weren't deducted from that, that would effect if you are owed taxes or if you owe taxes.</P> Sun, 21 Feb 2021 06:55:33 GMT https://ttlc.intuit.com/community/taxes/discussion/re-i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961960#M705869 Elizar Tringov 2021-02-21T06:55:33Z Re: I barley made any money in 2020 and it’s saying I owe taxes back why? https://ttlc.intuit.com/community/taxes/discussion/re-i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1962543#M706120 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">There can be any number of reasons, but the most likely is that you claimed too many allowances on your Form W-4.&nbsp; </SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Claiming too many allowances results in too little withholding from your paycheck, and eventually owing money once you file your tax return.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Another possibility that's very common this year is if you received unemployment benefits, but had no taxes withheld from it.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">We're unable to see your return in this forum, so we can only speculate.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please see the resources below for more information.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-update-my-withholdings-and-print-a-new-w-4/00/25990" target="_blank"><STRONG><EM>How do I update my 2020 withholdings and print a new W-4?</EM></STRONG></A></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/tax-topics/help/what-to-know-about-the-new-2020-irs-form-w-4-employee-s-withholding-certificate/00/1189006" target="_blank"><STRONG><EM>What to know about the new 2020 IRS Form W-4 Employee’s Withholding Certificate</EM></STRONG></A>&nbsp; </SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://turbotax.intuit.com/tax-tips/tax-payments/video-why-do-i-owe-on-my-tax-return/L2Q7kQ2Fv" target="_blank"><STRONG><EM>Video: Why Do I Owe on My Tax Return? </EM></STRONG></A></SPAN></SPAN></P> Sun, 21 Feb 2021 15:16:59 GMT https://ttlc.intuit.com/community/taxes/discussion/re-i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1962543#M706120 JohnW152 2021-02-21T15:16:59Z
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topic I barley made any money in 2020 and it’s saying I owe taxes back why? in Get your taxes done using TurboTax
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https://ttlc.intuit.com/community/taxes/discussion/i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961944#M705863
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I barley made any money in 2020 and it’s saying I owe taxes back why?
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Re: I barley made any money in 2020 and it’s saying I owe taxes back why?
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https://ttlc.intuit.com/community/taxes/discussion/re-i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1961960#M705869
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<P>What are your standard deductions set to? That effects if you owe money or not. Also if you had unemployment income and taxes weren't deducted from that, that would effect if you are owed taxes or if you owe taxes.</P>
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Re: I barley made any money in 2020 and it’s saying I owe taxes back why?
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https://ttlc.intuit.com/community/taxes/discussion/re-i-barley-made-any-money-in-2020-and-it-s-saying-i-owe-taxes-back-why/01/1962543#M706120
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<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">There can be any number of reasons, but the most likely is that you claimed too many allowances on your Form W-4.&nbsp; </SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Claiming too many allowances results in too little withholding from your paycheck, and eventually owing money once you file your tax return.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Another possibility that's very common this year is if you received unemployment benefits, but had no taxes withheld from it.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">We're unable to see your return in this forum, so we can only speculate.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please see the resources below for more information.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-update-my-withholdings-and-print-a-new-w-4/00/25990" target="_blank"><STRONG><EM>How do I update my 2020 withholdings and print a new W-4?</EM></STRONG></A></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/tax-topics/help/what-to-know-about-the-new-2020-irs-form-w-4-employee-s-withholding-certificate/00/1189006" target="_blank"><STRONG><EM>What to know about the new 2020 IRS Form W-4 Employee’s Withholding Certificate</EM></STRONG></A>&nbsp; </SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://turbotax.intuit.com/tax-tips/tax-payments/video-why-do-i-owe-on-my-tax-return/L2Q7kQ2Fv" target="_blank"><STRONG><EM>Video: Why Do I Owe on My Tax Return? </EM></STRONG></A></SPAN></SPAN></P>
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