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posted Nov 6, 2023 5:37:28 PM

Does paying a extra 25 dollars to my taxes all this year how does this affect my tax return for 2023 and I get paid weekly..

I owe taxes for the previous year around 500 and been paying it off in a installment agreement and have not missed one payment will the extra 25 per check help me improve my tax return this year.

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1 Best answer
Level 15
Nov 6, 2023 5:41:34 PM

@aziken hard to say; taxes are only calculated on a tax return and no where else. 

 

Increasing your withholdings (which is the downpayment against the tax liability) certainly reduces how much you would owe or how big the refund would be. 

2 Replies
Level 15
Nov 6, 2023 5:41:34 PM

@aziken hard to say; taxes are only calculated on a tax return and no where else. 

 

Increasing your withholdings (which is the downpayment against the tax liability) certainly reduces how much you would owe or how big the refund would be. 

Level 15
Nov 6, 2023 5:42:16 PM

Maybe---but we cannot see any of your information, so no one here can predict your tax refund or whether you have paid off the tax you already owed.   The "extra" money you are having withheld will simply be shown in box 2 of your W-2 --- so you will enter your 2023 W-2 when you get it in January and see how it all comes out.