I got a new job in 2023, March, and ended my previous employment in January of that year. In the two month interim I thought I had to get health insurance (because I was waiting to enroll in my new employers health insurance) so I purchased from the CO marketplace, not realizing I would have to pay $$ on top of the premium (of $60 I think it was - I got the cheapest plan for the two months) during tax time. So in 2024 I ended up owing the IRS a bunch of money (well, relatively speaking - for me as low income $500 was a lot of money), but instead of using my state refund of $1000, I ended up going on a payment plan and, of course, owing fees on top of the initial amount so paid $600 plus in total. Then, I stupidly changed my withholding last year (I'm single, not married, no dependents) to get more back from each paycheck then realized I had done that at towards the end of last year so changed my withholding and took out extra $$ to make up the difference. In addition, last year I took 3 months of paid leave through FAMLI leave in Colorado for mental health and didn't realize I would definitively have to pay taxes on that money (because they weren't clear when I talked to them since it was the first year implementing the benefit).
So now, when I run my taxes on OLT, it's saying I owe $1,039 still, even though I ran the figures multiple times last year when I realized my mistake and didn't think I'd have to pay that much in addition to the extra money I was withholding (I thought it would just be a few hundred, tops).
Total Income: $42,732
Total Adjustment: $2,400
AGI: $40,332
Standard deduction: $14,600
Taxable Income: $25,732
Tax: $2,855
Tax credits: 0
Other tax: 0
Total tax: $2,855
Total payments and refundable credits: $1,816
Amount you owe: $1,039
I make too much to qualify for EIC. I make too little and don't have any (or very, very little) investments (there was about $1200 in a microinvesting account - Acorns; about $2000 in a 503B retirement account and about $220 in the stock market).
Is there any way to owe the government less? I have no assets, and nothing else. I not only can't afford to pay the government this much money, but I feel ripped off that they're trying to take this much from me when I am on housing assistance and get most of my housing paid for by the state.
Also - what is the likelihood I'd be audited? Do they randomly do it? I was audited once when I was 18 years old (1998!) and working for $10 an hour. I didn't file that year and got audited so I don't want to do that, but also am feeling like I want to make a political statement...what with all the cuts to all the things I believe in in our system, why should my tax dollars go to what this new administration thinks is important when I don't agree? I mean - I know that's not how our system works but...if enough people didn't pay their taxes then couldn't we make an impact?
Any ideas on what I can do would be GREATLY appreciated.
Thank you so much for any info!
-Jordan [removed]
