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I dont understand why i have a $18 penalty. My W2 reflect my statis--single w/zero exemptions...yet turbo tax is telling me that I didnt pay enough taxes

I dont control what fed gov takes out.
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1 Reply
MarilynG1
Expert Alumni

I dont understand why i have a $18 penalty. My W2 reflect my statis--single w/zero exemptions...yet turbo tax is telling me that I didnt pay enough taxes

Actually, you do control what the Feds take out of your pay, with your Form W-4.

 

If you only have one employer, and you Filed as Single, with Zero Exemptions, you should be fine at tax time.

 

Did you have any other W-2's or 1099's for part time income that didn't have any taxes taken out?  If so, this could cause you to owe tax.   

 

If you have a 401K available at work you can join, this is a good way to 'hide' money from taxes, while saving it for your retirement! 

 

Here's more info and a video on Why Do I Owe Tax?

 

@katjasinski 

 

 

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