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slancet27
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I claimed 0 allowances, but yet I owe $13k to irs. I am single, no children, live in NYC ...I don't understand why I owe vs getting a refund, I've always gotten refund.

 
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4 Replies

I claimed 0 allowances, but yet I owe $13k to irs. I am single, no children, live in NYC ...I don't understand why I owe vs getting a refund, I've always gotten refund.

Before any other comments or questions—have you entered ALL of your income yet? The calculations cannot possibly be accurate until all of your income has been entered.


No one on Answer Xchange can see your tax return. There are major tax law changes that have begun with this tax year.  One thing that may be affecting your refund for 2018 is that employers began withholding less tax when the new tax law passed.  Your paychecks were more, but that means a smaller refund now.  There are are lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.  Or do you have a healthcare penalty?  We used to be able to suggest comparing two years of tax returns side by side to find the differences.  But with the drastic change in the 2017 and 2018 forms, that is tricky this year.


https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return


And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.


https://ttlc.intuit.com/questions/1901008-why-did-my-refund-go-down-compared-to-last-year-s


**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
slancet27
New Member

I claimed 0 allowances, but yet I owe $13k to irs. I am single, no children, live in NYC ...I don't understand why I owe vs getting a refund, I've always gotten refund.

This is all my income - i uploaded my w2 from work directly into turbo tax. Again, I don't have children, nor am I married. I claimed 0 dependents and my allowance was set to 0 all year (i went through each paycheck and verified this). Smaller refund I get, but it is saying that I will OWE over $13k!!! Can't figure out what I am missing here...Thanks for the help.
slancet27
New Member

I claimed 0 allowances, but yet I owe $13k to irs. I am single, no children, live in NYC ...I don't understand why I owe vs getting a refund, I've always gotten refund.

Also, no healthcare penalty or anything - I'm a full time W2 employee with full health benefits that I pay for each paycheck.

I claimed 0 allowances, but yet I owe $13k to irs. I am single, no children, live in NYC ...I don't understand why I owe vs getting a refund, I've always gotten refund.

Look at your Form 1040:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing">...>

Does Line 1 of your 1040 show the same amount as Box 1 of your W-2?
Does Line 16 of your 10410 show the same amount as Box 2 of your W-2?
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