Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
sammierene95
New Member

I barley made any money in 2020 and it’s saying I owe taxes back why?

 
2 Replies
Elizar Tringov
Returning Member

I barley made any money in 2020 and it’s saying I owe taxes back why?

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.

JohnW152
Expert Alumni

I barley made any money in 2020 and it’s saying I owe taxes back why?

There can be any number of reasons, but the most likely is that you claimed too many allowances on your Form W-4. 

Claiming too many allowances results in too little withholding from your paycheck, and eventually owing money once you file your tax return.

Another possibility that's very common this year is if you received unemployment benefits, but had no taxes withheld from it.

We're unable to see your return in this forum, so we can only speculate.

Please see the resources below for more information.

How do I update my 2020 withholdings and print a new W-4?

What to know about the new 2020 IRS Form W-4 Employee’s Withholding Certificate 

Video: Why Do I Owe on My Tax Return?

Dynamic AdsDynamic Ads
Privacy Settings
v