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italianjellybean

Level 1

Question

W4 Exemptions

Forum|Forum|3 years ago
May 24, 2023
1 reply
14 views

I owed 3K on my federal taxes this year. I want to know if I don't have any exemptions or deductions-(I think I had one last year), will I still owe tax? I already have to have a payment plan and can't afford owing taxes.

Ask the Experts - W-4 - May 2023

Level 5

Hello,

I am sorry that happened to you. If you do not have dependents then I do recommending updating W4 to include zero. That will help with withholding shortage. In addition, if you have multiple jobs or additional income you will want to update your W4 with employer to include those items. I will include below a refund calculator, W4 calculator, and how to estimate your taxes to become pro active and ensure the same situation does not repeat. Best regards!

How to Estimate Federal Withholding