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How do I owe the I.R.S. this much $$?!

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hurtbs posted 2/9/2014 09:51 AM

Seriously? I put down "zero" for exemptions and then have them withhold $100 additional from my paycheck. Even then I end up owing $1200?! WTF?! I just went back to HR and upped the withholding amount. I asked our HR person how this was possible and was told I'm just in a higher tax bracket with no exemptions. I was like, "Yeah... that's what I selected was zero exemptions. I even had you guys hold back extra money." She asked if I did additional work, I said "A little, maybe an extra $1,500 a year, so nothing that should lead to this." She was also aghast. Ugh. At least I have money in savings. It's just annoying that I have to dive into it. I guess that tires will have to wait a little longer. I'm not bald (yet) but I'm getting close to no longer having the option to wait.

ETA: I itemize, I give $$ to an IRA, and keep records. I know that my deductions at work are correct. This is just so frustrating. I am not rich by any means. I live within a budget. If I had a child on my income, I would be at the poverty level. This is just crazy!

[This message edited by hurtbs at 10:18 AM, February 9th (Sunday)]

unbreak_my_heart posted 2/9/2014 15:22 PM

are you sure they were done correctly? That does not sound right...

hurtbs posted 2/9/2014 15:24 PM

Yes she checked the numbers again and ensured that it was correct in the computer. It doesn't sound right to me either! I don't have a mortgage, a husband, or a child, all of which would have gotten me a refund. It's that unmarried, childless, and renter that is hurting me.

GabyBaby posted 2/9/2014 15:58 PM

That doesn't sound right at all to me either.
I'd start from scratch and do the entire return over again.
Do you do your own taxes? Turbo Tax is a good software to use if you do.

hurtbs posted 2/9/2014 15:59 PM

Yes I do my own taxes and I use TurboTax. All the data is correct. I ran the numbers three times. Even chatted with a CPA friend of mine. She said that this tax year has been crazy because of shut down, sequester, and other tax exemptions that have been allowed to expire. That those without child, marriage, or mortgage exemptions were hit the hardest with unexpected hikes.

[This message edited by hurtbs at 4:10 PM, February 9th (Sunday)]

jrc1963 posted 2/9/2014 16:05 PM

I'd either do it again from the beginning or go to a Tax Preparer and have them redo it...

Maybe you "fat fingered" and entry somewhere w/o realizing?

Dreamboat posted 2/9/2014 16:27 PM

It sounds right to me. Back when X's and I rented we both had 0 exemptions on the W-4 and still owed some every year. Now I have 0 exemption W-4 but I have a child, claim head of household, and have a mortgage and I get about $1000 back each year. If I changed it to 2 (which is what I claim on my taxes) then I would owe thousands each year. It's all a part of the middle class squeeze.

Mama_of_3_Kids posted 2/9/2014 20:16 PM

Unfortunately, it sounds like it's probably true, if you've run the numbers that many times The first two years that Do3K and I were married, we paid in a crap load...somewhere around $2,000. We had a kid, but that was our only deduction, and he worked on a farm, so how they paid him (with grain profit, or something to that affect) resulted in us paying out the butt. (((hurtbs)))

Pentup posted 2/10/2014 09:01 AM

Married and have a house that we do not owe a ton on, same boat.

We also claim zero and still get hit. Told my h, we should have had six kids at least I would be paying for my own.

Undefinabl3 posted 2/10/2014 09:09 AM

Yes I do my own taxes and I use TurboTax. All the data is correct. I ran the numbers three times. Even chatted with a CPA friend of mine. She said that this tax year has been crazy because of shut down, sequester, and other tax exemptions that have been allowed to expire. That those without child, marriage, or mortgage exemptions were hit the hardest with unexpected hikes.

Ugg, i hear you, and even us (with all 3) got hit pretty good.

I am so sorry you got hit so hard.

itainteasy posted 2/10/2014 11:10 AM

I am terrified to get my taxes done this year. I cashed out a 30k 401k, when I left my job in preparation to move out of state.

so I know I'm going to have a huge bill.


It really fries me how big corporations like Facebook pay ZERO taxes. They make BILLIONS of dollars, and pay no taxes.

It's not fair. Yeah, this year, I know I fucked myself over.

Crescita posted 2/10/2014 11:26 AM

Did you try running it with a standard deduction? It's really hard to itemize without a mortgage.

Also did you max out your IRA? if not, it isn't too late. You can set any contributions you have planned through April 15 to go to the 2013 tax year rather than this year. If you still won't max it that way, try running the numbers to see if it would be more advantageous to give some of your savings to the IRA rather than the IRS.

Another thing you can try in the future is alternating your itemizing years; make extra payments and donations on years you itemize, take standard deductions on year you don't.

And finally, (((hurtbs))).

Whalers11 posted 2/10/2014 11:50 AM

I am unmarried, no children and a renter also. I also claim zero exemptions and have extra withheld from each paycheck or else I would owe.

I don't itemize my deductions because I actually don't have much to itemize. Are you sure its not better to use the standard deduction amount in your case?

hurtbs posted 2/10/2014 11:56 AM

@Whaler - I moved this year, so I did both standard and itemized to see whic would be better. I was slightly better using the itemized. Normally I do standard. It depends on the year.

I got a raise (nothing huge) this year so I'm sure that also played in on it.

Jrazz posted 2/10/2014 12:10 PM

Zero exemptions saves our bacon every time - we're in a relatively high bracket since Crazz's last raise.

The only time I ended up owing was when I worked for a mom-n-pop real estate office and she blew it on the withholding. She wouldn't ADMIT she blew it - she said she checked and rechecked every time and it was perfect. I went to a tax preparer and he told me in a matter of minutes that she was mistaken in her calculations.

If you made the $1,500 in cash, a HUGE chunk of that should have gone to taxes. If you declared it, they're going to want a lot of that back.

lieshurt posted 2/10/2014 12:27 PM

I've been trying to get as close to Zero as possible instead of getting a refund every year. I even claim 6 deductions, but I still end up getting money back.

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