renaissancewoman101 Posted March 10, 2009 Share Posted March 10, 2009 Is claiming 0 the best way to have the most money taken out of your paycheck so you don't owe taxes come tax time? I've always claimed "0" and just did my taxes through Turbo Tax and now I owe a tidy sum of money!!!!!! I'm pissed. Link to comment
BellaDonna Posted March 10, 2009 Share Posted March 10, 2009 Are you sure there are not any mistakes? Usually if you claim "0" you won't owe, unless you have a ton of interest income separate from your regular earnings from work. Link to comment
renaissancewoman101 Posted March 10, 2009 Author Share Posted March 10, 2009 I'm not sure. When you claim "0", it shows up on your exemptions as "0", correct? I'm not sure what I am doing wrong. I have to ask my friend since he's the one who's helping me with my taxes. Ugh!!!!! Link to comment
renaissancewoman101 Posted March 10, 2009 Author Share Posted March 10, 2009 thanks! I gave all my info to my friend to help me do taxes. It could be because of investments. Link to comment
woahisme13 Posted March 10, 2009 Share Posted March 10, 2009 you claim "0" when filling out your w-2 for your employer. That way the gov't takes the most money out of your check each week. When you file your taxes you need to claim "1". That way all of the extra money they took out for zero is refunded to you. If you claimed "0" on your tax return that is probably the reason it shows you as owing money. Redo it and claim "1" that should help you out. Link to comment
avman Posted March 10, 2009 Share Posted March 10, 2009 If you have good investments that produce extra income then 0 exemptions will not guarantee you don't owe additional taxes. You can put down to have extra money over and above the normal guidelines taken out of your check if you want to. Or you can file estimated tax returns and pay extra amounts quarterly. That would help you avoid a big tax bill at the end of the year. In fact if you end up owing a lot of money they can hit you with a penalty for underpaying your taxes. Link to comment
ghost69 Posted March 10, 2009 Share Posted March 10, 2009 you claim "0" when filling out your w-2 for your employer. That way the gov't takes the most money out of your check each week. When you file your taxes you need to claim "1". That way all of the extra money they took out for zero is refunded to you. If you claimed "0" on your tax return that is probably the reason it shows you as owing money. Redo it and claim "1" that should help you out. yes, i think 1 equals independent and gives you that return. Link to comment
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