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February 1, 2021
Question

Why do I owe federal taxes I did not make that much money

  • February 1, 2021
  • 1 reply
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Why do I owe federal money?

1 reply

February 3, 2021

We’re unable to see your return in this forum, but there can be any number of reasons – the most likely being that you claimed too many allowances on your Form W-4, Employee's Withholding Certificate. 

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

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?