FundRobot » Fund Management » Why was only $108 withheld from my earnings when I claimed (originally 0) and then switched it to one?

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Old   #1 (permalink)
 
Posts: 2,526
Default was only $108 withheld from my earnings i claimed (originally 0) and then switched it to one

My total earnings were over $8,000 and the federal tax withheld says $108... When I first started at this job, I claimed 0 and then switched to claiming 1 after way too much of my paycheck was being taxed. So I claimed 1 for about 5-6 months.

Why was only $108 withheld????



Does this mean my refund is going to be nonexistant? Is there a way I can fix this without paying
a boatload for H&R Block or something?

HELLPPP.
It still doesn't make sense though. My former coworker got hers back and her earnings were 11,000$ of which her federal withheld taxes were $1,400 and she claimed 1 the entire year. I claimed both 0 AND 1, so why would it be $108???? The only thing that would make sense is an error on behalf of the company. Maybe instead of $108, it was supposed to be $1,080.
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Old   #2 (permalink)
 
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Default was only $108 withheld from my earnings i claimed (originally 0) and then switched it to one

"When I first started at this job, I claimed 0 and then switched to claiming 1 after way too much of my paycheck was being taxed."

The answer is in that sentence. To get more net pay each payday, you had your employer withhold less.

I would add that is actually good money management. You are much better off getting more money during the year, than letting the IRS hold your funds, interest free, for a year.
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Old   #3 (permalink)
 
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Default was only $108 withheld from my earnings i claimed (originally 0) and then switched it to one

Your income is just too darn low.

If you are a dependent, $8000 - $6100 = $1900 or about $190 in tax. If $108 was withheld, you write a check by 4/15 for the other $82 and it's over with.

If you are not a dependent, $8000 - $10,000 = $0 and you get the $108 back.
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Old   #4 (permalink)
 
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Default was only $108 withheld from my earnings i claimed (originally 0) and then switched it to one

... you can get the Earned Income Credit and get more back than what you paid in taxes is what Reena said. Not necessarily true. It depends on your age.
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Old   #5 (permalink)
 
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Default was only $108 withheld from my earnings i claimed (originally 0) and then switched it to one

And what a problem to have at this time of the 2014 tax filing season for the 2013 1040 FIT return.
If you had left it at -0- YOUR FIT withheld amount would probably have been more than 108. 00 to be used as a tax credit amount and a possible REFUND amount BUT not NOW at this time in your life OK..
For get about your coworker and her withholding amounts during the 2013 tax year.
Your own earned income that you did work for to earn will have to be reported by you on your own correctly completed 1040 FIT return during the 2014 tax filing season for the 2013 tax year.
No REFUND of any of the required FICA social security taxes that were withheld out your gross wages for each pay period during the tax year for that purpose.
When you work and EARN your own income at any time during your life time YOU can fill out your 1040 FIT return for that tax year and when Your W-2 form Box 2 does happen to have some $$ of FIT withheld out of your Gross wages for each pay period then that FIT $$ amount will be entered on the correct line of your W-2 form during the tax filing season for that past tax year 1040 FIT return and COULD be a possible REFUND amount when that amount would be MORE than your FIT liability is at that time.
When a qualified dependent of another taxpayer for the tax year page 1 of the 1040 FIT return has a box for you to check at that time that will indicate that you are a dependent of another tax payer and you will not be allowed to claim your own exemption on your own income tax return and the line for the exemption amount will have to be a -0- ZERO at that time.
And when you do get all of the copies of your W-2 forms in hand and then when you do look at them and then if they did withhold any amount of $$ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the next income tax filing season and you receive your W-2 form from your employer around the middle of January for the past tax year and if you have a $$ amount in the Box 2 for FIT you will get a credit for that $$ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing.
Hope that you find the above enclosed information useful. 01/22/2014
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