Does my work owe me money, or the irs?

[~kira~]

Alright, so I started my job 2 years ago. When I applied I had filled my w2 paperwork out. I dont have any kids, or people I look over so i obviously claimed 0. Well, for some reason my moron of a boss (now ex boss) never turned my paperwork in and somehow it was told that I claimed 2? So for the past 2 years I have claimed 2, but come tax time I tell them I don't claim anyone.

Long story somewhat short, I didn't get a refund back during tax time for my first year, and only $30 my second year working here. Just recently my work changed our paychecks, and it tells you how many defendants you have. Mine still says 2! So, I'm getting more money taken out each week, and for some reason not getting anything back during tax time (I'm thinking because my check says 2 defendants and I tell the preparer none...

So, is there anything i can do to get my.money back?? My boss told me theres nothing that can be done. Would I have to really fight my work? Or contact the IRS? I'm hoping theres something I can do! Something is totally messed up here!!

 

[Xorkoth]

I believe you can amend prior tax returns. try talking to your tax preparer and let them know what mistake you made, and as them what can be done. They would porbably charge a fee to do it, but if they have your previous years on file, it shouldn't be too hard to make that change. I am pretty sure you can rectify this mistake by filling out paperwork... not 100% sure, but the best way to find out is ask. And, of course, get your W2 fixed at work.

 

[Deru]

Alright, so I started my job 2 years ago. When I applied I had filled my w2 paperwork out. I dont have any kids, or people I look over so i obviously claimed 0. Well, for some reason my moron of a boss (now ex boss) never turned my paperwork in and somehow it was told that I claimed 2? So for the past 2 years I have claimed 2, but come tax time I tell them I don't claim anyone.

Long story somewhat short, I didn't get a refund back during tax time for my first year, and only $30 my second year working here. Just recently my work changed our paychecks, and it tells you how many defendants you have. Mine still says 2! So, I'm getting more money taken out each week, and for some reason not getting anything back during tax time (I'm thinking because my check says 2 defendants and I tell the preparer none...

So, is there anything i can do to get my.money back?? My boss told me theres nothing that can be done. Would I have to really fight my work? Or contact the IRS? I'm hoping theres something I can do! Something is totally messed up here!!

So, when you claim a number, your employer follows a guideline from the IRS on how much to withhold from each check. There are extenuating nuances when you file taxes on how much you will owe or are owed, regardless of the number you claimed.

It's very likely you could claim 2 for withholding throughout the year and still receive no refund from the IRS, and almost always owe the IRS money while claiming 2 if you have no dependents. Consider yourself lucky you owed nothing and recieved a refund, as you got more money per paycheck than a person with no dependents would receive.

If you claim 0, you should almost always get a refund at the end of the year and the employer withholds the most per check so your paycheck will be the lowest amount at 0. If you claim 1, you should break even. If you claim 2, and have no dependents, you should owe the IRS because your weekly paycheck is more than what would considered break even for tax liability. Somehow you received some type of tax credit to reduce your overall tax liability back down to either even out your debt to the IRS, and in one case, the tax credit canceled your debt and gave you an additional free 30 dollars.

It's usually better to break even at tax time, and not get a refund, because otherwise you're giving a tax free loan to the federal government. If you have problems budgeting and enjoy the refund money, claim 0 or 1. Your weekly paychecks will be less, but it will be a forced savings account with the federal government and then they give it back to you at the end of the year.

 

[Xorkoth]

Oh man, good point Deru, I was thinking of it in reverse.

 

[~kira~]

So, when you claim a number, your employer follows a guideline from the IRS on how much to withhold from each check. There are extenuating nuances when you file taxes on how much you will owe or are owed, regardless of the number you claimed.

It's very likely you could claim 2 for withholding throughout the year and still receive no refund from the IRS, and almost always owe the IRS money while claiming 2 if you have no dependents. Consider yourself lucky you owed nothing and recieved a refund, as you got more money per paycheck than a person with no dependents would receive.

If you claim 0, you should almost always get a refund at the end of the year and the employer withholds the most per check so your paycheck will be the lowest amount at 0. If you claim 1, you should break even. If you claim 2, and have no dependents, you should owe the IRS because your weekly paycheck is more than what would considered break even for tax liability. Somehow you received some type of tax credit to reduce your overall tax liability back down to either even out your debt to the IRS, and in one case, the tax credit canceled your debt and gave you an additional free 30 dollars.

It's usually better to break even at tax time, and not get a refund, because otherwise you're giving a tax free loan to the federal government. If you have problems budgeting and enjoy the refund money, claim 0 or 1. Your weekly paychecks will be less, but it will be a forced savings account with the federal government and then they give it back to you at the end of the year.

As the other member, I was also thinking of thos in advance. That makes a lot of sense actually. I was thinking i was getting way to much withheld and was supposed to get a refund. Thank you for clearing this up for.me!

 

[iLoveYouWithaKnife]

So, is there anything i can do to get my.money back??

It doesn’t matter what you fill out on your w4 form, as opposed to claiming 0 dependents at tax time.

There is no money to get back from the irs. Your boss will have to amend your w4 which will mean your check will be smaller. Meaning you’ll have more taxes taken out but you should receive a refund check.

At the end of the day you aren’t being robbed any $. You are just getting more of your $ in your paycheck. Instead of having it taken out for taxes, and receiving a refund later.