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Help with my taxes...?
Hi everyone,
I have been using turbo tax since 2007 since I first started working. Everything is fine but after a while since I started working at the post office I had to end up paying the state every year (I am single with no kids, I am not head of household and do not own property but I do pay student loans). I understand since living in NYC and I have no kids I will have to pay, that's not the problem. My problem at the moment is the more I make the more I end up paying the state back and it's becoming hard since turbo tax only give me one option and that is to pay in full. Last year my supervisor recommended me to use tax slayer because it gave her an option to pay back her amount in parts.
When I first filed on turbotax they said I have to pay NY $1,324 and I am getting back like $1200 but filing on taxslayer I will be getting back $1200 with the federal and $60 with the state. How is this possible? Turbotax and tax slayer are a different format to one another but I filled out everything correctly on both. Idk what to do really, should I just file with turbotax and pay $1,324 or get $60 with taxslayer? Last year with turbotax I owe NY $1,181.
Answers will be greatly appreciated! Sorry my detailing was so long.
6 Answers
- SlickterpLv 75 years agoFavorite Answer
Your W4 is not set well for state. You need to decrease the allowances so they withhold more.
One of them is obviously wrong. Here is what you do if you get fed refund and owe state. You file fed first, get refund, then file state and pay with fed refund. See? You have $1200 of the $1324 in effect.
- Coffee DrinkerLv 75 years ago
The reason you're having to pay the state every year has nothing to do with which software program you use, its because your withholding rate is not set correctly. You should turn in a new W4 (or the NY state equivalent) to increase the amount of state tax withheld from future paychecks so you don't owe again next year.
For this year you need to find what you did wrong in the tax software and correct it. Something is different in the data you entered, if it was the exact same data the software would have produced the exact same result even with their different formats.
Personally, I'd stick with Turbo Tax because that's what you've been using and its what you know. Find and fix your mistake, then file and pay as much as you can. If possible, save like crazy until April and see if you can just pay in full before the deadline. If not, then set up a payment plan with the state.
- troLv 75 years ago
let's put it this way, the amount you owe is due and payable by the deadline date, in most states it is the same as the federal, April 15, you can pay any amount you can when you file and if there is a 1040 V(or state form) provided you can cross out the amount and enter what you are paying, both agencies will bill you for the rest and you can make subsequent payments if all of this is done prior to 4/15
in the case you are unable to pay in full to the feds, you have available what is called a 'soft' installment agreement that you are given an additional 120 days to pay in full without penalities
the state may or may not have the same provision for you but you can ask
- StephenWeinsteinLv 75 years ago
You do not always get what the software says. It can be wrong. Even though Tax Slayer said you would get $60 with the state, if you use Tax Slayer, you might have to pay what Turbo Tax said, or even more.
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- JudyLv 75 years ago
You're misunderstanding something they're asking, or both would give the same resuts. Without seeing the returns, can't say what.
- Anonymous5 years ago
If you're getting different results on the software, then the problem is you - not the software. You're doing something wrong.