Could working multiple jobs affect your tax return?
A friend of mine is under the impression that working multiple jobs will affect how much money you get back in your tax returns. He blames having to pay in, on having 2 or 3 different jobs that year. I only had one job and got everything back. We both claimed 0 and made almost the same amount of money. Is this true or is it something else that caused us to get different amounts back?
Asked By: Jake - 11/28/2010
Best Answer - Chosen by Asker
3 jobs with W-4 set at 0 with $10K in income is NOT the same as 1 job with a W-4 set at 0... More
Answered By: the tax lady - 11/28/2010
Additional Answers (4)
Answered By: Wayne Z - 11/28/2010
Did he claim 0 for all three? You made close to the same, but even if the difference is small, if it put him in another bracket, the return would have been affected. Did you claim EIC and he didn't? Did you have some other deductions (student loan interest, charitable giving, some other write-off)?
Answered By: CptnMorgansBeard - 11/28/2010
He's probably right. Each job takes out like they're your ONLY job, so it's not unusual to end up owing (not having enough withheld) if you have multiple jobs... More
Answered By: Judy - 11/28/2010
YES it could impact tax refund or lack thereof. For example, each of his jobs did LESS withholding due to the Making Work Pay Credit, thus he had LESS withholding than if he had worked ONE job earning the same total. Were either of you claimed as dependent? Makes a difference! Either of you have a dependent?
Answered By: chatsplas - 11/29/2010
Find job openings in your area. Apply for open job positions today.
$21/hr Start, Avg Pay $72K/yr Check Our Map of the 1700 Openings.
New job opportunities added daily. Search & apply for DC jobs now.
Click. Search. Apply. Free!
Other Career Questions
What jobs are there in the business field that are night jobs? Places and job titles please. Im have a BA in Business Admin and looking for a night job, already have a morning/day job.
Enumerate these jobs Say, patent application writting. patent application writing. In a company, what jobs are needed to keep confidential?
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.