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
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