I am newly married, but filing separately. On my W4 I claimed myself as the only dependent, but checked to withhold at higher single rate. I don't understand why I owe almost $1000 when I usually get a refund of approximately $400. What happened?
2007-01-25 05:35:09 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The rate for filing single and married, filing separately are the same. You may have fewer deductions. Also, your income probably went up. Maybe the tax rate went up - that wouldn't surprise me. Do a line by line comparison and see where the difference is.
-MM
2007-01-25 05:57:20 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Because you're filing married filing separately. That filing status has the highest possible tax rates.
You should file a joint return with your spouse; you'll both save a ton of taxes.
2007-01-25 13:50:03 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If you are filing separately, you will pay much higher taxes. When comparing married filing separate rates and standard deduction to single, it is much worse. There is only very few instances where filing separately gives you lower taxes when compared to filing jointly. And filing separately will NEVER give you lower taxes when compared to filing single.
2007-01-25 13:49:42 · answer #3 · answered by jseah114 6 · 1⤊ 1⤋
You should have filed married joint,and you should have had your employer use married but claiming single and have them take a few extra dollars out of each pay.Hubby and I did this. The amount we get back equals about what I paid in. I you filed joint, you could have claimed head of house hold.
2007-01-25 13:52:24 · answer #4 · answered by ruth4526 7 · 1⤊ 1⤋
Hard to tell without knowing the rest of your tax return. It could be from numerous sources.
Less deductions?
More other income, capital gains, etc.?
It's not unusual in my mind.
2007-01-25 13:43:16 · answer #5 · answered by gls_merch 5 · 0⤊ 1⤋