I am married and own a house (if that matters). I make about $20,000. If I claim 1 will I get money back or owe money? I screwed up this year and somehow ended up oweing like $600, turns out I was claiming 4 (I don't know what I did wrong, not much of a tax person). I'd prefer not to owe anything next year.
2007-01-29 00:31:56 · 3 answers · asked by Anyone 4 in Business & Finance ➔ Taxes ➔ United States
To be sure you don't owe next year, claim 0 and have them take an extra $10 or $20 dollars out each week. It should cover any income taxes you might owe. Not having any deductions such as children keeps you in the higher tax bracket and your husband income combined with yours is what you are taxed on.
2007-01-29 00:46:58 · answer #1 · answered by justme 6 · 0⤊ 0⤋
you need to increase your withholding by adjusting your W-4. you can choose to withhold at a single person's rate, or simply reduce the number of exemptions. the lower the number of exemptions, the more tax will be withheld and the less you will owe at tax time. claiming "0" is withholding at the maximum. you should probably lower your exemptions from 4 to 3, or even 2 to be on the safe side.
2007-01-29 08:45:14 · answer #2 · answered by tma 6 · 0⤊ 0⤋
House matters plenty. Were you claiming M3? Does spouse work? Outside income? If spouse does not then M3 should be right if you have at least $6-8k in mortgage interest to deduct. If lower interest M2. You should be aiming to pay anyway as a refund means you gave govt interest free loan so you blew it. Congrats on avoiding that this yr.
2007-01-29 09:18:29 · answer #3 · answered by vegas_iwish 5 · 0⤊ 0⤋