My husband claims 0 and I claim 1 and I just did our taxes and it says we owe, can that be correct? Is there anywhere I can get some free/low charge tax help?
2007-02-05 01:29:29 · 7 answers · asked by magnoliabelle67 2 in Business & Finance ➔ Taxes ➔ United States
enter your info into taxact.com..
ive used them for about 3 years now..
all you do is enter your info and it does all the calculations for you.
plus you can probably e-file for free..
2007-02-05 01:33:22 · answer #1 · answered by Texas Cookie 4 · 0⤊ 0⤋
I would recommend Turbo Tax- it is cheaper than taking it to a tax accountant and it will ask you a bunch of questions about deductions that you may not have thought about. I would think that if you aren't even claiming one of you in your paychecks that you would at least be even with the IRS, since you are allowed to take the standard deduction for both of you regardless when you do process your tax forms. The only thing is- does one of you work 2 jobs? Even though your total income is under 40K, sometimes the second job payroll does not deduct enough in tax based on how the W9 was filled out. This happened to me.
2007-02-05 01:37:26 · answer #2 · answered by ? 2 · 0⤊ 0⤋
With $40K income you can subtract$10,300 for standard deductions and $3,300 per exemption. If it is just the two of your that would be a total $16,900 from the $40K or $23,100 in taxable income with $2,706 due in tax. Subtract your withholding and any other credit you may have such as the phone excise tax rebate from that and you have your refund or amount due.
2007-02-05 01:57:01 · answer #3 · answered by ? 6 · 0⤊ 0⤋
The IRS web site has links to free efile sites. www.irs.gov. But yes at 40K chances are you owe. But a lot depends on other deuductions you are able to claim.
2007-02-05 01:32:35 · answer #4 · answered by Betsy 7 · 0⤊ 0⤋
when one claims 0 the other one needs to claim 2!
2007-02-05 01:33:06 · answer #5 · answered by silverearth1 7 · 0⤊ 1⤋
It could be right.
Find a VITA or TCE site near your home - they'll prepare, or look over, your taxes at no charge. See irs.gov for more info on those programs.
2007-02-05 06:11:34 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
It is possible,check everything again
2007-02-05 01:54:04 · answer #7 · answered by jojo 3 · 0⤊ 0⤋