My Husband and I are spinning over our taxes. We went to Turbotax.com and did a basic runover of our taxes and was suprised to find out that we OWED $750! My question is Why if one of us are claiming 0 and the other claiming 1 AND we have a child and we're married paying the most in taxes out of our checks all year, do we still owe taxes at the end of the year?? We are in the middle class tax bracket.
I've already tried...
A friend suggested that we claim more dependants throughout the year to make more tax refund at the end of the year...This makes no sense to me. She says that's how she gets a bigger tax return
Answers
Expert
http://www.irs.gov/newsroom/article/0,,id=204447,00.html
Did you take the $800 Making Work Pay tax credit. I know several people found themselves in this situation, and that credit was the solution.
http://www.irs.gov/newsroom/article/0,,id=218941,00.html
That second URL should provide some additional information.
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I feel like with the child tax break and the married filing taxes together should at least give us SOMETHING back!
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Are you claiming Single 0?
Are you claiming Single 1?
Do you pay for childcare?
Are you homeowners?
It sounds like you are not getting enough withheld during the year. I agree that you should at got something back claiming MFJ and the child tax credit.
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