JohnB5677
Expert Alumni

Investors & landlords

I can't see your tax return, but there are a few things I noticed when you posted your question.

  • You made a combined total of $140K.
    • Was that all earned from one job, or was it multiple jobs.
    • You said you claimed Married "0".  Did you account for the other persons income?
    • The IRS has a progressive tax table.  
      • The more you make the higher percentage of tax you pay.
      • If you didn't indicate that your partner was working, Both tax withholdings start out with "0" withholding.
      • For a married couple the tax rate for $83,550 is 22%.
      • If one of you earned $83,550 or more, any balance plus all of your partners income is taxed at 22% or more.
    • You said that you had $30K in stock losses.  
      • The maximum deduction for Capital Losses is $3,000 per year.
      • You can also use the loss to offset any Capital gains, plus the $3,000 deduction.
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