Her details are below.
Wages: 71743.6
Federal income tax: 8270.08
State income tax: 2289.54
Worked in Indiana but lives in Illinois.
No deductions.
My details are below:
Wages: 145,665.85
Federal income tax: 31,606.73
State income tax: 5,897.52
No deductions.
Filing jointly we owe about $2,800. When I ran both of our taxes as if we were single filing separately I got a 700 refund and she owed about 3,000.
I've tried a number of tax withholding calculators and paycheck calculators online and our tax withholding looks fine based on those but when putting it in for the 2017 tax return her's is materially off. Any thoughts?
We were married 4/16/2016 and we claimed zero on our W-4. Is there something we are missing? Any help would be greatly appreciated.
Thank you
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Without knowing all of the details of your tax situation I can not speak as to what would affect your taxes owed. With the income that you have listed you would be phased out of certain tax credits and deductions (or the amount that you would qualify for would be decreased based on your combined income). Phaseouts reduce tax benefits at different rates depending on how the IRS has them set up.
You can read more about that at the following IRS link (page 23): www.irs.gov/pub/irs-pdf/p501.pdf
If you find that you are owing more taxes at the end of the tax year than you would prefer, that there are options available for you.
Please see the following TurboTax FAQ for more information on changing your Form(s) W-4 in TurboTax:
https://ttlc.intuit.com/replies/3301783
Please see the following link to read more about the above mentioned tax planning tips: https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/4-last-minute-ways-to-reduce-your-t...
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