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Income Tax Question
Posted on 1/23/15 at 8:13 pm
Posted on 1/23/15 at 8:13 pm
Going through my taxes (turbotax). I make about 4x what my wife makes, when I enter in my info (I think I have 3 deductions on my w4), it shows we get about 6k back. Once I enter her stuff in, it drops us to owing about 2500. I think she is claiming 0 dependents, which I thought took out the most.
She is not contributing to 401k, I am maxing mine out. What am I doing wrong with her w4? I prefer to get back at the end of the year.
She is not contributing to 401k, I am maxing mine out. What am I doing wrong with her w4? I prefer to get back at the end of the year.
3
Posted on 1/23/15 at 8:45 pm to El Jefe
Is your combined income pushing you into a higher tax bracket? You may also have too many deductions on your W4 that when combined with your wife's income, too little tax is being withheld.
Posted on 1/25/15 at 10:14 am to El Jefe
The w-4 has a box to withhold extra. One of you needs to use this. Her withholdings are calculated on her wages. Does not take into account the money you make that puts you into a higher bracket.
Posted on 1/26/15 at 7:53 am to El Jefe
I make significantly higher than my wife does
We both claim married with zero dependents but I still have to withhold additional each paycheck so we don't come out in the hole at the end of the year
I'm still fine tuning the amount to get it close to accurate
I currently withhold an additional 150 per pay period
We both claim married with zero dependents but I still have to withhold additional each paycheck so we don't come out in the hole at the end of the year
I'm still fine tuning the amount to get it close to accurate
I currently withhold an additional 150 per pay period
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