Tax claim question

IronSnake

Beers for the boys
Established Member
Joined
Aug 30, 2006
Messages
4,155
Location
South Carolina
I hate this kind of stuff, since it's always up and down. But I think I goofed, wife and I file jointly. I claimed 2, she claimed 2. Pretty sure she should be claiming 0 and me 2 (I earn the most). Having her adjust to 0. Hopefully that saves my ass for this year and we don't end up owing at tax season.

Is that normally correct? Or how do you brosefs do it?
 

cidsamuth

Liberty Biberty
Established Member
Joined
Aug 16, 2010
Messages
880
Location
Virginia
When you "claim" dependents, that normally refers to the actual tax returns. I assume you are talking about how many dependents you use on your W4 for tax withholding each paycheck.

Based on what you wrote, when you guys file jointly at the end of the year, you MIGHT end up owing since you have essentially had withholding done as if you have 4 dependents while you will have only 2 dependents on your tax return.

But, it might not matter depending on how many other deductions and/or credits you have. Each person is different.

I actually have withholding done as if I have more dependents also . . . because I have done pretax calculating to determine my approximate tax obligation for the year based on my income and deductions.

The goal should be to get a very, very small return. You don't want to owe and possibly be hit with penalties and interest. But, people who brag about big tax returns are stupid; they are essentially giving the Government interest free money all year.
 

01yellercobra

AKA slo984now
Established Member
Joined
Oct 5, 2005
Messages
19,478
Location
Cali
I can't figure this out either. I claim 0 and my wife claims 2. I usually do our taxes through Turbo Tax and when I do her part of it we end up in the green. Then we do my part of it and we end up owing. Which I just don't understand since she made about 30k/yr more than me. When I added it up it was saying that I should be paying the same amount of taxes as her.
 

cidsamuth

Liberty Biberty
Established Member
Joined
Aug 16, 2010
Messages
880
Location
Virginia
Likely, your joint income has thrown you up into a higher tax bracket -- especially if you have already assumed all deductions (like mortgage interest) FOR BOTH OF YOU when you had only her income input, then put your income on top that with no other deductions.
 

IronSnake

Beers for the boys
Established Member
Joined
Aug 30, 2006
Messages
4,155
Location
South Carolina
Well to be safe since we are halfway through the year, I had her back hers out to 0, and backed mine down 1 to potentially compensate.

At least it's money we will get back, so I will shoot for safer bets rather than fouling up and owing
 

08mojo

...
Established Member
Joined
Feb 9, 2012
Messages
2,681
Location
Atlanta, GA
Wife and I both claim 0 deductions...and also elect to pay more towards taxes each paycheck. with this, we still owe a decent amount come tax time. We've upped our contributions to reduce our taxable income this year, so hopefully we won't owe too much for 2019.
 

earico

It's 4:20 somewhere...
Established Member
Joined
Jan 13, 2011
Messages
5,166
Location
SA TX
The issue is they figure out how much to take out based on the incomes individually. Then you joint file and combined the tax bracket is much higher. This is more of an issue when you both make about the same. I'd claim married and 0 on both incomes. Just to be safe. It's never fun owing.
 

IronSnake

Beers for the boys
Established Member
Joined
Aug 30, 2006
Messages
4,155
Location
South Carolina
The issue is they figure out how much to take out based on the incomes individually. Then you joint file and combined the tax bracket is much higher. This is more of an issue when you both make about the same. I'd claim married and 0 on both incomes. Just to be safe. It's never fun owing.

Yea, I agree. It's a bit perplexing.

The actual website he posted asked me all of that, and also what sort of tax i've paid so far. Which I've put in. I think based on our individual incomes, we are doing about what needs to be done. But as you said, that income then gets combined, and our tax rate lowers which then ends up being less.

No wonder why CPA's and tax people make good money. Sheesh
 

ViciousJay

Well-Known Member
Established Member
Joined
Nov 22, 2004
Messages
20,266
Location
Chi Burbs
Get on your knees and pray they don't catch you, otherwise go to HR and both you and the wife change the dependencies, to 0, and 1. If and when she gets prego the person with the bigger income should be able to claim the "1"
 

Users who are viewing this thread



Top