FlashHarry
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Tue Jan-31-06 11:28 PM
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Uh... a little tax question for y'all. |
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Married, filing jointly. Last year we got a refund of around $800. Each take one deduction (is this normal?)
This year, we owe $1,700 and nothing has changed, other than we've both received 4% raises. Could those conceivably bump us into the next tax bracket, increasing our percentage?
I'm confused.
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politicat
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Tue Jan-31-06 11:51 PM
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I'd need more numbers to tell you for sure, but you shouldn't have that much of a change. If you've got any sort of savings, tuck it into an IRA before you file and that will help reduce what you owe. (Yes, you can do an IRA after the first of the year.) You should probably be itemizing, too, if you own your house, had any medical bills, live in a high sales or income tax state, or bought anything big this year.
PM me and I can help you with the details. (I'm certified to do returns and volunteer at the Senior Center every year.)
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zone
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Tue Jan-31-06 11:53 PM
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2. Watch the replay of the state of the union address... |
hfojvt
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Tue Jan-31-06 11:56 PM
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3. any change of bracket like that |
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should also change the amount withheld. Was the same percentage of money withheld from your checks? Are you using a program? Otherwise re-check your math.
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LeftyMom
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Tue Jan-31-06 11:58 PM
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4. Was your withholding changed to reflect the raise? |
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That may be the problem (that situation bit me in the ass once, but on a smaller scale.)
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DU
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Fri Apr 26th 2024, 04:25 PM
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