How could our W-4 withholding be so off?

[Veramocor]

I'll skip to the cliffs
-----------------------
Married
I claimed 1 expemtion my wife claimed 0 exemptions
Thats 1 less exemption than we could have claimed.
Standard deduction/no dependents/some student loan interest deducted
Did my taxes using a software program and we're in the hole for 3,500, first time ever.
Last years taxes were a decent refund due to deductions from owing a house.

How did we underwithhold when we clearly claimed less exemptions then needed?

 

[Andrew1990]

Ya, its kind of sucks. It is my first time doing taxes and I get $69 back from the Feds but I have to pay IL state $40.

I mean come on, I get taxed without representation? I did not get to vote while working the 2008 year. I already gave IL state $86 in taxes from my check and they want more.

THAT IS JUST WRONG!

 

[iamwiz82]

http://www.irs.gov/pub/irs-pdf/fw4.pdf

Check page 2's worksheet for multiple earners.

 

[kranky]

Was your withholding different this year than last year? Was your income about the same?

 

[Gothgar]

time to start paying back that bailout that didn't do a godamn thing I guess

 

[cKGunslinger]

Yeah, I normally get $500-$1800 back, with everything maxed out, but this year I owe $900 - first time I've ever owed $$ in 12 years of filing..

 

[sao123]

Originally posted by: Veramocor
I'll skip to the cliffs
-----------------------
Married
I claimed 1 expemtion my wife claimed 0 exemptions
Thats 1 less exemption than we could have claimed.
Standard deduction/no dependents/some student loan interest deducted
Did my taxes using a software program and we're in the hole for 3,500, first time ever.
Last years taxes were a decent refund due to deductions from owing a house.

How did we underwithhold when we clearly claimed less exemptions then needed?

you did it wrong?

 

[spidey07]

Something is very wrong. Post in the tax thread.

 

[Saga]

Out of curiosity, how did you file? My income has remained constant for the past 5 years (same deductions, typical 3-5% raise) and I usually get anywhere from $1,000 to $1,300 back.

This year I got $300. I found that extremely bizarre.

 

[SSSnail]

All I know is that I'll be paying a shit load of taxes

 

[MetalMat]

You need to get them done at the "right" place buddy.

 

[OCGuy]

$1734 tax bill


I will be drinking tonight at a local Mexican place if anyone needs me.

 

[OCGuy]

Originally posted by: Veramocor
I'll skip to the cliffs
-----------------------
Married
I claimed 1 expemtion my wife claimed 0 exemptions
Thats 1 less exemption than we could have claimed.
Standard deduction/no dependents/some student loan interest deducted
Did my taxes using a software program and we're in the hole for 3,500, first time ever.
Last years taxes were a decent refund due to deductions from owing a house.

How did we underwithhold when we clearly claimed less exemptions then needed?

Without the mortgage write-off, you may have been pushed into a higher tax-bracket than last year with your combined income.

Your seperate withholdings do not account for your Wife + your income, it would have no way of knowing what tax bracket you will end up in combined.

 

[funkymatt]

Originally posted by: Ocguy31
$1734 tax bill


I will be drinking tonight at a local Mexican place if anyone needs me.

los cabos cantina off of lake forest?

 

[OCGuy]

Originally posted by: funkymatt

Originally posted by: Ocguy31
$1734 tax bill


I will be drinking tonight at a local Mexican place if anyone needs me.

los cabos cantina off of lake forest?

LOL. People from my work play in a pool league there. Ive had some hazy nights there to say the least.


Work in Lake Forest area, live in Anaheim Hills though.

 

[funkymatt]

Originally posted by: Ocguy31

Originally posted by: funkymatt

Originally posted by: Ocguy31
$1734 tax bill


I will be drinking tonight at a local Mexican place if anyone needs me.

los cabos cantina off of lake forest?

LOL. People from my work play in a pool league there. Ive had some hazy nights there to say the least.


Work in Lake Forest area, live in Anaheim Hills though.

I work right across the street from there. I'm heasitant to say this, but wanna meet up for lunch sometime?