Filing questions (Taxes)

DH and I are married. During the year we both claimed Married 0 . We plan on filing jointly-
Are we going to get penalized at tax time and have to owe even though we own a home and have one child?
One cowork said we should have claimed Single 0 like we did before we were married because with Married 0 they probably did not take out enough taxes.

Re: Filing questions (Taxes)

I claimed married 1 and still got money back- which had to go towards what my husband owes

edited to add- it all depends what kind of dedecutions you have

I forgot I had a "business loss" b/c my husband also closed a loan in my name 1099 and that made me be able to write off tons more things

Message edited 1/31/2007 4:09:52 PM.

Re: Filing questions (Taxes)

you will get $$ back.

Re: Filing questions (Taxes)

It depends on your income and your deductions. If you end up having to pay this year, ask your employer to change your status to "single 0". They will take more out of your check each pay period, but the average person wouldn't have to pay.

We have had to pay every year since we got married, but we don't have a house or children. Let's hope this year we got it right

Re: Filing questions (Taxes)

I *think* that when you own a house and pay interest on your mortgage - one of you (either you or your DH) should actually be claiming a certain number of allowances to offset the deduction you will get from the mortgage. If you both claim 0, I think they will be withholding too much money throughout the year. If you both claimed 0, you will prob get $$ back.

I'm not an accountant, but my FIL is, and this is how he explained it to me!

Re: Filing questions (Taxes)

thanks ladies u are the best!