Originally Posted by Allison0018
My husband and I made a combined income of $126,000. We had a baby in November and bought a house in september. Turbo tax says we owe 2500$ in federal taxes. Can this be right? Should we get a tax professional to help us?
it depends on a variety of situations;You are the only one that has all of the necessary information that will have to be reported on your 1040 FED income tax return for the year in order to do the calculation for the numbers that you are looking for.You must complete state and federal tax returns or seek the advice of a tax service that can review your situation and explain your tax liability. Federal taxes are the same throughout the US. State taxes may vary and they usually follow federal guidelines. Whether you have to file a tax return or pay tax depends, in part, on your filing status, deductions, amount & type of income.