Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-25-2014, 06:58 PM
Junior Member
 
Join Date: Feb 2014
Posts: 1
New baby. New house. Why do I owe?

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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-25-2014, 10:51 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,232
Quote:
Originally Posted by Allison0018 View Post
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Claiming my fiance and baby? 12learn Filing Requirements 1 02-14-2012 02:26 AM
Inherited house luvthat48 Itemized Deductions 0 01-27-2010 12:10 PM
house buying xslpsht Homeowner Tax 1 11-11-2009 07:19 AM
Which of us should claim the credits to get the most back with a new baby? rocknrollmommy Tax Credit 1 10-06-2009 07:17 PM
If I Use My 401k For A Down Payment On A House And I Sell The House Within 4 Months ? anunez IRA/Sep 1 06-03-2007 02:34 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning