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Old 03-08-2015, 02:31 AM
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Help! Efile in Colorado

Please Help!!! I did my taxes and found that I owe federal around 1200 and state 900. My tax situation did not change at all from last year except my wife made about 12000 more. Last year I was refunded a couple thousand so I was surprised to see I owed this year. To give some background... I live in Colorado. I made 52000, I claimed 2 on my w-4. My wife made 67000, and claimed 1 on her w-4. We have two children who attend full time day care for approx. 13750 total a year. We own a home and are actively paying on the loan. My wife has some student loan interest, and we have a few other minor credits for charitable donations, and car registration fees. Nothing complicated...however I just don't understand why I owe this year? Any help, suggestions, or guidance would be helpful and appreciated. I feel like I am missing something



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Old 03-08-2015, 06:53 PM
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I did my taxes and found that I owe federal around 1200 and state 900. My tax situation did not change at all from last year except my wife made about 12000 more. Last year I was refunded a couple thousand so I was surprised to see I owed this year. To give some background... I live in Colorado. I made 52000, I claimed 2 on my w-4. My wife made 67000, and claimed 1 on her w-4. We have two children who attend full time day care for approx. 13750 total a year=======>>>>>>>>>> How much you pay is determined by your Form W-4. Your employer deducts taxes based on the number of withholding allowances you claim on your W-4;in general, but if you don’t fit into this category , it’s likely that you have too much or too little tax withheld. When you have too much money withheld from your paychecks by claiming less withholding allowances, you end up giving the IRS/state an interest-free loan and getting a tax refund. Or vice versa. If you claim more withholding allowances, then you may too less tax withheld from your paychecks and owe tax to the IRS.You can decrease/increase the number of personal allowances on the W-4 form or simply ask that a set amount be taken from your paycheck each period.


We own a home and are actively paying on the loan. My wife has some student loan interest, and we have a few other minor credits for charitable donations, and car registration fees. Nothing complicated=======>>>>As mentioned above; itemize deductions on Sch A of 1040 is an eligible expense that you can report on your federal income tax return in order to decrease your taxable income. You can itemize deductions if your total deductions are more than the standard deduction amount.



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