Friday, August 20, 2010

What determines how much taxes my wife and I have to play back?

By mistake I claimed married and 1. While my wife claimed married on 0. Is there any chance my goof would even out since my wife, who makes substantially more than me, has more taken out of her check?What determines how much taxes my wife and I have to play back?
Hi!





You should be okay.





What you claim on your W-4 at work has no bearing on the tax return except that it tells the employer where to look on his chart to see what to withhold on your pay.





Unless your income is very high or you had more than just your wages for income, you probably won't owe any more than was withheld and may even get a refund. It is hard to tell without exact figures.





Hope this helps.





Virginia Cunning, Enrolled Agent, Master Tax Advisor


H %26amp; R Block





**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.





Click on my profile to read more.What determines how much taxes my wife and I have to play back?
It could but is impossible to determine from your question.

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