russ[at]russ.net (Russ) wrote:
- quote -

The new, higher standard deduction should help you just as
much as your itemized deductions did.

Maybe you're entering something wrong in the calculator.
Are you including your wife's withholding? Are you
accounting for anything you're having taken out of your
paycheck pretax, like retirement contributions, health
insurance, flex spending? Did you take any other
adjustments to income or credits last year that you aren't
including? Why don't you post your information for this
year (anticipated income, any pretax paycheck deductions,
current dollar amount of withholding per paycheck, and how
often you're paid) for both you and your wife, or send it to
me in an e-mail. Last year's information might help, too.

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sassybaskets[at]hotmail.com (Sassy Baskets) wrote:
- quote -

We dont pay State Income Tax (we're in Texas). The
calculator told me to claim 0 and start paying estimated tax
payments! I went ahead and changed to married and 0 to see
how that changes things. I thought paying taxes and
interest on a house would help us a lot. It used to. I
guess it doesn't anymore now that the deduction for married
filing jointly is $9700 which is what my taxes and interst
equal?

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russ[at]russ.net (Russ) wrote:

- quote -

Did you include your state income taxes?

- quote -

What did the IRS withholding calculator tell you to do?

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Last year I ended up getting a $2600 refund, my wife and I
both claimed single and 0. We have no kids. I didn't want
that big of a refund (wanted it to be closer to 0) so I
changed mine to married and 2 and left hers at single and 0.
Now I filled out the IRS exemption calculator and it says
we're going to owe $3000. ACK! With my taxes and interest
on the house, we're right at our 2004 deduction of $9700
($3600 tax $6100 in interest). What should I do to get
closer to 0? Change both of us to married and 0?

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