Feb 14

bottom line, want to make sure I am not going to owe come april…..have the typical situations, 2 mortgages, not so typical 4 children….
Single income family, about 125K gross annually, 401K participation

4 comments so far...

  • newjerseyguy Said on February 14th, 2010 at 8:42 pm:

    Not enough info to provide an answer, but it sounds like claiming exempt may have been a mistake…

  • Dr. Deth Said on February 14th, 2010 at 9:20 pm:

    depends on how much you make and how big the mortagges are (annual interest amount – I would estimate – very roughly, if you make more than $25000-30000, you will owe tax – figure 10-15% of your gross pay over 25000 – if you make 50000, you will probably owe $2500-4000 in taxes

  • jinenglish68 Said on February 14th, 2010 at 10:04 pm:

    the first question is do either your our your spouse have earned income, and if so how much?

    the second question is are either of you participating in an employer-sponsored retirement plan?

    once your answer those questions we can proceed.

  • Judy Said on February 14th, 2010 at 10:58 pm:

    With that much income, you are likely to have some tax liability even with 4 kids and 2 mortgages. And if you are already contributing to a 401K, you very likely can’t deduct an IRA contribution,

    If you claimed exempt and aren’t, you can be fined in addition to having to pay the tax you owe plus possible penalties for underwithholding. Did you have any tax liability for 2006? If you did, you can’t legally file “exempt” on your W-4 for 2007.

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