Will I owe money during tax season?
so, all kids are grown now as of this year. Husband claims 0 dependants. Annual income is about 55,000. Will we owe taxes at the end of the year? Or will get a little back?
- Anonymous1 decade agoFavorite Answer
If you claim the standard deduction and two exemptions, your tax liability on $55,000 will be $4843 (plus or minus a little tweak). Subtract that from your withholding and you will be close to your balance due or refund.
- The ShadowLv 61 decade ago
No one can realistically tell you. Do you have deductions for medical expenses, mortgage interest, or other reasons? That's going to impact how much tax you owe. If you have any investment income or bank account interest, that's going to affect you as well.
The IRS has posted the 2007 Form 1040 on their website (www.irs.gov). You can make a reasonable estimate by downloading it and filling in your estimated income and deductions for the year.
- acmeravenLv 71 decade ago
Your information is sparse but here goes; if your husband claims 0 on his W-4 and you are not employed then you should be getting a refund. If you own a house don't forget the energy credits available; if you have kids in college there may be education credits, yada. Your information only enabled a basic answer.