Hello, I am filing as married & jointly in NYS for my taxes. Last Spring I received $1,000 federal return on my $50,000 income in 2015, and my now-wife received $2,500 on her $65,000 income in 2015. Now I made $52,000 in 2016, she made $72,000, I put everything together in TurboTax as filing married, jointly
Hello, I am filing as married & jointly in NYS for my taxes. Last Spring I received $1,000 federal return on my $50,000 income in 2015, and my now-wife received $2,500 on her $65,000 income in 2015. Now I made $52,000 in 2016, she made $72,000, I put everything together in TurboTax as filing married, jointly (and nothing else has changed in our finances), and we are looking at a $3,200 federal return and owing the state $120. TurboTax said we did everything correctly, but I'm just a little disappointed because I thought we would be getting more back now that we combined incomes and are married and filing together. Does this sound off?
Thanks for your help.
sounds right, sorry, since you both have substantial incomes.
first of all you made more money in 2016 and you have now added an additional amount with your wife's income so now your taxable income is considerably higher and the tax schedule is bracketed so that the more you make the higher the rate will be
you might have had a $1K refund last year because you had more withheld than you needed to have withheld, be thankful that you have a refund at all with the fed, no mystery about owing the state, that is very usual
For one, you made more, so you would have a higher liability.
you are receiving 300 less than you did separately, when you got married you probably changed your W4 deductions and they began taking less out for tax when you switched from single to married.
It depends on how much your withholding changed too. If your withholding was the same or less than last year and you made more money, your refund is going to be lower. You can try running the return as MFS for each of you to see if that may work out better, but it often does not.