The IRS Deductions Blog

Posts Tagged ‘standard deductions for dependents’

Question: Why do I owe 2009 tax?

I just found out that I owe IRS $5K for year 2009. Last year I got refund $2K. My husband and I claim zero exemption. Why I still owe 2009 tax? How can I avoid and reduce owing tax FY 2010? For both Year 2008 and 2009, we have W-2, $200 interest income, no mortgage, no kids. Nothing changed. Below are tax info of year 2008 and 2009. Please help.

Year 2009
zero exemption
Status: MFJ
No dependent
Gross income 108,615
Standard deduction 11,400
exemption 7,300
taxable income 89,391
Total tax 14,719
Total payment 9,885
Amount owe 4,834

Year 2008
zero exemption
Status: MFJ
No dependent
Gross income 31,653
Standard deduction 10,900
exemption 7,000
taxable income 28,194
Total tax 0
Total payment 2,344
Federal refund 2,344

Thank you.

Answer: I would suspect it has something to do with Obama’s new tax laws but…..Seriously when you make 100k you can afford to hire a professional to do your taxes and answer your tax questions I would not rely on the info you get on yahoo answers..

Items on Amazon Right Now for Standard Deductions For Dependents:

State releases details on 2010 tax brackets

The state Franchise Tax Board on Monday released its 2010 income tax brackets, adjusted to reflect recent changes in the California Consumer Price Index.

The Law Show With Brian Dailey – Tax Deductions, Dependents