Yet another tax question... help us understand
February 1, 2007 8:34 AM Subscribe
Yet another tax question, sorry. We're confused about our tax situation this year. Details: we were married last June, so this is our first time filing together. We make almost equivalant salaries (48,000 and 54,000), sold ~14,000 in mutual funds this year, invested ~900 in one 401k, and paid about 2400 in student loan interest. We don't own a home. One of us claimed 1 exemption, the other claimed 2.
posted by leotrotsky to work & money (8 answers total) 1 user marked this as a favorite
The question is- what happened to the size of our refund? We ran the numbers through turbo tax (using the standard deduction) and it's much less than expected. It's the same amount that only one of us got last year, when they were earning a salary of 18,000. We know this is a good thing, but were expecting a refund because we both seemed to "overpay" this year. How is this possible?