I recently completed filing my taxes with Turbo Tax. Is it correct that we owe $1100 in turbo tax for a married couple filing jointly with approximately 122k income? If so, what steps can we take to reduce our tax liability for the upcoming year? We are a married couple without kids, we own our house, and we filed for interest on our student loan debt.
TurboTax can’t confirm the $1100 owed, but here’s how to fight back for 2024:
- Review TurboTax: Understand how they reached the amount.
- Tax pro possible: Consider a professional for personalized advice.
Lower your 2024 taxes:
- Standard deduction: It’s a big tax break for married couples filing jointly (around $29,200 in 2024).
- Retirement savings: Put money in 401(k)s or IRAs to lower your taxable income.
- Student loan perk: Deduct up to $2,500 of interest paid.
- Adjust withholding: Avoid a big tax bill next year by checking how much is withheld from your paycheck.
1 Like