Open Question: I love federal tax!!! NOT?

[Administrator]

I made 72k my wife made 75k. We have 4 kids, 17k in mortgage interest, paid 3k in student loans, 4k in homeowners insurance, 3k in property tax, and she filed 2 exemptions and I filed 3 exemptions all year. Turbotax and many other calculators say we will owe over 5k this year!! Awesome......quickly do the math we make 95k after taxes. Pay 7k in tax/homeowners Pay 21600 in mortgage payments Support 4 kids 12k for school, insurance, uniforms etc. Utilities 8.4K Food 12k Birthdays/Xmas 3k Car notes/Gas/Insurance 19.8k Student loans 3k Federal 5k That's 90k a year which means we barely make enough to drive a 2005 ion, 2002 dodge, pay for school, have a 250k house, eat, utilities, and pay freaking tax!! I thought 145k a year was good money!! Life after Katrina sucks for the people that didn't get tons of Road home money or SBA loans!!!! Thanks for the replies!!! As far as the "poor me" types that say we make this or that. Go to school then...I supported my family on my sole income working 3000+ hrs a year while my wife finished Nursing school....you want to make more change it! Great answer by the top contributor and thanks for the input we will do just that, claim 0 and add 15/week to our withholding. As far as Road Home and SBA....I can tell you I know people that were paid policy 350k for flooded homes that would get 70% of that in Aug/2005, and were approved for SBA at 2.76%. Many of the honest people who recieved the above will tell you Katrina was the best thing financially that ever happened to them. Unfortunately, for the many that made 100's of thousands many got shafted for no good reason. Yes, I know people in St.Bernard and NO that recieved SBA, Flood, and Road Home!! Thanks for the input again have a great 2008'. Lastly Bostonia, I know far more people that made out like bandits then ones who did not. I know people that purposely scammed the system to get double renters assistance....nice to get FEMA to pay for your housing for 18 months even though you were a renter...that made great sense. The people who got screwed were the people living on welfare and the people who had light damage 20k> and had to come out of pocket to pay for the repairs and now pay for repairs. The government did more than a fine job IMO. I just wanted to know why I claim 3 and still owed, you answered that thank you again, even though we obviously disagree about Katrina. Now you can vote Clinton and we can do a nationwide healthcare system for the poor and let's open our borders even more that would be great too!! Nothing like making it easier to come here illegally then actually come here legally! Yes, I have friends from India too. Good da!!

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