Me and my husband got married in April of 2006. Before I got marrie dI was filing single with myself as a dependent, and my husband was filing single with no dependents. Netiher of us have changed our Info on our W-4's though our work to say "Married". I'm wondering, since I haven't changed it yet, would it be best that me and my husband change our W-4's to "Marrried" but file a seperate return, and then wait till next year to file "Married filing jointly". Can I do that or not? I really appreciate the help!
2006-10-31 09:50:51 · 11 answers · asked by Allycea's Mommy 3 in Business & Finance ➔ Taxes ➔ United States
Also to add.. I have changed my social security info to my new last name and "married"
2006-10-31 09:58:03 · update #1
You have two different yet related issues.
Leave your W-4's alone this year.
Figure your 2006 taxes both ways, as joint or separate. Use the one that costs less.
If you find yourself grossly over- or under-withheld, then adjust the W-4's in '07.
2006-10-31 14:24:07 · answer #1 · answered by szydkids 5 · 1⤊ 0⤋
For the first year, I would not change your W-4's. You'll get a bigger refund -- that's all. Mainly the rationale for not changing the W-4's is you want to avoid owing $$ to IRS and state. If you do that 2 years in a row, you will pay a penalty.
If after year 1 you feel that your refund is too big and you want to have more monthly income -- than adjust your W-4's however you like.
File your income taxes as Married filing jointly. It's more advantageous. While true that your personel deduction is a little less than each of you filing singley, your combined itemized deduction will be much greater than the standard deduction you would likely have if you filed separately.
2006-11-01 09:46:43 · answer #2 · answered by Sam I AM 3 · 0⤊ 0⤋
You can file separately if you want to, but that would almost surely cost you more in taxes than filing married joint.
The W-4's control how much tax is taken out of your paychecks, and has nothing to do with your filing status or how much taxes you eventually pay. I'd leave things alone for now until you see how you come out when you do your return for this year. If you end up with a big refund, one or both of you should adjust your W-4's to compensate, since a big refund means you're giving the government an interest-free loan.
2006-10-31 21:48:27 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
Your choice for filing status are 'Married Filling Jointly" and "Married Filling Separately". Generally, filling Jointly results in less taxes. The W-4 tells your employer(s) how much to withhold. The IRS does not see it. Withholding for 'single' is the highest rate, so you are probably having enough withheld. If you want to adjust your W-4, I recommend using the withholding calculator on the IRS website to estimate the best number of allowances to claim. The link below will take you there.
2006-10-31 20:27:02 · answer #4 · answered by STEVEN F 7 · 1⤊ 0⤋
If you both have zero on your W-4's then you should be okay to file a married, filing joint return. Your tax return stands alone and is not connected to your W-4 form; which is just used to determine the correct amount of federal income tax to withhold. The only reason for married, filing separate is if one of you had an old debt to satisfy and wanted to protect your refund.
2006-10-31 19:01:37 · answer #5 · answered by acmeraven 7 · 0⤊ 1⤋
Fill out the new w-4's to say married claiming zero, or married claiming 1 or whatever you want. What you say on the W-4's dictates how much income tax you pay in during the working year. What is important is how you file your taxes and what status you use then. It doesn't matter so much what you put on W-4.
2006-10-31 17:59:32 · answer #6 · answered by rrrevils 6 · 0⤊ 1⤋
You should leave the W-4's alone, and at the end of the year, file "Married, filing jointly". This way, your return will be a little bigger. Congrats on your marriage!!!
2006-10-31 17:56:42 · answer #7 · answered by Jillybeanyweiney 3 · 1⤊ 0⤋
You will have to file as married. The withholding will probably leave you over paid on your return. You may want to file in January early Feb. to get the refund. You sould change to married with the lower paid spouse claiming one exemption and the higher paid spouse claiming no exemptions.
Generally you don't want to file as married filing seperate as that will increase your overall tax.
2006-10-31 18:29:47 · answer #8 · answered by waggy_33 6 · 0⤊ 1⤋
Generally, you are better off filing Jointly.
Honestly, I wouldn't change the W4's just yet if you are both working. Putting "Married" on your W4 means they take out less taxes and, if you are both working, this could mean oweing when you file your return.
File jointly and see how it turns out this year. Then change (or not change) your W4 based on the result.
2006-10-31 17:58:35 · answer #9 · answered by Wayne Z 7 · 1⤊ 0⤋
File jointly, that will be best. Change W-4 to Married, one withholding exemption (each of you do that). That should work.
2006-10-31 19:08:35 · answer #10 · answered by rockEsquirrel 5 · 0⤊ 1⤋