I recently got married in the end of Oct. I claimed single 1 up to nov 1st and I just changed it to married 1. Will I get screwed at tax time for changing it at the end of this year or should I wait to next year?
2007-11-12 10:26:54 · 2 answers · asked by Michael G 2 in Business & Finance ➔ Taxes ➔ United States
This late in the year it should not make any real difference unless you and your spouse make a LOT of money.
However you should sit down together now (or very shortly after the new year) and prepare a dummy Form W-4 and use the worksheets on page 2 to account for both of your incomes and any deductions that you may be taking. The number you come up with will represent the TOTAL number of withholding allowances that you should claim between the two of you. If your incomes are similar you can split the allowances any way you wish. However if one of you makes substantially more than the other the one with the higher earnings should claim all of the allowances and the other should claim zero.
2007-11-12 10:36:52 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Your withholding will decrease as a result of switching from Single to Married, unless you check the box for married, but withhold at the single rate. That means that all things remaining the same, you will either get a smaller refund or pay more taxes as a result. You haven't provided enough details to determine the real situation.
2007-11-12 18:38:32 · answer #2 · answered by Scott K 7 · 0⤊ 0⤋