Or should I wait until after we're married and change it. I want to pay as little as possible and avoid this so called "marriage penalty".
2007-11-28 08:40:07 · 11 answers · asked by Anonymous in Family & Relationships ➔ Weddings
After. You cannot legally change your marital status on any forms until you are legally married. This includes your name. Once married, you're considered married to the IRS for the entire year regardless of when you said "I do."
Congrats and good luck!
2007-11-28 08:43:51 · answer #1 · answered by Anonymous · 4⤊ 0⤋
The IRS changed the tax code to increase the standard deduction eliminate the disparity in tax rates for married vs. single at the various income levels. It wasn't the withholdings it was the actual tax rates.
You can have your withholding almost whatever you want it to be. If you don't have enough withheld, you may be looking at underpayment penalties. Our tax system is a pay as you go system which is why we have taxes withheld from our payroll. The withholding you have is in theory supposed to get your year end tax liability due and your refund to 0, although we often don't see it that way ;)
One thing to consider is if you both work, unless you have children and/or a mortgage with enough interest to itemize you may want to keep the higher single withholding rate. You may want to talk to your tax preparer and have him or her run a W-4 Planner to see what your best bet for withholding is going to be.
Your filing status is based on your 12/31 marital status. Your wihtholding status reported ot your employer will determine how much is withheld. It is probably just as easy to wait until after your'e married so you are sure to have enough witholding taken out of your salary.
2007-11-28 11:09:58 · answer #2 · answered by Asked and Answered 7 · 1⤊ 0⤋
You change your status after your wedding date. However, be aware that the "marriage penalty" has been eliminated. What this referred to was that two single people's standard deductions (on form 1040) added up to more than the combined standard deduction offered for a married couple.
Example: Single Deduction $3,000 (x2 = $6,000), Married Deduction $5,000.
As of the latest tax year, a single Deduction was $5,350 and Married was $10,700. Problem eliminated!
BTW, if you itemized your deductions the "penalty" never really came into play.
2007-11-28 08:57:20 · answer #3 · answered by nova_queen_28 7 · 0⤊ 0⤋
You change your witholdings after you get married. The thing is whether you get married on Jan 1 2007, or Dec 31 2007 you still file your 2007 taxes as married.
2007-11-28 10:42:03 · answer #4 · answered by JM 6 · 2⤊ 0⤋
u should wait till after u are married
2007-11-28 08:45:27 · answer #5 · answered by darkfairy 2 · 0⤊ 0⤋
You cannot change your status to married until you are married. You would be lying if you changed your status before then.
2007-11-28 09:53:06 · answer #6 · answered by Rockit 6 · 0⤊ 1⤋
In order to change your name at work, you must have your new social security card with your new last name on it...and you can't get that until you get your new drivers license...and you can't get that until you SIGN your marriage license and present it to the secretary of state.
2007-12-01 03:42:04 · answer #7 · answered by The Mrs. 3 · 0⤊ 0⤋
You need to wait until after you're legally married. =)
2007-11-28 09:14:47 · answer #8 · answered by Katy B 4 · 1⤊ 0⤋
wait til after you get married
2007-11-28 09:04:15 · answer #9 · answered by Chloe 6 · 1⤊ 0⤋
you need to wait till after your wedding day because it affects your refunds. If you do it to soon that could be considered tax fraud.
2007-11-28 09:20:32 · answer #10 · answered by Anonymous · 1⤊ 0⤋