Help with taxes: Tax withholdings | TigerDroppings.com

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Hu_Flung_Pu
USA Fan
Central, LA
Member since Jan 2013
5411 posts

Help with taxes: Tax withholdings





Can someone help with this? I'm filing married filing separately. I need basic info like box 1 do this, box 2 do this... I suck at the tax jargon







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Ray Finkle
LSU Fan
collier county
Member since Sep 2007
895 posts

re: Help with taxes: Tax withholdings


Why would you file Mfs?





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Hu_Flung_Pu
USA Fan
Central, LA
Member since Jan 2013
5411 posts

re: Help with taxes: Tax withholdings


Just trying it out since we owe on jointly.





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Ray Finkle
LSU Fan
collier county
Member since Sep 2007
895 posts

re: Help with taxes: Tax withholdings


Lol....it's not gonna help. If anything I bet you'll owe more.





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Hu_Flung_Pu
USA Fan
Central, LA
Member since Jan 2013
5411 posts

re: Help with taxes: Tax withholdings


Well I want to at least try and see.





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Taxing Tiger
LSU Fan
Prairieville
Member since Mar 2013
42 posts

re: Help with taxes: Tax withholdings


Who does your taxes? They should be able to give you a MFJ versus MFS report from their software. The report will tell you which one is more beneficial. I'm guessing it'll be MFJ.





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Hu_Flung_Pu
USA Fan
Central, LA
Member since Jan 2013
5411 posts

re: Help with taxes: Tax withholdings


Turbotax lol I never had a need to go to someone.





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Taxing Tiger
LSU Fan
Prairieville
Member since Mar 2013
42 posts

re: Help with taxes: Tax withholdings


It's a pretty safe bet that MFJ is more beneficial. I'd think that whatever online software you used would have alerted you if it was more beneficial to go the MFS path. The software we use at our firm (Lacerte) provides you with this analysis. See if you can log back into your account...there may be an option to view a similar type of report.





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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
1131 posts

re: Help with taxes: Tax withholdings


If you live in Louisiana and don't have a pre-nup, there is a 99.9 percent change MFJ will be better.

If you do have a pre-nup (i.e. the pre-nup calls for seperate property and one of you makes a lot more than the other) or you don't live in a community property state (LA and Texas are community property states) sometimes it can make sense to file MFS.

It seems to work best in a non-community-property state when one spouse makes the vast majority of the money, and the other spouse makes much less money AND has huge unreimbursed medical bills.






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tirebiter
LSU Fan
ATL
Member since Oct 2006
5185 posts

re: Help with taxes: Tax withholdings


You should be able to use something like this payroll deduction withholding calculator to establish the amounts for withholding to avoid owing additional tax at filing, if that is your goal. If you use your current W-2's for you and your wife it should be easy.

LINK



This post was edited on 3/24 at 11:54 am


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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4620 posts

re: Help with taxes: Tax withholdings


Just take whatever you owed and divide by the number of pay periods you have. Then withhold that amount additionally per check. You can withhold an extra amount manually on the W-4.





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9Fiddy
TCU Fan
19th Hole
Member since Jan 2007
51287 posts

re: Help with taxes: Tax withholdings


I used this last year and it worked well.

LINK






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Tigerntx
LSU Fan
NOLA
Member since Jul 2011
1161 posts

re: Help with taxes: Tax withholdings


Filing separately will increase the over all tax liability. Your question indicates you may need someone else, lol.

Iknowmore.. has a simple method to help you for 2014, just allow for any projected increase in income. Reality is taxes were higher for 2013 & will be higher this year.



This post was edited on 3/30 at 8:24 am


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