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Help with taxes: Tax withholdings
Posted on 3/23/14 at 11:16 am
Posted on 3/23/14 at 11:16 am
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
3
Posted on 3/23/14 at 11:43 am to Hu_Flung_Pu
Why would you file Mfs?
Posted on 3/23/14 at 12:04 pm to Ray Finkle
Just trying it out since we owe on jointly.
Posted on 3/23/14 at 12:13 pm to Hu_Flung_Pu
Lol....it's not gonna help. If anything I bet you'll owe more.
Posted on 3/23/14 at 2:54 pm to Ray Finkle
Well I want to at least try and see.
Posted on 3/23/14 at 4:10 pm to Hu_Flung_Pu
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.
Posted on 3/23/14 at 7:08 pm to Taxing Tiger
Turbotax lol I never had a need to go to someone.
Posted on 3/23/14 at 8:43 pm to Hu_Flung_Pu
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.
Posted on 3/23/14 at 9:19 pm to Taxing Tiger
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.
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.
Posted on 3/24/14 at 11:53 am to Hu_Flung_Pu
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
LINK
This post was edited on 3/24/14 at 11:54 am
Posted on 3/24/14 at 12:42 pm to Hu_Flung_Pu
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.
Posted on 3/24/14 at 3:11 pm to Hu_Flung_Pu
Posted on 3/30/14 at 8:19 am to 9Fiddy
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.
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 3/30/14 at 8:24 am
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