- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
CPA Question about Louisiana L4 Form/W4 and spouses filing jointly or separately.
Posted on 3/14/23 at 5:31 pm
Posted on 3/14/23 at 5:31 pm
I'm self-employed and typically write a check every year by being bad with keeping up with my quarterlies and a fluctuating/increasing income.
My wife is salary and we were married last year and she's trying to update the withholdings. We are likely going to file married-separately for 2022 as we basically split the year and she likes her return. I imagine we will be filing married-jointly for 2023 (hence the possible revision in W4/L4).
So just glancing at the L4, I imagine she should select 1 so she gets to claim her exemption/withholding and it stays about the same as she's expected previously. 2 would take more out every check, correct?
Would filing married-joint or married-separate change this?
My wife is salary and we were married last year and she's trying to update the withholdings. We are likely going to file married-separately for 2022 as we basically split the year and she likes her return. I imagine we will be filing married-jointly for 2023 (hence the possible revision in W4/L4).
So just glancing at the L4, I imagine she should select 1 so she gets to claim her exemption/withholding and it stays about the same as she's expected previously. 2 would take more out every check, correct?
Would filing married-joint or married-separate change this?
2
Posted on 3/14/23 at 6:24 pm to SlowFlowPro
If you don’t have a pre-nup and you live in Louisiana, then all your income is likely community property. That means filing separately makes no sense in 99.9% of the cases. All you’ll do is complicate your tax filings and make guys like me rich for no good reason.
Take last years tax amount and divide it by your joint taxable income. Use that percentage to withhold for federal and state taxes. Blow off the W4 and L4. They’ll confuse the hell out of you. Get with your payroll department and play with the numbers until you arrive at the desired percentages. You’ll hit your taxes close every time.
Take last years tax amount and divide it by your joint taxable income. Use that percentage to withhold for federal and state taxes. Blow off the W4 and L4. They’ll confuse the hell out of you. Get with your payroll department and play with the numbers until you arrive at the desired percentages. You’ll hit your taxes close every time.
Posted on 3/14/23 at 6:47 pm to nfcpa
quote:
That means filing separately makes no sense in 99.9% of the cases
I find it hard to believe that only 0.01% of married Louisianan people work for a non profit and have federal student loans. Those people are probably better off filing separate and pursuing PSLF.
Posted on 3/15/23 at 5:52 am to nfcpa
quote:
If you don’t have a pre-nup and you live in Louisiana, then all your income is likely community property. That means filing separately makes no sense in 99.9% of the cases. All you’ll do is complicate your tax filings and make guys like me rich for no good reason. Take last years tax amount and divide it by your joint taxable income. Use that percentage to withhold for federal and state taxes. Blow off the W4 and L4. They’ll confuse the hell out of you. Get with your payroll department and play with the numbers until you arrive at the desired percentages. You’ll hit your taxes close every time.
This.
MFS rarely yields a benefit. As mentioned, you’re creating twice the work for marginal or no benefit. If you have a CPA, it might be worth your money to have them run a comparison if you really want to know.
For withholding, I agree with figuring the % to withhold. Look at last year, or this year, and say okay I withheld 3% of joint LA taxable income and it wasn’t enough then bump the % up until you’re covered or close.
Posted on 3/15/23 at 6:31 am to SlowFlowPro
quote:
So just glancing at the L4, I imagine she should select 1 so she gets to claim her exemption/withholding and it stays about the same as she's expected previously. 2 would take more out every check, correct?
2 would take less out. The higher the numbers in box A or B, the less they withhold.
I hate the L-4. It doesn’t really allow for the finite adjustments you can make on the W-4 since it’s just a number of exemptions rather than the dollar deductions/additions you can make on the W-4. Step 4 in the W-4 let’s you get it down to the dollar if you pay attention and make the proper adjustments.
Posted on 3/15/23 at 10:22 am to slackster
Yes this isn't my concern and I don't know if I've ever filled out an L4. I haven't been employed by someone else in 10 years.
My CPA is too busy to talk about this now but I'll schedule something after tax season. This would only affect 2023 anyway.
My CPA is too busy to talk about this now but I'll schedule something after tax season. This would only affect 2023 anyway.
Posted on 3/15/23 at 10:22 am to armsdealer
quote:
Those people are probably better off filing separate and pursuing PSLF.
Posted on 3/15/23 at 10:32 am to SlowFlowPro
PSLF - the idea is you tie this with income based repayment.
Often filing MFS even in a community property state yields a lower repayment amount.
Then you roll until 10 years on the clock and file for PSLf which forgives the balance of the loan.
Often filing MFS even in a community property state yields a lower repayment amount.
Then you roll until 10 years on the clock and file for PSLf which forgives the balance of the loan.
Posted on 3/15/23 at 10:36 am to LSUFanHouston
Oh I know what PSFL is and, after reading the comment I did some Googling and that seems to be the icing on the cake. 
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News