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Message
How do I withhold appropriate amount? Having trouble. Withholding doesn't look right.
Posted on 1/18/18 at 11:32 am
Posted on 1/18/18 at 11:32 am
Right now I'm going Single and 0. My Federal tax biweekly is $586.00. I take a lot of pre-tax witholdings, max 401, etc.
I'm getting married this year.
Do I file Married and 0 since I have no kids. My withholding would only be $303.00.
If I claim an exemption it's only $284 biweekly.
I've never had this little bit of tax withheld. I am worried about changing the W4 and getting hit with a huge tax bill at year end.
I'm getting married this year.
Do I file Married and 0 since I have no kids. My withholding would only be $303.00.
If I claim an exemption it's only $284 biweekly.
I've never had this little bit of tax withheld. I am worried about changing the W4 and getting hit with a huge tax bill at year end.
6
Posted on 1/18/18 at 11:48 am to YoungManOldMan
quote:
Right now I'm going Single and 0. My Federal tax biweekly is $586.00. I take a lot of pre-tax witholdings, max 401, etc.
I'm getting married this year.
Do I file Married and 0 since I have no kids. My withholding would only be $303.00.
If I claim an exemption it's only $284 biweekly.
I've never had this little bit of tax withheld. I am worried about changing the W4 and getting hit with a huge tax bill at year end.
You are getting married in 2017. Therefore, you won't file married jointly until 2018.
You could change your withholding amounts after you are married, if you want.
Posted on 1/18/18 at 11:51 am to HailToTheChiz
Isn’t married zero the most withholding? I’ve heard if you’re married with no kids you can do married two, bigger check, but you could end up paying a lot back on April 15.
Posted on 1/18/18 at 12:04 pm to YoungManOldMan
my wife and I claim married 0 and we will have to pay a couple grand this year. If you're worried about having to pay, just voluntarily withold a higher amount.
Posted on 1/18/18 at 12:13 pm to HailToTheChiz
quote:
You are getting married in 2017. Therefore, you won't file married jointly until 2018.
You could change your withholding amounts after you are married, if you want.
Married 2018, file as joint 2018.
Based on other responses, the only safe bet is Single and 0 for both of us.
I did the worksheet. We need to withhold an additional $388 per check if we both file married and 0. I don't know, this is all screwy to me.
If I withhold Married 0 and she withhold Single 0, it should be about an even wash I figure.
This post was edited on 1/18/18 at 12:15 pm
Posted on 1/18/18 at 12:39 pm to YoungManOldMan
I always with hold single and 0 with a little extra taken out. And so does the wife. Then we file jointly.
Posted on 1/18/18 at 12:43 pm to YoungManOldMan
Does your wife work?
I was told that the w4 withholding tables are essentially for families who have a single worker/income.
So you withhold the most if you withholding as "single" with 0 exemptions, less so if you place 0 exemptions but married, and so forth.
If you're both working, it'll likely be more accurate if you both decide to withhold as a single with no exemptions.
That's what my wife and I do and we are usually within $1k either way on taxes these last few years.
I was told that the w4 withholding tables are essentially for families who have a single worker/income.
So you withhold the most if you withholding as "single" with 0 exemptions, less so if you place 0 exemptions but married, and so forth.
If you're both working, it'll likely be more accurate if you both decide to withhold as a single with no exemptions.
That's what my wife and I do and we are usually within $1k either way on taxes these last few years.
Posted on 1/18/18 at 12:54 pm to YoungManOldMan
Just to clarify the married deal. If you get married this year 2018, that won't reflect on your taxes until you file 2018 return at the beginning of 2019.
That first response that typed "2017" made me feel like clarifying.
You can work W4 however way you want, but as far as I know most people are going to be fine putting "1" on each person's W4.
But then again, it just seemed easier for us to continue to withhold as single since that was how it was done for years before we got married.
That first response that typed "2017" made me feel like clarifying.
You can work W4 however way you want, but as far as I know most people are going to be fine putting "1" on each person's W4.
But then again, it just seemed easier for us to continue to withhold as single since that was how it was done for years before we got married.
This post was edited on 1/18/18 at 12:56 pm
Posted on 1/18/18 at 1:16 pm to LZ83
I may hijack this thread a bit, sorry. But I recently got married in August. My wife and I have claimed single and none all year (2017) obviously. Should we file together or separately since we technically were only married the last 4.5 months of the year?
Posted on 1/18/18 at 1:22 pm to YoungManOldMan
Do not change to Married if you are both working. If you change to married you will pay a substantial amount to the IRS in April of next year.
I would advise you to wait until the IRS witholding calculator comes out in late February and go from there
I would advise you to wait until the IRS witholding calculator comes out in late February and go from there
This post was edited on 1/18/18 at 1:29 pm
Posted on 1/18/18 at 1:23 pm to SwampBooty
File jointly I would think
Posted on 1/18/18 at 1:29 pm to BACONisMEATcandy
Thank ya
Posted on 1/18/18 at 1:33 pm to SwampBooty
quote:
Should we file together or separately since we technically were only married the last 4.5 months of the year?
I would think you'd benefit the most by MFJ
This post was edited on 1/18/18 at 1:34 pm
Posted on 1/18/18 at 1:34 pm to BACONisMEATcandy
We going to stick to Single 0.
Posted on 1/18/18 at 2:02 pm to BACONisMEATcandy
quote:
Do not change to Married if you are both working. If you change to married you will pay a substantial amount to the IRS in April of next year.
But this is not a bad outcome. Just make sure you have the savings account to handle it.
Posted on 1/18/18 at 2:12 pm to YoungManOldMan
quote:
I've never had this little bit of tax withheld. I am worried about changing the W4 and getting hit with a huge tax bill at year end.
You want a huge tax bill (under $1000ish) - that means you won the game. A big refund means, "I don't understand how money works".
Posted on 1/18/18 at 3:23 pm to SwampBooty
You will have to file your 2017 taxes as married.
Posted on 1/18/18 at 3:25 pm to YoungManOldMan
Best way to know with your circumstance would be to look at both of your 2017 information and prepare a fake 2017 joint return. From there, you will know how getting married will affect both of your returns. Then you can make an educated guess about how to adjust your W4s
Posted on 1/18/18 at 3:27 pm to Ace Midnight
quote:
You want a huge tax bill (under $1000ish) - that means you won the game. A big refund means, "I don't understand how money works".
I can't believe how many people do not understand this. If your tax bill is over $1,000, you will get penalized; but you do not want to give the State/Fed an interest free loan. And, it looks like both are talking about delaying refunds again this year so they can "protect against identity theft".
Posted on 1/18/18 at 7:17 pm to Weekend Warrior79
Married or single? What was your status on 12/31?
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