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Message
Question about filing taxes married-first time
Posted on 1/21/22 at 6:06 am
Posted on 1/21/22 at 6:06 am
Somehow my employer has 2 deductions for me. My wife claims 0. If we file individually, will the IRS penalize her for my deductions?
Sorry my man, no pics
Sorry my man, no pics
This post was edited on 1/21/22 at 6:14 am
11
Posted on 1/21/22 at 6:08 am to Bigg A
quote:
wife
Pics?
Posted on 1/21/22 at 6:19 am to Bigg A
quote:
will the IRS penalize her for my deductions?
uhm....what? You do realize that the deductions you put down for your employer, just determines how much THEY withhold for taxes...nothing to do with what you owe.
Now, based on you just being married for the first time and not knowing about deductions, I will assume you will get the standard deduction from the government and filling married-joint will be just fine for you. Cheers
Posted on 1/21/22 at 6:23 am to Bigg A
Why would you file separately?
Posted on 1/21/22 at 6:25 am to Bigg A
quote:
Question about filing taxes married-first time
Do you mean filing taxes for the first time, period? How do you not know how deductions work lol
Posted on 1/21/22 at 6:35 am to IT_Dawg
quote:
You do realize that the deductions you put down for your employer, just determines how much THEY withhold for taxes...nothing to do with what you owe.
I hear what you're saying, but I think this needs clarifying. Depending on what you've chosen your employer to withhold (yes OP, you selected those 2 dependents), it directly impacts your refund or what you owe. If your selection results in over-withholding, you'll be refunded accordingly. If your selection results in under-withholding, you will owe. I always claim less than reality and get a little back. Not a lot, but i don't like to pay in the spring, and never do
This post was edited on 1/21/22 at 6:36 am
Posted on 1/21/22 at 6:40 am to GEAUXT
quote:
How do you not know how deductions work lol
Haha, he is asking a question and you call him out for not knowing something and you are calling dependents deductions, dependents are what you claim on your w4, deductions are what you claim on your 1099, very different thing
ETA 1040, not 1099
This post was edited on 1/21/22 at 6:52 am
Posted on 1/21/22 at 6:42 am to Bigg A
quote:
Somehow my employer has 2 deductions for me. My wife claims 0.
When you say deductions, do you mean the allowances you claim on your W4? That governs the amount the employer withholds from your check. More allowances claimed, the less withheld from your check. Looks like you withheld less than she did.
quote:
If we file individually, will the IRS penalize her for my deductions (under-withholding)?
I don't think so. If you severely under-withheld, you could owe a penalty. IRS Pub. No. 306
Married filing jointly is often the best way to go, so at least run the numbers that way. It may work out just fine with your low WH offset by her higher WH.
Posted on 1/21/22 at 6:43 am to Bigg A
If you got married on or before 12/31/2021 you have to file married filing joint or married filing separately.
Married filing joint will be beneficial to you.
Edit: I don’t know your income situation but if one of you is withholding 2 and the other 0 you’re probably going to break even or possibly owe a small amount. Could have an underpayment penalty, but it would be very small. Again, that all depends on your income.
Married filing joint will be beneficial to you.
Edit: I don’t know your income situation but if one of you is withholding 2 and the other 0 you’re probably going to break even or possibly owe a small amount. Could have an underpayment penalty, but it would be very small. Again, that all depends on your income.
This post was edited on 1/21/22 at 6:46 am
Posted on 1/21/22 at 6:45 am to Tigerpaw123
quote:
deductions are what you claim on your 1099
You all need to stop giving advice.
OP here are your options:
Turbo Tax
Stop being a brokedick bitch and pay a CPA.
Post on the Money board. People there are dying to give free advice.
Posted on 1/21/22 at 6:50 am to Bigg A
The money board will have better answers
Posted on 1/21/22 at 6:50 am to Murray
You got me meant 1040, just had to prepare 1099s for all of my contractors this week
Posted on 1/21/22 at 6:51 am to Bigg A
quote:
Somehow my employer has 2 deductions for me. My wife claims 0. If we file individually, will the IRS penalize her for my deductions?
You got married too young...
Posted on 1/21/22 at 1:49 pm to Bigg A
Did this start on another board?
OP... The deductions you "claim" on payroll are simply a math calculation to determine how much federal and state (if you live in a state that has state income tax) tax withholding occurs on each paycheck.
When you file your tax return, you report all of your income, and allowable deductions. You calculate the total tax owed. You apply your income tax withholding to that amount, along with any other credits / payments, and you end up with a refund (you paid/credit too much) or balance due (you paid/credit not enough).
Because of the way the tax withholding system is structured, if you claim married instead of single on Form W-4, you will have less withheld, and the more dependents you claim on W-4, the less you will have withheld.
If you file married separate, then what you do has nothing to to with what you do... except if you are in a community property state and don't have a separate proprety agreement... then everything is split 50/50.
OP... The deductions you "claim" on payroll are simply a math calculation to determine how much federal and state (if you live in a state that has state income tax) tax withholding occurs on each paycheck.
When you file your tax return, you report all of your income, and allowable deductions. You calculate the total tax owed. You apply your income tax withholding to that amount, along with any other credits / payments, and you end up with a refund (you paid/credit too much) or balance due (you paid/credit not enough).
Because of the way the tax withholding system is structured, if you claim married instead of single on Form W-4, you will have less withheld, and the more dependents you claim on W-4, the less you will have withheld.
If you file married separate, then what you do has nothing to to with what you do... except if you are in a community property state and don't have a separate proprety agreement... then everything is split 50/50.
Posted on 1/21/22 at 1:56 pm to Bigg A
Married filing joint should show "2 deductions" but the form has changed fairly recently and different income brackets might need to have a different result. Unless she is in the $200k+ range then having 0 is just her paying extra taxes throughout the year to get a bigger refund. I can't get this through my wife's head, she is excited about a $4k refund when I would rather have the extra few hundred each month. I know the refund will be even bigger when I get my school documents in, school deductions are pretty great.
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