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Anyone change their W-4 to "Married"? Tax consequences?
So today is pay-day and I check online and was surprised to see my paycheck increase by about 20%. I do some digging and find out I had changed my W-4 w/ my employer from "Single" to Married" and hence my tax withholdings decreased considerably in my paycheck.
Its all wonderful, I have extra $$ but then I read this:
http://birdsandbills.blogspot.com/2006/01/reasons-to-stay-single-on-your-w-4-at.html
To date, DH hasn't updated his W-4 at work. Should I tell him not to update it so we end up paying less taxes next year?? This is what that
Penalty Tax" is all about right?
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Posted 11/15/10 1:49 PM  |
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DPratt1030
LIF Infant
Member since 11/10 65 total posts
Name:
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Re: Anyone change their W-4 to "Married"? Tax consequences?
I was wondering the same thing. DH's check increased a nice healthy sum so now I am worried. I dont want to owe.
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| Posted 11/18/10 12:47 PM |
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summerbaby11
LIF Adolescent
Member since 11/10 779 total posts
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Re: Anyone change their W-4 to "Married"? Tax consequences?
it's actually better IMO to leave it as single 0, where they withhold the most so you don't end up paying in April. We are both single 0 on our W-4s and file as married jointly.
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| Posted 11/18/10 5:27 PM |
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stinenandy2010
LIF Infant
Member since 5/10 91 total posts
Name:
Christine
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Re: Anyone change their W-4 to "Married"? Tax consequences?
Posted by summerbaby11
it's actually better IMO to leave it as single 0, where they withhold the most so you don't end up paying in April. We are both single 0 on our W-4s and file as married jointly.
ita, we kept our W-4's the same, I would rather more taxes taken out now and get a bigger refund.
it is usually better to file jointly because you are in a lower tax bracket, get more tax incentives and deductions. have your accountant try it both ways to see which benefits you more.
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| Posted 11/19/10 10:36 AM |
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Re: Anyone change their W-4 to "Married"? Tax consequences?
Posted by summerbaby11
it's actually better IMO to leave it as single 0, where they withhold the most so you don't end up paying in April. We are both single 0 on our W-4s and file as married jointly.
This is what our accountant advised.
However, our Mortgage counselor advised us to file married once we buy the house.
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| Posted 11/20/10 8:32 AM |
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christinec2010
LIF Adolescent
Member since 10/09 637 total posts
Name:
Christine
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Re: Anyone change their W-4 to "Married"? Tax consequences?
I left mine as single. If you change it to married you will be taking home more per check but there is a good likelihood that you will owe money in April. By leaving it single you take home the same amount you are used to & will most likely receive a refund in April.
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| Posted 11/22/10 9:01 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: Anyone change their W-4 to "Married"? Tax consequences?
we both filed married 0... not sure whats gonna happen though.. we'll see!
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| Posted 11/22/10 12:22 PM |
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ThePs1023
LIF Toddler
Member since 8/10 377 total posts
Name:
Rachel
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Re: Anyone change their W-4 to "Married"? Tax consequences?
we both changed ours to married, 0. I havent received a paycheck since we made the change yet so I am not sure how my paycheck will be affected. You have extra deductions when you are married so that is probably why you end up withholding less.
That being said, i rather owe taxes, than give the government an interest free loan.
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| Posted 11/23/10 11:26 AM |
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