Monday, December 28, 2009

Should my husband & I do new w2 forms for our workplace & claim as married to have more money in the checks?

We've been married since June and would like to know if we can file as married on our work place w2 forms. Thanks!Should my husband %26amp; I do new w2 forms for our workplace %26amp; claim as married to have more money in the checks?
You will be able to file as Married Filing Jointly for your 2007 tax return. You can fill out new W-4 forms with your employer to reduce the amount of Federal and State Withholding coming out of your paycheck for the rest of the year. If you do not adjust your withholding, and end up overpaying your tax bill, you will get a refund when you file your taxes next Spring.





Personally, I would rather use the money today than give the IRS an interest-free loan.Should my husband %26amp; I do new w2 forms for our workplace %26amp; claim as married to have more money in the checks?
If you can get by,on what you bring home now, leave it alone. It isn't giving the IRS a loan, to me it is like a savings account. And what difference in the amount wouldn't gather that much interest from either you or the IRS!
They are W-4 forms, but yes, you can file new ones. Just be careful that you still have enough deducted to pay your taxes. And don't expect a huge difference in take home pay, since being married won't save you all THAT much in taxes, and depending on your incomes, might not save anything.





If neither of you got a huge refund last year, you might be better off just leaving the W-4's as they are, and seeing how you come out this year - if you get a big refund, change them then.
If you just have 2 paycheck jobs, no kids and no mortgage, just both of you fill out new W-4's that say Married - 1 exemption. You should get a small refund
If both of your are working you should probably keep the W-4s the same as before you were married. I have seen a lot of people change after getting married and because of the way the withholding tables are calculated, you will end up being short.

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