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| *Loan,banking and credit>>>income tax |
What do I do about filing income taxes this coming year? |
Me and my husband got married in April of 2006. Before I got marrie dI was filing single with myself as a dependent, and my husband was filing single with no dependents. Netiher of us have changed our Info on our W-4's though our work to say "Married". I'm wondering, since I haven't changed it yet, would it be best that me and my husband change our W-4's to "Marrried" but file a seperate return, and then wait till next year to file "Married filing jointly". Can I do that or not? I really appreciate the help! You have two different yet related issues. Leave your W-4's alone this year. Figure your 2006 taxes both ways, as joint or separate. Use the one that costs less. If you find yourself grossly over- or under-withheld, then adjust the W-4's in '07. You should leave the W-4's alone, and at the end of the year, file "Married, filing jointly". This way, your return will be a little bigger. Congrats on your marriage!!! What's on your W-4 has nothing to do with what you file on your income taxes. Like the above poster said, leave 'em be. Generally, you are better off filing Jointly. Honestly, I wouldn't change the W4's just yet if you are both working. Putting "Married" on your W4 means they take out less taxes and, if you are both working, this could mean oweing when you file your return. File jointly and see how it turns out this year. Then change (or not change) your W4 based on the result. Fill out the new w-4's to say married claiming zero, or married claiming 1 or whatever you want. What you say on the W-4's dictates how much income tax you pay in during the working year. What is important is how you file your taxes and what status you use then. It doesn't matter so much what you put on W-4. You will have to file as married. The withholding will probably leave you over paid on your return. You may want to file in January early Feb. to get the refund. You sould change to married with the lower paid spouse claiming one exemption and the higher paid spouse claiming no exemptions. Generally you don't want to file as married filing seperate as that will increase your overall tax. If you both have zero on your W-4's then you should be okay to file a married, filing joint return. Your tax return stands alone and is not connected to your W-4 form; which is just used to determine the correct amount of federal income tax to withhold. The only reason for married, filing separate is if one of you had an old debt to satisfy and wanted to protect your refund. |
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