Post # 1
Is there a benefit to filing our taxes jointly? Should I change my W-2 status at the federal and state level in our work system to married? Do I need to change my exemptions?
I make almost double as DH.
Anyone have any experience with this?
Post # 3
@ajillity81: It’s probably going to depend on your incomes. I would speak to an accountant and see what will be most beneficial to you in your situation.
Post # 4
Definitely talk to an accountant, because it’s going to depend on debt, incomes, deductions, property, etc.
We both did update our W2 withholdings to married after the wedding. As for taxes – we’re going to play with the numbers and try it both filing joint and filing separately before we decide which way we officially are going to file.
Post # 5
- Wedding: November 2013 - St. Augustine Beach, FL
@ajillity81: Because everyone’s financial situation is different you should take both of your W2 forms and most recent pay stubs to a CPA or other person whom specializes in preparing taxes. They can properly advise you based on your particular situation.
Post # 6
You likely need to disclose your married status and update to married on your W2. Even if you don’t file jointly, you don’t file as a single anymore.
Talk to your CPA. The best results for filing together come when there is an income disparity between the couple. Since you make more than him, adding his income as a couple will bring down your tax rate, while (possilby) bringing up his. At the same time, you will pay more on taxes, and the little more that he would chip in if you hit the right brakets would not make much of a difference. I would look up the 2013 tax brackets and see where your single income lands compared to your combined income before you see a CPA, just to have an idea.
Post # 7
@ajillity81: I’m a CPA, and I’ll give you the basics, but you will definitely need to see a professional about your situation.
Looking at salaries and wage income ALONE, if you and your DH still stay in the same tax bracket despite being married, then you will most likely have a lower tax liability than in previous years. This is assuming your income hasn’t changed much over the years.
If on the other hand, his paycheck pushes you into the next tax bracket or bracket after that, you will have a higher tax liability – all other factors being equal.
So yeah, it depends on your own individual situation – there is no cookie cutter way that works for everyone.
Post # 8
@housebee: @abbie017: @beachbride1216: @Misswhowedding: @MrsNewDay:
thank you for the responses.
i had also emailed a CPA friend of my mom’s. she got back to me quicker than i thought she would and said to leave my W2 status at work as they are. when it comes time for tax time, a CPA can run the numbers both ways and see which is more of a benefit.