(Closed) TAX TIP: All brides getting married in 2012

posted 6 years ago in Money
Post # 3
Member
627 posts
Busy bee
  • Wedding: August 2011

Very good point! I am a CPA and my husband and I both changed our W-4’s in January 2011 even though we didn’t get married untill August 2011.

 

Post # 4
Member
359 posts
Helper bee
  • Wedding: May 2012

Do they charge more tax becuase you are married? I claim 0 on my W4 right now and they take a lot out in taxes as it is for both me and my fiance. We get A LOT back at tax time which is good but that needs to change because I need the money monthly instead of at the end of the year. I was thinking of having them take out less monthly so I can afford living expenses. The weird thing is I make a lot less than my fiance and they take a little more out of my checks then his. I think my boss (small business) is doing something wrong with my checks because everyone is thinking they take out too much tax. Before when I was claiming 1 on the W4 they didn’t take out enough and I ended up owing that year.

Post # 5
Member
2100 posts
Buzzing bee
  • Wedding: April 2012

I posted about this before as well – in fact we picked 4/14 as our wedding date in honor of uncle Sam and the huge hunk of our money he is going to get because Fiance and I make the same salary and I will lose my head of household filing status to boot

Very sound advice

Post # 6
Member
562 posts
Busy bee
  • Wedding: September 2012

This is all way over my head unfortunately.  I feel like I understand it but I’m not 100% certain.  

Fiance and I will be getting married in September.  We make almost the exact same salary, and (if I remember correctly) have 0 withholdings.  So, theoretically, because we have 0 withholdings atm, we should have a problem with having to pay in next year (right now we both sit in the 15% bracket and that’s what it will be when we file jointly as well, if that helps at all).

Thanks for the knowledge bees!

Post # 7
Member
627 posts
Busy bee
  • Wedding: August 2011

@JustMarried51912:  There is a so called “marriage penalty”. you can just google it and read about it. its hard to know what your exact situation will be, depends on a lot of things. i would say to try and use the IRS tax calculator below to help you fill out your W-4 properly. but – yes, the idea is to have more take home pay vs. getting a large refund on 4/15.

Here is the tax calculator – http://www.irs.gov/individuals/page/0,,id=14806,00.html

Post # 8
Member
627 posts
Busy bee
  • Wedding: August 2011

@lunathea:  you cannot have -0- withholdings. the IRS is at least withholding something. you might have -0- allowances, but that is something different. try that calculator i posted above. that should help you figure out your situation. 

Post # 9
Member
460 posts
Helper bee
  • Wedding: October 2012

So how does all this work if only one of you is employed at the moment (fiance) but I will be graduating and getting a job in may? we are getting married in october…

Post # 11
Member
2750 posts
Sugar bee
  • Wedding: June 2012

Anyone know if this applies to Canadian brides?  It really sounds like a different language to me.

Post # 12
Member
2320 posts
Buzzing bee
  • Wedding: October 2011

Hmmmm…. I’m not so great with money/math/taxes but if I’d changed my withholdings to Married in January of last year, we would have ended up owing the IRS now. We are barely getting a refund. Am I just not grasping this concept?

Post # 13
Member
3771 posts
Honey bee
  • Wedding: August 2013 - Brookfield Zoo

Thanks for the tip!!  Saving this thread to my favorites for 2013…

Post # 14
Member
784 posts
Busy bee
  • Wedding: February 2012

I am confused.  I claim 0 so I can get a lot back and my fiance claims 1. He makes 4 times as much as I do. He owed like 4000 in 2010 and hasn’t done his taxes for 2011. We will be getting married in March 2012, should I tell him to change his W4 to claim 0 so we get a lot back??

Post # 15
Member
1279 posts
Bumble bee
  • Wedding: May 2013

Thank you for the helpful tips!

The topic ‘TAX TIP: All brides getting married in 2012’ is closed to new replies.

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