 A paper check if you got the RAL....boo hoo!? |
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 Please tax preparer!Do you think I should do my taxes jointly? We are living apart but we still married...? |
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Additional Details
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Glutenfreegirl | What is the correct filing status for a married couple with one child and one on the way? |
Hi! I live in Louisiana, and we are so confused! We are trying to figure out the best way to file our exemption. Right now we have it as Married and 2. Is this right? My husband is the only one who works. I stay home with our son and am pregnant, baby not due til 08. What I"m looking for is, to get more money in our weekly take home pay but to still not have to pay in April. In the past he'd been Single and 1. So we got a huge refund. I'd rather just have that money each week. So is Married and 2 the right way to do this? Thank you so much for any help!!
Additional Details
Ok the reason I also ask is my friend said claiming married means two, in other words married and 2 means, married=my hubby and me, then 2 means my son and ____? Is that right? That sounded wrong to me. Thanks! |
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bostonianinmo
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You file your tax return either as Married Filing Jointly or Married Filing Separately. You'll normally pay less tax filing jointly. You get one exemption for each of you for a total of 3. The bun in the oven means nothing until he or she pops out. If it's before 12/31, you get another exemption for the year.
As to what to claim on his Form W-4, since he is the only earner, he should file that as Married and 3 at the very least. With only one child, he could claim 4 withholding allowances and you would just about break even with only one child. Once the new one arrives, he can bump that up by 1 and claim either 4 or 5 withholding allowances.
This will significantly increase his paychecks and reduce the size of the refund that you get, which is probably what you really need to do.
If you read the instructions for Form W-4, you get one allowance for yourself, one for your spouse, one for each child or other dependent, as well a one "bonus" allowance if you hold only one job or are married and your spouse doesn't work. Therefore, claiming Married and 4 right now or Married and 5 once the baby is born is quite legal and will just about zero you out at tax time. |
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ninasgramma
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When you indicate "married" on your W-4, it means that you will file jointly and take at least the standard deduction of $10,700. The number of allowances is usually the same as the number of exemptions. For you, that will be three exemptions. So, married and three would be a good guess.
Since you have a child, if you make less than $34,000 a year, all from wages, you will owe little (less than $300) or no tax because of the Earned Income Credit and Child Tax Credit. If this is the case, pump up the allowances to reduce your tax withholding to little or nothing. Your payroll department can tell you how many allowances will result in basically no withholding.
If you make substantially less than $34,000, ask your employer about getting an Advance Earned Income Credit in your pay. You will not get that huge refund, but you will get more money to spend during the year -- no withholding, and part of the EIC paid to you each paycheck. |
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Judy1
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Married and three would be more accurate - one for each of you and your husband, plus one for your child. Actually, since you'll get a child tax credit for your child, he could claim more than 3 on his W-4 and still be OK at tax time. Could claim 4 or maybe even 5 depending on his income. If you have any other credits could claim even more than that. |
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Brian G
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While there is no exact right and wrong way to fill out a W4, married and two should get you a small refund, married and three (one each for your husband, you, and your child) should bring you out very close to even. If you itemize and have large deductions like mortgage interest, you may even be able to claim more and still not owe.
If your husband will earn close to the same this year as last year, compare what has been withheld year to date and multiply the amount currently withhled by how many paychecks he has left this year to estimate the total that will be withheld this year. Compare that to your tax liability from last year. Adjust as needed from there. |
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hi91977
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you'll need to file 3 (you, husband, & child). if you want to bring home more $$$ then your husband's exemptions will need to change. see http://www.irs.gov/pub/irs-pdf/p15.pdf for tax tables & play around with the numbers. i did. i'm divorce; however, i'm claiming married 1. i didn't change my exemptions because at the end of the year, i file single claming 1. with my itemized deductions & refund, my married claiming 1 is equalivant to single claiming 8. why give uncle sam extra $$$ when you can use it at the end of the year. remember you want to break close to even on 4/15 |
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Jimmie
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the more you claim the more you get each pay period. so 2 for you is correct.
This website will help
http://www.bankrate.com/brm/itax/Edit/basics/Introduction/basic_2a.asp |
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aka_brian_1040
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Claim 3 with your employer. You can even for short periods of time claim more than that, (I had an employer that would let you claim 99 for short periods of time). the more you claim with your employer the larger your paycheck will be and the smaller your refund will be. |
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aj485
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It depends on a lot of things - for instance, Married 6 might be more appropriate, if your husband has been claiming Single 1 so far this year.
Here is an IRS withholding calculator to use: http://www.irs.gov/individuals/article/0,,id=96196,00.html
You will need to have your husband's latest paystub, including year to date numbers to fill it out properly.
If you change his withholding significantly this year, just remember to use the calculator to change it back next year, or you could end up with a large tax bill. |
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CAT
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File 3, you, hubby and kiddo. That is how many exemptions you want to claim. The more you claim, the more you get back or less you pay. baby # 2 can't be claimed until 1/2009. |
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