How will you file this year?

lburkey21

For whatever reason, filing our taxes this year has already crossed my mind. I'm just curious as to how you ladies plan to file - single or married? Does it make a difference?

Normally we just each do our taxes online with Turbo Tax....is this the best way? If we file as married will it be easy online?

 

GracefulMeadow86

we're going to file jointly. but we go to the H&R Block office b/c i hate doing my taxes and id rather pay just to be sure. PLUS we have the house and everything so its just too complicated now.

What i'm confused about, is that i need to refile a w-4 with my company to indicate that im married? how the f do i do that? i dowloaded the forms from the irs but i have no freaking clue how to fill them out. DAMNIT.

lburkey21

GracefulMeadow86:

What i'm confused about, is that i need to refile a w-4 with my company to indicate that im married? how the f do i do that? i dowloaded the forms from the irs but i have no freaking clue how to fill them out. DAMNIT.

I was wondering the same thing!! I think this is going to be a question for my dad - he's always smart about this kind of stuff.

I would contact your HR department - maybe they can help walk you through filling out the W-4. They did look kinda confusing.

KellyA724

Since I'm a tax accountant, I figure I can answer your questions :-)

 First, you cannot file "single" if you are married. You can file "married filing separately" which can be advantageous in some situations (like if one spouse earns much less than the other). There are downsides to this as well, but discuss it with whomever is preparing your tax return, because it really depends on your situation.

 Second, the W-4 doesn't need to be updated, unless you want your employer to withhold less from your paychecks. I left mine as single instead of married, because I don't want to get stuck owing money come April 15th.

Third, TurboTax is just fine. Your return really won't be any more complicated now that you are married.

Let me know if you guys have any other tax questions!

benmel31

We've already looked into all of this as well.  We are filing jointly.  It will be a few hundred less in taxes than filing married but separately.  We do plan to use Turbo Tax.

Sterl72410

We paid someone last year to do ours, and it was worth it. I got a TON back (I'm in grad school, and there were several refunds I got because of that). 

This year, we are taking them to the same person who did them last year. We may have them run the numbers and do whichever way gets us the most back. I'm not teaching right now, so we could use as much back as possible. Plus, since we are still renting this year and haven't bought a house, we don't have to worry about all those extras.  

debjwes

not sure yet. As I am a Connecticut resident and DH files his taxes in Indiana because he is the Navy. We have to discuss with our people at liberty taxes.

slpmay03

I am not sure how we are filing yet but we are taking them to my accountant.  I moved to another state last year (2010) but still work in the state I used to work in.  My DH has 2-3 W-4s b.c. he resigned from his job to student teach las winter and now is teaching somewhere.  So we will be filing jointly or married but seperate. 

slpmay03

One more thing....thanks KellyA724 for your offer to answer our questions.  I appreciate it. I am so not confident in taxes and filing b.c. I don't know much about it and don't always understand it. 

GracefulMeadow86

KellyA724:

Since I'm a tax accountant, I figure I can answer your questions :-)

 First, you cannot file "single" if you are married. You can file "married filing separately" which can be advantageous in some situations (like if one spouse earns much less than the other). There are downsides to this as well, but discuss it with whomever is preparing your tax return, because it really depends on your situation.

 Second, the W-4 doesn't need to be updated, unless you want your employer to withhold less from your paychecks. I left mine as single instead of married, because I don't want to get stuck owing money come April 15th.

Third, TurboTax is just fine. Your return really won't be any more complicated now that you are married.

Let me know if you guys have any other tax questions!

Thank you so much, Kelly!!! I'm such a dumby when it comes to taxes.

lburkey21

GracefulMeadow86:

KellyA724:

Since I'm a tax accountant, I figure I can answer your questions :-)

 First, you cannot file "single" if you are married. You can file "married filing separately" which can be advantageous in some situations (like if one spouse earns much less than the other). There are downsides to this as well, but discuss it with whomever is preparing your tax return, because it really depends on your situation.

 Second, the W-4 doesn't need to be updated, unless you want your employer to withhold less from your paychecks. I left mine as single instead of married, because I don't want to get stuck owing money come April 15th.

Third, TurboTax is just fine. Your return really won't be any more complicated now that you are married.

Let me know if you guys have any other tax questions!

Thank you so much, Kelly!!! I'm such a dumby when it comes to taxes.

Yes, thanks Kelly!! I think we're going to figure out the numbers for filing both separately and joint and see which one gives us the best outcome.

I'm pretty sure I should update my W-4 though. For whatever reason I have 2 deductions right now.....probably should get that down to at least 1, right?! So the chances of me owing money next year aren't as high....?

kaynix21

We're filing married-separate because of the military and his student loans and stuff make it a huge PITA. So we'l be separate this year.