September 2010 Weddings
sunshine_day_dreams
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Taxes
I just got an e-mail from our Payroll department saying I need to make sure my W-4 withholding is updated. I thought it would be easy peasy no problems until I started reading all of this "Claim a 1 if you're married and filing jointly and this and that and other stuff OR you can claim 0 to avoid having too little tax withheld". Huh?
I've also read a couple of things on TurboTax and H&R's websites and
it's all going in one ear and out the other. How do you decide which withholdings to keep yourself and which your H should take?
Am I the only one that has no idea what the eff to do with all this stuff? Anyone else decided yet whether you're filing jointly or separately and what the benefits are to either?
I hate taxes. 
Re: Taxes
I also hate taxes and am probablly no help whatsoever. But I just had to redo mine and I claimed 0...same as before. I called my mom and freaked out on her and she said do that for this year. I have no idea what any of it means though.
While we're on taxes, my H's boss told him yesterday he didn't need to file til next year and I tried to explain that he needed to redo his W-4 form or am I wrong? Do only the ladies do this? He had a change in status too so I figured he needed to do it too? HELP!
i feel the SAME way. it is all so confusing. i claimed "married but withhold at a higher single rate" and "0" for dependents. I think I could have claimed "1" but didnt want to...? also i wanted to have more taxes taken out because gerren claimed "married" with "1" dependant and i was told that if we both claimed this we might owe taxes.
seriously, it is all greek to me. but we are filing jointly, i am having my cousin (a tax accountant!) do it all for me this year bc we moved for a job, and got married, etc. it makes it a little more complicated.
would you rather get back more tax money but have more taken out of your paycheck? or have the money in your paycheck every week but not get any taxes back?
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Yeah, that's part of where I'm confused. I think K is supposed to claim the 1 since he makes more? But then when it says to claim 1 for myself if no one else claims me, can I choose 0 instead?
I'd much rather pay more per paycheck and have a refund at the end. Otherwise I have no self control and spend it on stupid schit.
I think we'll probably end up having a tax professional help us out this year, but right now I just want to make sure I'm filling out my W-4 correctly so that I won't end up owing money in the end. That would super suck.
I don't know for sure, but I've heard its kind of the same thing as filing single.
Single 0 means that no one can claims you and you'll typically get a refund at the end of the year.
Single 1 means you'll get more money on your paycheck and may or may not owe at the end of the year.
I switched mine to married 0. H makes more than me and our tax guy is going to see if married, filing jointly or married filing separately makes more sense for us at tax time.
The nice thing was I got an extra $73 in my paycheck.
Married / The Cookaholic Wife
Now I'm really confused...
When I notified the payroll dept at my work about my status change they said that they'd take care of everything for me. I even asked if I needed to update my W2 or W4 and she said no that just me lettting them know was enough info and that they could change it. This thread is really making me wonder WTF is going on with this tax stuff now.
Gah that sounds just like H's work! I told him to go back and ask today because I'm pretty sure he's supposed to change his tax form too. I would definitely ask again and say you were told you needed to change your W-4 since you're now married and won't be filing as single anymore even if you do claim 0.
I just emailed her and asked again...
Which is better, to claim 0 or 1?
Have you changed your name? If so, you definitely need to fill out a new form with your new name on there. And you have to sign everything "under penalties of perjury" so it's not like your HR department can just change that for you. At least I wouldn't think so...
Damn..is it that time already?
I don't even want to think about it. I'm going to get royally screwed this year.
TTC since 2010
Me: 36, slightly elevated FSH. Everything else (hysterescopy, HSG, b/w) normal.
DH:30, with super sperm? >200mil post wash
BFP #1 - May 2011 - m/c @ 8weeks
IUI #1 - July 26 2012 - Femara = BFN
Suprise BFP Jan 15 2013. Hope this one sticks!
Ya, my name has changed on everthing...even at work (paychecks too)
I could be wrong on this, but...
If you claim 0, you will get more taxes taken out of your paycheck. You'll probably be able to get a nice refund at the end of the year.
If you claim 1, you get less taxes out now, and either small or no refund.
I think it gets messed up this year for us, since we're married. If I recall what my tax person told me last year, the taxes taken out of my check this year were calculated on LAST year's income. If I file jointly, my income will be higher, because they count both our incomes. Which means we might owe some money this year.
I believe DH claimed 1 exemption and I just filed my paperwork with 0 exemptions. (Which I think is how it should be done if you're married, filing jointly, to avoid owning the gov't money.) Hopefully, that's correct and we won't owe anything. And again, this is a hazy memory at best of the brief explanation I got last year so hopefully someone with more authority chimes in.
From what I understand, claiming 1 mean you get more each check but will get little to no income tax back or may owe some and claiming 0 means they take out more now but you should get more back after you file. HTH!
http://www.irs.gov/individuals/index.html
If you follow the link above and do the IRS withholding calculator it will give you an estimate of your tax situation for this year. For most of us, we will be filing as married filing jointly. There are only a few situations in which it would be beneficial to file as married filing seperately. I only have one year of tax experience so I don't know all of the answers.
And not to bum you ladies out but there may be big changes in the withholdings for next year if some of the tax breaks aren't extended.
http://www.businessweek.com/magazine/tax-cut-paycheck-impact/
Yeah, I kinda thought that, too... but then that whole "under penalty of perjury" thing makes me all nervous. Like I'm going to go to jail for tax fraud or something. Maybe I'm just a paranoid freak.
Okay - I KNOW I read somewhere that your W2 (or W4, I always get them confused) has to match your tax return, as far as your marital status goes. So, at least make sure that is right before 12/31.
I chose married, but withhold at the higher single rate. DH and I both have income that is not taxed until we claim it on our return so we try to maximize what is taken out of our other paychecks in hopes that we won't have to pay in.
I have always done both of our taxes, but this year is going to be seriously confusing since we moved for a job and I have a new job that isn't taxed in which I incurred a lot of expenses to get going.
Yes, 0= more taxes taken out, 1= less taxes taken out. How many you claim is entirely up to you, just depends if:
Option 1- you want more taxes taken out now and possibility of not owing the IRS.
Option 2- you want less taken out now and the possibility of owing the IRS.
We are filing separately because I have a dependant. I will be chaniging my allowance to 1. And yes, you have to change marital status before 12/31.
I will agree with you up until your last point about filing seperate because you have a dependant. All situations are different but this may not be in your best interest. In the link below see the special rules under Married Filing Seperately. http://www.irs.gov/publications/p17/ch02.html#en_US_publink1000170782
I can't give specific tax advice because I dont' know the whole situation but I wanted to give you the info to make the best decision.
Taxes are confusing... But I love them and plan on going into tax law...
Basic idea - your income and H's income are now combined and split down the middle (1/2 the earnings are attributed to each of you for tax purposes)
My DH works (a lot) I don't b/c I'm a student - I have him claiming M 1 as of September meaning less taxes are taken out (which you all already know) We are in a 35% tax bracket with no itemization - just the standard deductions. This method allows for a refund at the end of the year.
When I start working - DH will still claim M 1 I will claim M 0 - because my income will likely be lower - I have more tax burden - but more there is a maximization of the income because he has a lower % taken out weekly.
If you want, I can try my best and help with specific situations if you want.
Make sure you are taking appropriate student loan interest deductions, ect. The moving deduction is tricky - you must move more than 50 miles above the difference from old home to old job - example old home was 10 miles away from Old job - you must move 60 miles away from old home to take the deduction, and it cannot have been reimbursed by anyone if you are taking the deduction.