|
|
Expert
Posts: 2531
  
Location: WI | I recently got married, so I'm updating my W4 paperwork. I had an exemption of 1, should I change that to 2?
eta - We are going to stay in the same bracket whether we file separately or jointly.
Edited by linds 2016-10-25 12:58 PM
|
|
| |
|
 Expert
Posts: 1857
 
| The less exemptions you take the more money that is taken per-check, the more exemptions the less money.
|
|
| |
|
Married to a Louie Lover
Posts: 3303
| Are you claiming him as a dependent? I know most men are (lol), but no you should probably leave it as 1.
I'll be married next spring and we asked our tax guy about it |
|
| |
|
 Hummer's Hero
Posts: 3071
Location: Smack Dab in the Middle | Honestly, you should have previously had an exemption of 0. Now, the "head of household" could reasonable have an exemption of 1, but not both of you. There's nothing illegal about it, but it's less that they withhold, therefore money that you may end up having to pay back in taxes if you do not have enough other exemptions. I'm married, a mother of two, and I withhold 0 still--basically so that we have less to pay in at the end of the year. |
|
| |
|
 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Overpaying through the year is an interest free loan to the government of YOUR money. I had rather hold out less and have to pay in when I file, but your mileage may vary. |
|
| |
|
 My Heart Be Happy
Posts: 9159
Location: Arkansas | linds - 2016-10-25 12:56 PM
I recently got married, so I'm updating my W4 paperwork. I had an exemption of 1, should I change that to 2?
eta - We are going to stay in the same bracket whether we file separately or jointly.
Most of my W-2 clients use their refunds as "savings accounts" at the end of the year to buy something they couldn't afford if that money came to them thru their paychecks weekly. They claim zero dependents and then get a bigger refund at tax time to use for something they really want. They know they wouldn't put that money aside weekly from the paychecks!! I agree with T4L that it lets the government use that money for free tho. . . . |
|
| |
Folks on-line