Taxes when Married

Hi Newlyweds!

I am geting married in October 04 - will we file jointly for 04, or will it not take effect til 05?

Thanks!

Re: Taxes when Married

As soon as you get married Uncle Sam gets you...lol You don't have to file jointly but you will have to file claiming you are married.

Re: Taxes when Married

anyone know which is better to do? we got married in november of '03 and are trying to figure it out!

Re: Taxes when Married

It is usually better to file joint, since the government doesn't want you to take advantage of filing seperatly, and the limit certain deductions.

When I prepare someon's taxes, I calculate it both ways, so they can get the best tax advantage.

Re: Taxes when Married

I don't know. We went to an accountant. All I can tell you is that we usually each got a little money back but once we got married, we owed!

Re: Taxes when Married

Shelzpe, my accountant told us she would work it both ways to see which is better for us. She told me not to change my name on SS or DMV until after the new year. Why is that? I changed it alot of places but not there yet.

Re: Taxes when Married

You must file as married no matter what time of the year you get married. I would do your taxes both was jointly and separate and see which works better but 9/10 cases jointly will be better (my friend who is a CFO and CPA - does taxes on the side and she said she rarely sees cases where separate is better). Be prepared for huge changes! We got killed last year and even with owning a house this year - I know we are going to owe thousands....urgh. (PS Dh is a CPA so he had played around with the numbers and last year he estimated our taxes and played around so we are prepared for this year - even tough it is hard to swallow!)

Re: Taxes when Married

My accountant also gave me the same advice as JodiJohn in that I should wait until the new year to change my name, which I did. Once I get my W-2 form, I'm going to see my accountant. I expect that we're going to get killed since we don't have children or own anything!

Re: Taxes when Married

---

Posted by JodiJohn903

Shelzpe, my accountant told us she would work it both ways to see which is better for us. She told me not to change my name on SS or DMV until after the new year. Why is that? I changed it alot of places but not there yet.

---

I am not sure why she didn't want you to change name via SS.

Re: Taxes when Married

My accountant also told me not to change my name at all until the beg. of this year

Re: Taxes when Married

I'm actually scared to find out how much we will OWE this year! We got married in Oct. & I know it's going to hurt!!!!

Re: Taxes when Married

I'm bumping this thread to ask if anyone knows.....WHY everyone gets killed once they are married? If both parties are paying taxes separately all along throughout the year, and usually get a few thousand dollars back, then why would you suddenly now owe?

Re: Taxes when Married

AH! this thread is scaring me! i already changed my name and for some reason thought they eliminated the 'marriage penalty' so that you dont get penalized as much anymore????

Re: Taxes when Married

---

Posted by kpny622

I'm bumping this thread to ask if anyone knows.....WHY everyone gets killed once they are married? If both parties are paying taxes separately all along throughout the year, and usually get a few thousand dollars back, then why would you suddenly now owe?

---

I was just wondering the same thing. It doesn't make any sense to me

Re: Taxes when Married

---

Posted by Summerbride04

---

Posted by kpny622

I'm bumping this thread to ask if anyone knows.....WHY everyone gets killed once they are married? If both parties are paying taxes separately all along throughout the year, and usually get a few thousand dollars back, then why would you suddenly now owe?

---

I was just wondering the same thing. It doesn't make any sense to me

---

You need to do is pull your W4 from your employer to see what you have taken out of your paycheck & see what your employer is withholding on your paystub - check how much is taken out for taxes.

If your both putting down 2 exemptions you'll probably have to owe because your in a higher tax bracket w/ your joint incomes.

The safest thing is to put no exemptions then you'll get $$ back.
The person making the most $$$ should put a ZERO under dependents. The person making the least amount of $$ should but a ONE (1) under dependents.

The sooner you change your W4 the better.

On your return you file jointly..

Re: Taxes when Married

Thanks D&J. So right now they are taking the maximum amount out of my paycheck and DH's (we both claim no exemptions). If I read you right, we should be ok. Is there anything we should change for next year?

Re: Taxes when Married

---

Posted by JodiJohn903

Shelzpe, my accountant told us she would work it both ways to see which is better for us. She told me not to change my name on SS or DMV until after the new year. Why is that? I changed it alot of places but not there yet.

---

thats what we are doing as well

Re: Taxes when Married

My license expires in November. If this is all true about the name change, would I need to renew in my maiden name and then after the 1st of the year changed to my married name.

I hate all this confusion.

Re: Taxes when Married

We filed jointly for 2002 - the year we were married - and received a nice amount back. We also received a refund for 2003.

My employer still takes taxes out of my paycheck like I am single, more money gets taken out that way. Plus, I have them take extra money out of the state and federal just in case. We both claim 0 on our forms. DH is both employed and a freelancer, so we can write a lot of his expenses off.

ETA: I also changed my name right away, I didn't wait for the new year.

Re: Taxes when Married

I got married in Oct 03
We filed jointly. If we filed married, filing separate, there was no benefit.

We both claim 0 through the year.
At the end of the year we claim we are married.

We get money back (mind you not a lot but it's something, I guess).