Tax Question

[bluestrobe]

So I got married last month. Wife doesn't work and I carry a full time job. What do I need to do for income taxes at my employer? Do I go in and change my status to married with one dependent or do I wait until the beginning of the next tax year? Dumb question but I'm never had to deal with this before (obviously). The whole thing slipped my mind until today.

 

[FoBoT]

you can do it either way
if you wait until January, you are likely to get a larger refund

 

[QED]

You can make the change now. While you are at it, you should remember to add her to your employer's medical/dental/vision plans, if applicable. If you fail to add her now, then they may require a health examination before allowing you to add her next year.

 

[TwiceOver]

As I have found out, claiming whatever the fuck you want doesn't matter. It only matters when you file. Do you want to pay or receive basically. For one month, claim next month.

 

[bluestrobe]

If I walk in Monday and change my taxes with my company, the refund will be smaller come April? Also she is already added to the insurance already so no worries there.

 

[alkemyst]

Originally posted by: TwiceOver
As I have found out, claiming whatever the fuck you want doesn't matter. It only matters when you file. Do you want to pay or receive basically. For one month, claim next month.

It actually does matter in the case if you state you don't owe much tax each paycheck and then fail the withholding formula in the workbook. You will be penalized.

The fact is in April you only pay what you owe (not counting fines/penalties) no matter how much or how little you paid. The argument is paying to much in advance has you loosing out on interest.

My take on it is, is what interest you intend on making really worth it?

 

[QED]

Originally posted by: bluestrobe
If I walk in Monday and change my taxes with my company, the refund will be smaller come April?

Quite likely, but your take home pay from your paychecks would be slightly larger.

It's all a matter of whether you want your money now, or do you want it in April when you file your taxes and get your refund?