YAT(ax)T

[kyparrish]

Okay,

My wife and I got married in June. We forgot to refile W-4's for the rest of the year with our new, married status. They've been withholding tax based on the fact that we have been single this whole time.

We plan on filing as married, filing jointly. So, my question is, have our employers been withholding enough tax so that we won't have to pay additional tax by April 15th? Or, should we see a bigger refund than normal this year?

Also, should we go ahead and file W-4's now, even though there are only 2 months left in the year? Thanks!!!

EDIT: I'm a moron, and was saying "W-2's", instead of "W-4's"

UPDATED in a post below to show that we're getting 11ty gagillion dollars back on refund.

 

[hg321]

Tell Martha Stewart I said Hi


😉

 

[kyparrish]

Originally posted by: hg321
Tell Martha Stewart I said Hi


😉

oh teh noes!!!111

 

[Bryophyte]

Take your year-to-date info and plug it into the IRS's online calculator. You'll get a good estimate of where you are in relation to where you'd be had you made the change.

 

[kyparrish]

UPDATE:

Took Bryophyte's info and used the irs.gov calculator...this is what it said using all of our YTD info...

Based on the information you previously entered, your anticipated income tax for 2004 is $956. If you do not change your current withholding arrangement, you will have $7,702 withheld for 2004, resulting in an overpayment of $6,746 when you file your return

:Q

That's including my wife's education credits too. OMGWTFHOLYMOTHEROFRETURNS. To all you financial people: I know this is bad (overwithholding taxes)....BUT...we're going to take this money and use it for a down payment on a house, and readjust our withholdings at the beginning of the year methinks.

 

[CPA]

Originally posted by: kyparrish
UPDATE:

Took Bryophyte's info and used the irs.gov calculator...this is what it said using all of our YTD info...

Based on the information you previously entered, your anticipated income tax for 2004 is $956. If you do not change your current withholding arrangement, you will have $7,702 withheld for 2004, resulting in an overpayment of $6,746 when you file your return

:Q

That's including my wife's education credits too. OMGWTFHOLYMOTHEROFRETURNS. To all you financial people: I know this is bad (overwithholding taxes)....BUT...we're going to take this money and use it for a down payment on a house, and readjust our withholdings at the beginning of the year methinks.

Try extrapolating your YTD info to include the rest of the year, then calculate.

By the way, You can thank George Bush for the tax return. seriously.

 

[Insane3D]

By the way, You can thank George Bush for the tax return. seriously.

Yeah, gotta love those "fiscal conservatives"... :roll:

😛

I can think of a few other things we can "thank" him for...

 

[CPA]

Originally posted by: Insane3D

By the way, You can thank George Bush for the tax return. seriously.

Yeah, gotta love those "fiscal conservatives"... :roll:

😛

I can think of a few other things we can "thank" him for...

A fact is a fact.

 

[Insane3D]

Originally posted by: CPA

A fact is a fact.

There's more important things than tax cuts...

But alas, that is for another thread...

 

[kyparrish]

Originally posted by: CPA

Originally posted by: kyparrish
UPDATE:

Took Bryophyte's info and used the irs.gov calculator...this is what it said using all of our YTD info...

Based on the information you previously entered, your anticipated income tax for 2004 is $956. If you do not change your current withholding arrangement, you will have $7,702 withheld for 2004, resulting in an overpayment of $6,746 when you file your return

:Q

That's including my wife's education credits too. OMGWTFHOLYMOTHEROFRETURNS. To all you financial people: I know this is bad (overwithholding taxes)....BUT...we're going to take this money and use it for a down payment on a house, and readjust our withholdings at the beginning of the year methinks.

Try extrapolating your YTD info to include the rest of the year, then calculate.

By the way, You can thank George Bush for the tax return. seriously.

Thanks CPA, I guess I'll figure out what we will have made and have had withheld by 12/31, then recalculate. I'm like a microcosm of the Bush economic policy....more money back = buying a house.