In New York married making 150 jointly. We forgot to change our w4 marital status last year. How will this affect our taxes.

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Posting as :
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Value add thanks

likesmartfunny

You’re fucked

smart

Keep your status as single otherwise you will get shocked with how much you owe.

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It means you will get more or less of a refund or pay more or less of a balance due that you would have had you not done the needful.

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Get turbo tax and do your taxes both ways, married filing jointly and then do two single filer tax returns. See which one is better. Note, most likely the married will be better. It usually is. The only reason why married folks typically file as single is to avoid any tax liabilities from their spouse. There is a lot of info on this on google

smart

I know you can go back and make adjustments to your taxes X amount of years after. I would imagine this can still be changed

It just means you will get a sizeable return when you file as a married couple. No real issue other than that.

You can change your w4 at any time, so be sure to update it.

Why are there so many posts like these? We use “it depends” with our clients all the time, and yet we can’t see it coming from a mile away ourselves...

Married filing jointly with no dependents is one of the worst tax brackets. If you file with that status, you can likely expect to owe. Disclaimer: I am not a tax professional, but you can google the 2017 tax brackets.

There’s a lot of unknowns regarding your allowances and write-offs. My return didn’t change much, but I write off over 30k every year and I keep my allowances in a range that doesn’t give the gvmt a free loan, which makes my return smaller, but consistent

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