Just got my divorce decree today. From a taxes/financial perspective, am I responsible to update my employeer within certain period? Do I have any ‘advantage’ of reporting this later in the year? As married obviously I get some tax benefits on my paycheck but not sure if I’ll ‘lose’ them once I complete my 2021 tax return as single

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I think some of that stuff is prorated, but any advantage would be lost anyway. One thing to do is figure out your health insurance if you haven’t. This is a “life change”.

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Thanks. Yes, I already changed it during the process

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Your tax filing status is based on what you are on December 31st so for you that would be single (or maybe HOH if you have a kid(s)). If you don’t update your withholding with your employer they will continue to withhold at a married rate which may cause you to owe a lot when you do your 2021 taxes in 2022. There are no benefits that I can think of to not letting your employer know right away.

helpfullike

If you are filing as single for 2021 and they are withholding like you are married, you will owe tax at the end of the year and potentially have penalties

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Doesn’t matter - it will all be evaluated during the YE taxes evaluation accordingly, till the date of receiving the decree - prorated. I did not change my with-holding but the CPA noted it accordingly and filed. And yes, this is life changing. Hang in there for the immediate hang over but it will get better. Also, adjust your budget/lifestyle based on the alimony/child support etc. make sure you maintain the discipline to save even if it is little and difficult. And if you got the decree through an out of court settlement, make sure to wrap up the PSA quickly unless that is already done. And lastly, stay away from booze for a bit - incorporate some healthy habit, exercise and start rebuilding. Don’t jump into anything - give yourself time to grieve or adjust to the new reality.

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I honestly have no idea what you just said

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