Is there an ACCOUNTANT in the house?

notquiteblushing

I've always done my own taxes and consider myself, you know, not dumb, but I've been trying to figure out if FI and I should adjust our withholdings this year since we will be married in 2010 and every single calculator/article I read tells me something else.

Some of the calculators say I should have like 7+ exemptions which would make my paycheck totally big...but of course I don't want to get stuck paying taxes.

Basic info, we both live in NY, no kids, mortgage, property taxes, retirement, all that jazz.  Can give more details in a PM.

I've been claiming 2 exemptions for years and always get a small refund.  FI claims 1 I think.  Help!

Goldlie11

I'm not an accountant ,but can't you just tell them specifically how much money to withhold?

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special%20Topic%20Wedding%20BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:408fa6c8-4510-4eb5-861b-efb3544407b2">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]I'm not an accountant ,but can't you just tell them specifically how much money to withhold?
Posted by Goldlie11[/QUOTE]

I could...if I knew how much we were going to owe in 2010.  We're in different tax brackets right now.  And we may both be getting raises...in which case I want to put more money in retirement to lessen our tax burden, kwim?  Want to plan in advance?

hetshup

I'm also not an accountant, but I am a financial advisor and we deal with taxes pretty regularly. 

Depending on when you get married you should. If you are going to file married filing jointly, you should adjust the with holding. If you are going to take this as the last year to file single, I would leave it as is. I am also under the impression that if you do not adjust the amount, you will wind up with a larger return.

Want me to call my mom? She is an accountant.

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special%20Topic%20Wedding%20BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:322b1b40-12c9-48fa-8d86-9416b598646a">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]I'm also not an accountant, but I am a financial advisor and we deal with taxes pretty regularly.  Depending on when you get married you should. If you are going to file married filing jointly, you should adjust the with holding. If you are going to take this as the last year to file single, I would leave it as is. I am also under the impression that if you do not adjust the amount, you will wind up with a larger return. Want me to call my mom? She is an accountant.
Posted by hetshup[/QUOTE]

I'm all set with filing my 2009 taxes, what I'm talking about is planning prospectively for 2010.

FI just told me I should keep my withholding at 2 but change it to say "married" and somehow my paycheck will get bigger.  In the meantime he's going to change his to 7.  WTF?  Does that sound right?  He swears this is what his Turbo Tax software told him.  He makes twice as much as me if that helps at all.

notquiteblushing

BTW are you allowed to say you are married on your W4 before you are, in fact, married?  FI says yes.

desertsun

Basically, kiplinger's says "If you're legally married as of December 31, you're considered married for the full year and must file as either married filing jointly or married filing separately."

http://www.kiplinger.com/features/archives/2007/01/marriage.html

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special%20Topic%20Wedding%20BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:63867a3e-eb44-451e-ab08-80dc313e66ee">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]Basically, kiplinger's says "If you're legally married as of December 31, you're considered married for the full year and must file as either married filing jointly or married filing separately." <a href="http://www.kiplinger.com/features/archives/2007/01/marriage.html" rel="nofollow">http://www.kiplinger.com/features/archives/2007/01/marriage.html</a>
Posted by desertsun[/QUOTE]

Ok but that means I can call up HR tommorrow and say "change my withholding to married?"  FI did his online (lucky) but I have to actually talk to someone and I am afraid he's going to think I'm a weirdo/spread a rumor.  Not really. I'm mostly just excited about getting more $ but afraid it's too good to be true.

desertsun

I dunno about talking to HR, NQB. Hopefully somebody else replies who can tell us both!

notquiteblushing

I mean I guess I don't particuarly care what HR thinks.  It just seems silly to me to check the married box before we're married but FI says it just says to the government that by the time you file your taxes you will be married.  That sort of makes sense.  And I want more $ so maybe I will just go for it.

BTW, yay for getting married. Something like $300 more a month split between the two of us!

Button5807

I think my headache just came back. lol
I don't know anything about filing taxes, I pay a family friend in dinner every year to keep it that way. I probably should pay attention though because the fact that marrigage changes even that never occured to me.

hetshup

I'll e-mail her today to see what she says. She will be super confused, awesome. Sorry, I should have called yesterday but the laundry needed folding.

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special Topic Wedding BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:8ae90bc6-454a-4a14-b72c-6cb0e5a7b47a">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]I'll e-mail her today to see what she says. She will be super confused, awesome. Sorry, I should have called yesterday but the laundry needed folding.
Posted by hetshup[/QUOTE]

That's okay.  Thanks.

Acrosthec

I feel like I should know this, but I don't.

Please let us know *everything* your mom says Hetshup.  FI and I are some of those ignorant lawyers who took tax, but then promptly forgot it all.

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special Topic Wedding BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:5e217815-1ebf-4e4c-aa3a-140bbeff5f12">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]I feel like I should know this, but I don't. Please let us know *everything* your mom says Hetshup.  FI and I are some of those ignorant lawyers who took tax, but then promptly forgot it all.
Posted by Acrosthec[/QUOTE]

Ha I know.  Tax was the worst.  My professor told us that taking his class in no way prepared us to practice tax law.  <img src="http://cdn.cl9.vanillaforums.com/downloaded/ver1.0/content/scripts/tinymce/plugins/emotions/images/smiley-embarassed.gif" border="0" alt="Embarassed" title="Embarassed" />

jeanacorina

I am curious, too! I don't know what to do, I didn't even think about this! I'm getting married in June, smack-dab in the middle of the year.

hetshup

If it makes you guys feel better I have a degree in accounting and the only thing I remember from the is FIFO and LIFO. That's why I have to ask my mother.

Go ahead and send me a PM with more info. The property taxes in NY are going to throw this for sure. Basic info: Income, % tax on property/ mortgage. And you don't want a return right?

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special Topic Wedding BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:8f61da55-946a-4e03-acae-44318ac564c5">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]If it makes you guys feel better I have a degree in accounting and the only thing I remember from the is FIFO and LIFO. That's why I have to ask my mother. Go ahead and send me a PM with more info. The property taxes in NY are going to throw this for sure. Basic info: Income, % tax on property/ mortgage. And you don't want a return right?
Posted by hetshup[/QUOTE]

Ok yeah our property taxes aren't so bad because we're upstate.  Let me write it all up and send it to you.  Thanks!

notquiteblushing

Hetshup YGPM.

hetshup

**small voice** where would I find PMs? **small voice**

Button5807

on the left hand sidebar under community links, it's the 2nd one on the list.

hetshup

Ok here is what she says: Note I gave her specifics so this is somewhat applied to NQB.

"standard disclaimer-I am not a tax preparer.  I would do a minimum of 3-assuming if they will be filing jointly for 2010 maybe he should do 3 and she should do 1. Sort of depends on how much mortgage interest they have.  When are they getting married?  If later in the year she should probably change to a higher deduction # but still at the single rate (ie-from S-1 to S-4 or look online at the tax tables and see what the equivalent rate between M-1 and Single is)  Same with him.  If it is soon then do it now.  The IRS doesn't know what your are claiming, they only know how much you pay at the end of each year.

that's not much interest. Maybe do married 2 for him and either married 0 or married 1 for her.  USUALLY you are better off filing jointly but you never HAVE to file married, you can always file separately.  You just can't file Married if you are single.  It depends on your status at year end, except if you get divorced during the year you can still file jointly for that year only. 
 
They could do a rough calc for 2010 after they complete their 2009 taxes. If they file jointly the deductions apply to both of course.
 
 It would be so much easier if it was just-you made x-you pay x.  wouldn't need the 25 feet of tax code books.  ugh.
 
Is all ok with your pipes ,etc, looks like it has been COLD!!! It's been lovely here :-)  "


You guys said everything, so you also get the warning about the pipes. I covered them if anyone cares.


NQB I will give you more info regarding the other question in a PM, when I am not at work... on a public comp, giving financial advice.

notquiteblushing

Wow thanks, you rock.  I'm going to have to reread that like five times so I can understand it but that sort of makes sense.

hetshup

If you do 7, you are going to get a larger paycheck, but you do not have enough in student loan or mortgage to take that many without paying a  lot at the end of the year. If you had a child maybe , note, you should not have a child for tax deduction. The lower numbers mean you get less and will get more back. Married filing jointly should bring you guys into your tax bracket not up to his.

notquiteblushing

So wait, did you find out if I could just keep it at 2 and change it to "married?"

notquiteblushing

And Mutley if you're reading this, I hope you enjoy your little "tax deduction" in 8 months.

hetshup

Yes, you can. You want to file as married for this year, you will likely save money by doing that. The IRS is hopefully not going to request a marriage cert.

That being said, this year may not be a bad year to see and pay a CPA.

notquiteblushing

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/special-topic-wedding-boards_not-engaged-yet_there-accountant-house?plckFindPostKey=Cat:Special Topic Wedding BoardsForum:136Discussion:6edc9707-8a11-4031-b45c-1d8d14acabcbPost:0bcc209f-796e-436c-8e7f-9deac3a47233">Re: Is there an ACCOUNTANT in the house?</a>:
[QUOTE]Yes, you can. You want to file as married for this year, you will likely save money by doing that. The IRS is hopefully not going to request a marriage cert. That being said, this year may not be a bad year to see and pay a CPA.
Posted by hetshup[/QUOTE]

Does the IRS even see my W4 until the end of the year?  If they don't then I think I will just do it.

About the CPA, maybe, I guess things aren't super complicated right now but if we both get raises (::prays::) this year like we're supposed to they could be.  Thanks for all your help!