W-4, Taxes & Dependents

[strategies]

What is the name of your state (only U.S. law)? GA

Hello,

1. Got married in Oct 2014
2. Currently we both are working. I have a full-time job and my wife works part-time
3. For tax filing, until last year (2013), my wife has claimed her son as a dependent
4. For 2014 tax filing, my wife prefers to claim her son as a dependent and file the taxes separately
5. In 2015 my wife may find a full-time job and in that case our salaries will be $60,000 for me and $40,000 (approximately) for her

Please let me know:

1. If I have to submit an updated W-4 form to my HR Department for Nov & Dec 2014 payroll deductions. If yes, do I need to enter 0 (Zero) for "C" in form W-4 for Nov & Dec 2014, since my wife prefers to file the taxes separately for 2014

2. If I enter 0 (Zero) for "C" in form W-4, will the deductions (Federal/State tax, FICA etc) remain the same as "Single" status

3. If we decide to do file taxes jointly for 2015, do I have to change W-4 form with a 1 (One) for both "C" and "D" in Jan 2015 or just leave the W-4 form as-is from previous year and make necessary selections in the tax forms while filing the tax return

4. Any suggestions?

Thanks,
SP

 

[davew128]

What happened when you read the instructions for, and filled out the worksheets on the W-4?

 

[strategies]

What happened when you read the instructions for, and filled out the worksheets on the W-4?

I have submitted the W-4 form to my employer in 2012. We got married only last month in Oct 2014. That's why I've asked about whether do I have to submit a updatd W-4 for Nov and Dec 2014 along with the dependent and other clarification.

 

[LdiJ]

I have submitted the W-4 form to my employer in 2012. We got married only last month in Oct 2014. That's why I've asked about whether do I have to submit a updatd W-4 for Nov and Dec 2014 along with the dependent and other clarification.

I suspect that your wife thinks that she can file separately and ignore the fact that you are married and therefore receive all kinds of tax deductions and credits for her son that she is NOT legally entitled to receive because she will be married filing separately. I suspect that she does not understand that that what she wants to do would be a fraudulent tax filing.

I also don't think that you realize just how much you would be losing if she does that. Your primary goal at this point should be to make your wife realize that if she files by herself she has to file married filing separately and that she will not get the kind of refund she is used to receiving.

I would recommend making no changes on your W4 at this point. There is not enough time left in the year to have changes make any viable difference. At tax time, try to convince your wife to go to a tax professional together and have them run the numbers as if the two of you were filing married filing separately, and then married filing jointly, so that you both can see exactly what the results would be either way.

 

[FlyingRon]

As Ldij points out, since you will be married at the end of 2014 (presumably), her only filing options are Married-Jointly or Married-Seperately. It's unlikely filing separately is going to net you guys a big gain with you having a job and her being part time unless she has a lot of miscellaneous expenses. Of course she's free to file separate if she wants, but it's not going to be like filing single or HOH with little income as it was in the past.

 

[strategies]

Thank you all!

1. Even though we got married on Oct 30, 2014, when we file our tax return for 2014 in March 2015, we shoudl file under "Married" status....corrrect? Kindly confirm.
2. If the answer to above question (1) is Yes, will there be a big difference in the refund amount between MFJ and MFS
3. If we choose MFS, will my wife claim her son as dependent and I don't claim them both as dependent in my filing?

Any suggestions?

Thanks!

 

[LdiJ]

Thank you all!

1. Even though we got married on Oct 30, 2014, when we file our tax return for 2014 in March 2015, we shoudl file under "Married" status....corrrect? Kindly confirm.
2. If the answer to above question (1) is Yes, will there be a big difference in the refund amount between MFJ and MFS
3. If we choose MFS, will my wife claim her son as dependent and I don't claim them both as dependent in my filing?

Any suggestions?

Thanks!

If she files separately it will be with the intent to claim herself and her son...therefore no, you could not claim them. Again, this is a very BAD idea.