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

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.=========>>>>>> guess so; in general, as a married taxpayer, you will see a reduction in the withholding rate of your paycheck. as your spouse chooses to separate, you should update your W-4 to reflect your new filing status from mfj to mfs, so that you can avoid the sticker shock of a sizable tax bill at the end of the year.
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=====>>>>>>no; Line B asks you to enter a "1" if you are single and only have one job ,this does not apply to you as you are married or if you are married and only have one job and your spouse does not work (this also does not apply to you). Line C asks you to enter a "1" for your spouse. So this one does not apply to you.

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======>>>>>>>it is up to you; you may choose to enter 0 if you are married and have either a working spouse or more than one job as entering 0 for c may help you avoid having too little tax withheld.for d as your spouse is not your dependent unless you file your return as mfs you do not need to put 1 for d.yoiu need to put the number of your dependents for d.

4. Any suggestions?===========>>>>>as mentioned aobove

Thank You! In the reply you have mentioned: "as your spouse is not your dependent unless you file your return as mfs you do not need to put 1 for d".

Did you meant to say: as your spouse is not your dependent unless you file your return as mfj you do not need to put 1 for d


Thanks again!

No;it doesn't matter if your spouse can be claimed as your dependent on your separate return. What i am saying is: you do not need to enter any number unless you have depenent(s) that is not yourself or your spouse that you can claim on your return if you file your return as MFS (EVEN IF You can claim an exemption for your spouse on a separate return if your spouse had no gross income for U.S. tax purposes and was not the dependent of another taxpayer). You can’t also claim your own personal exemption in Box D.

Thank you!

1. Even though we got married on Oct 30, 2014, when we file our tax return for 2014 in March 2015, we should 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!

1. Even though we got married on Oct 30, 2014, when we file our tax return for 2014 in March 2015, we should file under "Married" status....corrrect? Kindly confirm.====>>yes as you got married in 2014 so you need to file your return as MFJ or MFS. As you are married, you and your spouse can choose whether to file separate tax returns or whether to file a joint tax return together.

2. If the answer to above question (1) is Yes, will there be a big difference in the refund amount between MFJ and MFS==>>no; if you file a tax return as MFS, you and your spouse each report your own individual income, deductions, credits, and exemptions on different tax refunds. If you file separate returns, you and your spouse are only responsible for your own individual tax liability.

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?=====>>it depends; you can claim an
exemption for your spouse on a separate return
if your spouse had no gross income for U.S. tax
purposes and was not the dependent of another
taxpayer.