WE JUST GOT MARRIED AND ARE FILING A JOINT RETURN. IS THERE A WAY TO CALCULATE OUR INDIVIDUAL TAX LIABILITIES AS WE OWE MONEY TO THE IRS. WE WANT TO SEE WHO NEEDS TO HAVE MORE MONEY WITHHELD.
No, there is no easy way to do this, since income and deductions are combined on a joint return. One way to do it is to prepare two mock married filing separate returns, and then apportion your refund/tax due on the joint return based on those results. Example: Joint return, refund of $1000, MFS return 1, refund of $600, MFS return 2 refund of $200. Spouse 1 would get 3/4 of joint refund, spouse 2 would get 1/4.
No, there is no easy way to do this, since income and deductions are combined on a joint return. One way to do it is to prepare two mock married filing separate returns, and then apportion your refund/tax due on the joint return based on those results. Example: Joint return, refund of $1000, MFS return 1, refund of $600, MFS return 2 refund of $200. Spouse 1 would get 3/4 of joint refund, spouse 2 would get 1/4.
Please go to this TurboTax web page to use the W-4 Withholding Calculator to help you determine your most advantageous number of allowances to take – to boost your tax refund or take-home pay: https://turbotax.intuit.com/tax-tools/calculators/w4/
Please read this TurboTax FAQ for additional information on "How do I update my 2019 withholdings and
print a new W-4?": How do I update my 2019
withholdings and print a new W-4?