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.
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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?
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