Filling Out W-4

[jsloss24]

My husband and I just got married in October and I just got my new SSA card in the mail with my name change. We haven't filled out new W-4s yet. Should I fill one out with my new name, but keep my withholding at single since we are already so far into the year? Or should we both complete married filing status W-4s for the remainder of the year?

[Critter-3]

The filing status on the W-4 never has to match what was on the tax return ... many 2 income couples find that one or both of them need to stay on the single chart.   Try this tool :  http://www.irs.gov/Individuals/IRS-Withholding-Calculator  

[xmasbaby0]

And you did not ask....but....

To begin a new joint return on TurboTax:

You will not be able to merge two previous TT account to start your new joint return.  You can transfer ONE of your 2019 returns into a new return, so choose the most complicated one.  The other spouse’s information needs to be entered manually.

When you enter your own information in Personal Info, you have to answer the question "Were you married?"  If you click the button for Married, then a drop down will appear that asks, "Do you want to file this return together with your spouse?"  Then you choose yes to file a joint return.  You would then enter your spouse's information into Personal Info.  Whenever you are entering income information there should then be a spot for you and for your spouse's income information.

If you were legally married at the end of 2020 your filing choices are married filing jointly or married filing separately.

Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,800 (+$1300 for each spouse 65 or older)  You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.

If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI)

If  you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.

https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately

https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states

https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separ...

Best Wishes!

[Opus 17]

From now till the end of the year, if you don't change anything, you would expect a larger refund.  If you change your withholding, you could get that money back in your last few paychecks instead of waiting for your tax refund.  You can use the IRS calculator to advise you.

https://www.irs.gov/individuals/tax-withholding-estimator

Remember that you and your spouse must run 1 calculation and then submit new W-4s to both jobs at the same time.  

Regardless of whether you change your withholding for the last few paychecks of the year, you will want to submit new W-4s in January to set your withholding for 2021.  You can run the estimator after you get your first paychecks for the year.