Your W-4 only tells your employer how much tax to withhold from your paychecks. That W-4 does not go to the IRS and does not dictate anything that you have to enter on your tax return.
You are a newlywed, and need help to understand the difference between filing married filing jointly and married filing separately. You will not be filing a tax return as Head of Household. Married filing separately is usually the worst way to file.
If you were legally married at the end of 2024 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 $29,200 (+ $1550 for each spouse 65 or older) for 2024. 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 since with online, you get one return per fee.
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...
If you want to change your W-4 for the upcoming year:
https://turbotax.intuit.com/tax-tools/calculators/w4/
https://www.irs.gov/individuals/tax-withholding-estimator
https://www.irs.gov/pub/irs-pdf/fw4.pdf
You have not explained why you think filing a joint return would mean you owe over $30K. Do you understand what standard deduction means?
Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
You will not be able to merge two previous TT account to start your new joint return. You can transfer ONE of your 2023 returns into a new return, so choose the most complicated one. The other spouse’s information needs to be entered manually. The first name you enter will be the “primary” taxpayer——and in subsequent years you need to keep the names in that order—do not try to change the order of the names.
When you enter the primary spouse’s information in My 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 enter your spouse's information into My Info. Whenever you are entering income information there should then be a spot for you and for your spouse's income information. WATCH for the names as you enter income on the screens.
When you prepare a joint return you include all the information for both spouses on the SAME tax return. Include all of your personal information, all of your income from every source, all dependents (if any), all credits and deductions for both of you. You get ONE refund with both names on it.
HOW TO START A NEW RETURN TO FILE MARRIED FILING SEPARATELY
When you enter your own information in My 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?” Your answer needs to be NO. Then it will ask for information about your spouse—-their name and SSN which you must enter. EACH spouse has to file their own separate return. And you have to follow all of the rules which include that if one of you enters itemized deductions, the other one must also itemize. Or…you both use standard deduction. If you are in a community property state there are additional rules and more information to enter.
It is not easy to compare MFJ to MFS using online TT but you can do it. Since you only get one return for each account and user ID, you have to use 3 accounts and user ID’s—one for MFJ and two for each of the MFS returns. Compare, choose, and file—and pay—accordingly.
It is much easier to do this comparison using the desktop version of TT installed from a CD or downloaded to your own computer. You pay once for the software and you can prepare multiple returns easily, and it has a “what if” feature that allows comparisons.
Best Wishes!
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
