Also curious if the step is to fill out w4 form line 4 b and add the max 29k deduction? Does that make sense or are there other items to consider?
@spcar wrote:
NO other income, NOT making any itemized deductions.
Is there anything else that I would update on my w4 other than changing my status from single to married if I am taking the standard deduction and my spouse does not earn income? I feel like I'm missing something?
The w-4 is 4 pages of worksheets and instructions, not just the front page. But if you are going to file jointly, and you aren't itemizing, you don't have dependents, and your spouse doesn't work, the instructions tell you to fill out section 1, check the box for joint filing in 1c, skip sections 2-4, and sign the form. That's all. The formula that your employer uses to determine withholding (built into their payroll computer) already accounts for the standard deduction.
max 29k deduction? You mean max 25.9k deduction?
Are you married and going to file married joint? Then using the 25.9k is sensible unless you KNOW that you will be able to itemize. Nowadays only about 10% of American taxpayers are able to itemize.
You can use the TurboTax Withholding Calculator to help you figure the W-4 out.
Yes I meant 25.9K deduction, thank you!
Looking at the calculator it doesn't seem like there would be any change if I am planning on taking the standard deduction for a marreid couple?
Is that correct?
If my spouse does not work I assumed there would be more of a tax break on paychecks, but the w4 calculator makes it seem like I have to wait until next year to get a slightly larger refund?
Any advice or clarification would be welcome. I've never been married before.
Or does having a spouse who doesn't earn income get entered in some other way?
It also depends upon what other sources of taxable income the two of you have, and whether any taxes are being withheld from those.
Also keep State taxes in mind.
NO other income, NOT making any itemized deductions.
Is there anything else that I would update on my w4 other than changing my status from single to married if I am taking the standard deduction and my spouse does not earn income? I feel like I'm missing something?
It is just that simple ... you can stay as single if you wish to ensure a nice refund or change to the married option on the W-4 and leave the rest of the W-4 form blank ... just ignore the unneeded pages of worksheets you don't need to fill in or hand in.
@spcar wrote:
NO other income, NOT making any itemized deductions.
Is there anything else that I would update on my w4 other than changing my status from single to married if I am taking the standard deduction and my spouse does not earn income? I feel like I'm missing something?
The w-4 is 4 pages of worksheets and instructions, not just the front page. But if you are going to file jointly, and you aren't itemizing, you don't have dependents, and your spouse doesn't work, the instructions tell you to fill out section 1, check the box for joint filing in 1c, skip sections 2-4, and sign the form. That's all. The formula that your employer uses to determine withholding (built into their payroll computer) already accounts for the standard deduction.
Thank you that makes more sense. To recap my (non professional) understanding for anyone else in a similar situation.
All that's needed is to update from single to married filing jointly - this will automatically take into account the standard deduction for married filing jointly.
If needed you can observe how your withholding changes after this update and use the IRS w4 calculator to calculate any additional withholdings as there are no time restrictions on when you can make adjustments.
@spcar wrote:
Thank you that makes more sense. To recap my (non professional) understanding for anyone else in a similar situation.
All that's needed is to update from single to married filing jointly - this will automatically take into account the standard deduction for married filing jointly.
If needed you can observe how your withholding changes after this update and use the IRS w4 calculator to calculate any additional withholdings as there are no time restrictions on when you can make adjustments.
If you really want the nitty-gritty, you can read IRS publication 15-T.
But yes, the standard deduction is already built into the formulas that employers use.