I am newly married and not sure how to fill out the W4 federal or our state W4 (CT) for both my Husband and I. We are not sure which filing status- Married filing jointly or separately will be best for us. I work one job and he works two and we have a daughter. We make around the same yearly, with him making a little bit more.
Thank you for asking this question about changing your W4s to reflect your new Married status with dependents. Usually Married Filing Jointly gives you a lower tax rate and more credits. You can file Married Filing Separate if there are reasons to not file together.
Always a good idea to revisit your Form W4 when
1) you have a second job,
Any time your income goes up, your tax liability will likely go up too, requiring a new W-4. If your extra income comes from a side job that doesn’t have any tax withholding, you could adjust the W-4 withholdings at your main job to account for the increase in income.
2) your spouse gets a second job or changes job
Any change of household income, whether up or down, could put joint filers in a different tax bracket and require both of you to modify your withholdings. To ensure accuracy, use your combined income to figure out the appropriate withholding.
I hope that answers your question about gift tax and reporting. Please feel free to give TurboTax a call anytime if you have additional questions or need assistance.
Have a great day!
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