W-4 - Single or Married ?

3 replies
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Hi!

My financial planner advised that my husband and I check "Single" on our W-4 so more taxes are taken out. Do you advise that we do this even though we file taxes jointly

Ask the Experts - W-4 II - May 2024

Bsch4477

Level 15

Since your financial planner knows your entire financial situation follow their advice.

VolvoGirl

Level 15

Thats what i did when I worked and married. I claimed Single to have more taken out. Or you can try increasing the withholding by adding a fixed amount to it. Or send in extra estimated payments to cover the higher tax when you both have income.

mtufaro

Level 7

Thank you for the question. Your financial advisor probably has significantly more information about your joint financial picture then this question presents.

When your W-4 Part 1 filing status is checked as Single, income taxes are withheld at a higher rate then if the filing status is Married filing jointly. Your financial advisor is most likely attempting to account for income other then on the W-2.

Assuming this is what your financial advisor is recommending, I would also recommend that you account for most of the additional income by using these two resources:

TurboTax's W-4 Calculator

TurboTax's Tax Caster tax calculator