W-4 - Single or Married ?

[cnclement67]

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 

[Bsch4477]

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

[VolvoGirl]

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.  

[marctu]

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