Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted May 29, 2024 1:03:06 PM

W-4 - Single or Married ?

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 

0 3 1065
3 Replies
Level 15
May 29, 2024 1:05:01 PM

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

Level 15
May 29, 2024 1:08:32 PM

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.  

Employee Tax Expert
May 29, 2024 1:09:39 PM

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