Hi, my husband and I have undergone several life changes which have made calculating withholding and filling out W-4s difficult.
We have filed jointly once before for 2021, but at that time we were both working several part time jobs and were getting significant tax credits for being fulltime students.
This year is the first year we will both have a fulltime job and not be students. I began my job at the beginning of the year (basically 1st of January) and make $27,000. At the time, my husband did not have a consistent job, but would occasionally bring in money from odd jobs, so I couldn't really predict extra withholding, and so didn't do any extra withholding.
He recently got a fulltime job (June) and brings in about $32,000 yearly. He is withholding $117 a month, per the calculations on the W-4 form.
My question is, should I also be withholding that amount? Should I withhold anything to account for his occasional work earlier in the year? Trying to not get hit by a big surprise tax bill later on.
Hello Aacampbell17!
Yes, life changes do make for reconsidering your taxes. You are one of the few who plan ahead, great job!
Yes, since you are both no longer full time students, you will lose all the education credits you had previously qualified for. So, your taxes will be different this year!
I hope this helps.
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