My husband and I recently got married and are trying to figure out how we want to file taxes next year. We do not plan on combining finances but are looking to purchase a home together this year. First, given that scenario do you recommend we file next year as a couple or still as individuals? If as a couple, what should we update our withholdings to?
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Hi @Shanksr08 Thanks for reaching out regarding out today and congrats on your marriage! Below is a great link to the benefits of filing jointly and when if ever to file married filing separately.
Hope this is useful information, please reach out if you have additional questions.
Hello Shanksr08!
Congratulations! How exciting, and thank you so much for being here. More times than not, it is better to file as Married filing joint. I would recommend that you both change your W-4 to reflect your current situation. With that being said, some taxpayers prefer to have a refund while others prefer to have more in their paychecks, so there a few things you may need to decide. If you were already at Single 0, they will continue to withhold as they have been, and that will ensure that you will have enough withheld and might have a refund when you file your taxes. I definitely recommend using the TurboTax Caster to get an idea of what your tax return may look like when you file: https://turbotax.intuit.com/tax-tools/ . You can try it as Married Filing Joint or Married Filing Separate, as those are the different filing statuses you qualify for.
Here is another article on how getting married will affect your taxes: https://turbotax.intuit.com/tax-tips/marriage/7-tax-advantages-of-getting-married/L1XlLCh0m
Again, Congratulations on your marriage!
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