Changing Taxable Martial Status

[Mossyoakglock]

I got married back in August and I just noticed that my Earnings Statement still has my Taxable Marital Status as Single. My wife is finishing up Nursing School so she's not working right now.

 

What would happen to my deductions/taxes if I were to change my Status to Married? Also, is there anything bad/wrong with having my status as Single even though I'm married?

[jimbrown1]

I got married back in August and I just noticed that my Earnings Statement still has my Taxable Marital Status as Single. My wife is finishing up Nursing School so she's not working right now.

 

What would happen to my deductions/taxes if I were to change my Status to Married? Also, is there anything bad/wrong with having my status as Single even though I'm married?

 

Your taxes being withheld will go down since you will change your status to married. By showing your status as single, you are having more taxes withheld. Might want to look at the deductions as well. You're giving the government a free loan by having too much withheld. Most people look at their refunds as a good thing but in reality, you're just giving it to the government for free until you file your return. It would be good to use your 2010 tax liability on your upcoming return to be filed in 2011 as a gauge as to how much you should withhold in 2011 unless your wife plans to go to work and it will increase your taxable earnings. If she's going to school and not being reimbursed for it, you'll also get to claim an education credit in 2010 and some other nice deductions on your return.

[Badbird2000]

Good to know as i am getting married in two weeks. We just re-did our insurance at work, it was cheaper to have her keep her insurance through her work rather than me add her to mine...it was gonna be another 180.00 a month to add her! How do you people do it with kids???

[Mossyoakglock]

I got married back in August and I just noticed that my Earnings Statement still has my Taxable Marital Status as Single. My wife is finishing up Nursing School so she's not working right now.

 

What would happen to my deductions/taxes if I were to change my Status to Married? Also, is there anything bad/wrong with having my status as Single even though I'm married?

 

Your taxes being withheld will go down since you will change your status to married. By showing your status as single, you are having more taxes withheld. Might want to look at the deductions as well. You're giving the government a free loan by having too much withheld. Most people look at their refunds as a good thing but in reality, you're just giving it to the government for free until you file your return. It would be good to use your 2010 tax liability on your upcoming return to be filed in 2011 as a gauge as to how much you should withhold in 2011 unless your wife plans to go to work and it will increase your taxable earnings. If she's going to school and not being reimbursed for it, you'll also get to claim an education credit in 2010 and some other nice deductions on your return.

 

 

I'm guessing our tax person will know how to handle the education credit? She's won't be done with school for another 18 months (that's including summers and all breaks). So basically by changing my status to Married, I will have more on my paychecks every payday? What would it do to my returns? I would file as being Married but not jointly since she doesn't have an income at the moment.

 

I'm always lost with all the tax stuff and trying to navigate the IRS website was not what you call easy, so I'm sorry in advance for all the dumb questions.

[RyanbabZ71]

I got married back in August and I just noticed that my Earnings Statement still has my Taxable Marital Status as Single. My wife is finishing up Nursing School so she's not working right now.

 

What would happen to my deductions/taxes if I were to change my Status to Married? Also, is there anything bad/wrong with having my status as Single even though I'm married?

 

Your taxes being withheld will go down since you will change your status to married. By showing your status as single, you are having more taxes withheld. Might want to look at the deductions as well. You're giving the government a free loan by having too much withheld. Most people look at their refunds as a good thing but in reality, you're just giving it to the government for free until you file your return. It would be good to use your 2010 tax liability on your upcoming return to be filed in 2011 as a gauge as to how much you should withhold in 2011 unless your wife plans to go to work and it will increase your taxable earnings. If she's going to school and not being reimbursed for it, you'll also get to claim an education credit in 2010 and some other nice deductions on your return.

 

 

I'm guessing our tax person will know how to handle the education credit? She's won't be done with school for another 18 months (that's including summers and all breaks). So basically by changing my status to Married, I will have more on my paychecks every payday? What would it do to my returns? I would file as being Married but not jointly since she doesn't have an income at the moment.

 

I'm always lost with all the tax stuff and trying to navigate the IRS website was not what you call easy, so I'm sorry in advance for all the dumb questions.

 

 

1 word

 

Turbotax

 

Its amazing how you are penalized for getting married.

[Matt_]

im really worried about 2011 taxes

 

Marriage tax might be gone?

No more deducting mortgage interest?

Is healthcare costs going to be added to taxable income?

They're even talking about taking away the child care deductions?

 

... and who knows what else.

 

I'm really hoping that someone wakes up soon. These proposed tax changes are going to kill the core of this country. I've already curved any spending beyond necessities in preparation of what "could" happen. Even considering some more "drastic" measures so i can start getting more money into savings "just in case"....

[CRDJEEP]

I hope they eliminate the mortgage tax deduction. My house is paid off!!!!

[Metro12]

And don't forget about the billions Bush spent in Iraq and Afghanistan. You and I are paying for all those field trips, and will be for many many years. Had to be "fair and balanced", sine we are not getting political won.

[txab]

And don't forget about the billions Bush spent in Iraq and Afghanistan. You and I are paying for all those field trips, and will be for many many years. Had to be "fair and balanced", sine we are not getting political won.

Don't be trying to stir stuff up. Your comment has little do with the discussion in this thread. Goes for won also. You'll get this thread closed if you don't watch it.

[General Lee 01]

And don't forget about the billions Bush spent in Iraq and Afghanistan. You and I are paying for all those field trips, and will be for many many years. Had to be "fair and balanced", sine we are not getting political won.

Don't be trying to stir shit up. Your comment has little do with the discussion in this thread. Goes for won also. You'll get this thread closed if you don't watch it.

 

 

Say what? We are talking taxes here not wars. We are not talking about how much the presedient has spent on the wars in the last two years so get back on track and lets talk masive tax increases, not politics.

 

 

 

You pretty much started it though. Did the following quote not come from a post of yours?

 

No more deducting mortgage interest? Not yet but the gifted one has suggested it needs to go.

 

 

The subject matter of this thread is helping a fellow member with his taxes. Not telling him what his taxes are going to be spent on. That's all I'm gonna say on the matter. Next step is warn levels being bumped up and the thread being closed.

 

 

txab, The "report post" button is your friend.

[txab]

And don't forget about the billions Bush spent in Iraq and Afghanistan. You and I are paying for all those field trips, and will be for many many years. Had to be "fair and balanced", sine we are not getting political won.

Don't be trying to stir shit up. Your comment has little do with the discussion in this thread. Goes for won also. You'll get this thread closed if you don't watch it.

 

 

Say what? We are talking taxes here not wars. We are not talking about how much the presedient has spent on the wars in the last two years so get back on track and lets talk masive tax increases, not politics.

 

 

 

You pretty much started it though. Did the following quote not come from a post of yours?

 

No more deducting mortgage interest? Not yet but the gifted one has suggested it needs to go.

 

 

The subject matter of this thread is helping a fellow member with his taxes. Not telling him what his taxes are going to be spent on. That's all I'm gonna say on the matter. Next step is warn levels being bumped up and the thread being closed. Thanks for correcting my "spelling" error.

 

 

txab, The "report post" button is your friend.

 

 

 

I don't like to use that option. I was hoping everyone would try to keep things low key and not blow this thread up.

[Wingnut]

*whistles quietly through thread*

[Mossyoakglock]

I'm guessing this thread is still open so I'm going to bring it back instead of opening a new one.

 

Now that tax season is getting closer I figured it was appropriate to ask another question. My wife is currently in school and does not work and her parents are paying for her to finish. My question is..would it be better to file Married/single or Married/Joint? Which will give us the biggest return and less money taxed?

 

Now that she is married we will get a return (or whatever you want to call it, maybe Education Tax) on her tuition so that will help us.

 

I need to set up a time to talk to our tax guy or maybe play around with TurboTax, but I wanted to hear what some of you have to say.

 

Thanks for all the help with this. I hate figuring out taxes.

[RyanbabZ71]

best bet would be to go to turbotax.com, you can enter stuff for free. You dont pay until you file.

[THE BIGPUNN]

i think the marriage/single thing is bs! what difference does it make? we should pay the same regardless of married or not!