Saturday, July 31, 2010

What needs to change in your work tax forms when you get married?

I just got married and wonder if I need to update any tax forms at work? I'd like to keep everything as is but wonder what are anyrequired changes? Obviously I'll let HR know of my last name change and that I'm married but do I need to change any type of reporting?What needs to change in your work tax forms when you get married?
You should go to the IRS website and use their withholding calculator to compute what your W-4 allowances should be.





As a general rule, if both spouses work, its wise to have both of you claim single on your W-4 to avoid having too little tax withheld, and owing money come tax time.





Its not a good idea to have too much taxes withheld, because you're making an interest free loan to the IRS, but its best to error on the side of too much rather than too little, unless you're prepared for a tax bill in April.What needs to change in your work tax forms when you get married?
You might want to change your W-4, but it could be a good idea to leave it as it is until you see how it works out this year. Yours probably says ';single'; now. It's not illegal if you just leave it that way - if you change, would be a good idea to check ';married, but withhold at higher single rate';.
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