Do I need to change my withholding?

[Anonymous]

So apparently, I'm actually married now according to the feds. Hooray! So - do I need to change my withholding at all? Currently I don't get any refund (paid about $100 for 2012) and wife gets a small refund.

Me - $55k/year (no bonus)
Wife - $72k/year (possibility of $15k bonus)

I'm sure there is some magic online calculator for this now that I'm thinking about it. I'll check. But meantime - anyone have any ideas?

[Anonymous]

Probably better to be safe than sorry,and keep your withholding as is. Worst case, you both get a bigger refund.

Congrats, by the way! We're also gay but live in a state that doesn't recognize our marriage, so not sure what that means.

[Anonymous]

The IRS has a withholding calculator on its website.

[Anonymous]

Two married people with roughly comparable incomes often find it hard to get their withholdings accurate. Probably at least one of you would end up asking for "married but withhold at the single rate" anyway, but the other might take an extra exemption.

[Anonymous]

Anonymous wrote:So apparently, I'm actually married now according to the feds. Hooray! So - do I need to change my withholding at all? Currently I don't get any refund (paid about $100 for 2012) and wife gets a small refund.

Me - $55k/year (no bonus)
Wife - $72k/year (possibility of $15k bonus)

I'm sure there is some magic online calculator for this now that I'm thinking about it. I'll check. But meantime - anyone have any ideas?

I'm not sure that the IRS will recognize gays as joint filers yet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So apparently, I'm actually married now according to the feds. Hooray! So - do I need to change my withholding at all? Currently I don't get any refund (paid about $100 for 2012) and wife gets a small refund.

Me - $55k/year (no bonus)
Wife - $72k/year (possibility of $15k bonus)

I'm sure there is some magic online calculator for this now that I'm thinking about it. I'll check. But meantime - anyone have any ideas?

I'm not sure that the IRS will recognize gays as joint filers yet.

The Supreme Court just said they have to. Come 4/15 next year, anyone in a state with legal gay marriage and is married will file jointly and/or married filing single.

The trick is going to come for those married in legal states living in non-legal states. Setting up for the next fight....

OP: Google Marriage Penalty calculator. That will help tell you if you'll pay more or less as a married couple.

[Anonymous]

It is hard to know for certain without knowing how much your spouse gets back, but very likely yes.

[Anonymous]

I would keep it the same for this year, see how the IRS deals with it this year, as I suspect there will be a few procedural hiccups, and then look at your refund next year. If you get too much back, change the withholdings. But given that you are not getting anything now, as your withholdings are already set low, I wouldn't expect a massive windfall.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So apparently, I'm actually married now according to the feds. Hooray! So - do I need to change my withholding at all? Currently I don't get any refund (paid about $100 for 2012) and wife gets a small refund.

Me - $55k/year (no bonus)
Wife - $72k/year (possibility of $15k bonus)

I'm sure there is some magic online calculator for this now that I'm thinking about it. I'll check. But meantime - anyone have any ideas?

I'm not sure that the IRS will recognize gays as joint filers yet.

PP, are you living under a rock?

[Anonymous]

Congratulations!

Apparently you may be able to file revised returns for the last few years too (and hopefully get refunds!)