Divorcing mid-year should I change withholdings?

[Anonymous]

Husband and I are divorcing mid year 2014. July will be our year separation. We have no real assets or children together. We've already split our debt and planned to do 2013 taxes together. We don't plan on doing 2014 together since we would have maintained separate households

I am a fed who makes 130k. My husband is a teacher who made 60k with custody of his son. As you can see I'm going to lose for tax purposes. I am not in a terrible situation debt wise but it's not the best either. In 4 years I will have had recovered. I have very little savings. I used most of it to kill some of 'joint debt.' He is in the same position.

Do I change my exemptions at the beginning of the year at the single rate?

TIA.

[Anonymous]

Ask your CPA.

[Anonymous]

PP. everyone can't afford those

[Anonymous]

Since you'll be divorced at the end of 2014, when you do your 2014 taxes you can file as singly. The IRS has a good calculator that you can use to look at how you set your witholdings so that you don't owe or get a huge refund.
http://www.irs.gov/Individuals/IRS-Withholding-Calculator

[Anonymous]

I would change them, jut so that you don't owe at the end of the year.

[Anonymous]

I would change them Jan 1 2014 to single, since that's what you will be when you file, assuming you are divorced Dec 31, 2014. Whatever you are on Dec 31 is your status for that year.