Hi and welcome to Just Answer!So far - your total estimated gross income will bewages - $40 /12months * 6.5months=$21670unemployment benefits - $8,866your spouse's wages $90,000 - $3,750 (401K contribution) = $86250minus student loan interest deduction $2500Total - $114286Assuming standard deduction - your estimated federal income tax liability is $15460.Because both - you and your spouse are working - you better to use status on W4 form "Married, but withhold at higher Single rate" - http://www.irs.gov/pub/irs-pdf/fw4.pdf If your spouse will use two allowances - her federal income tax withholding would be $15312If you will use two allowances - your federal income tax withholding would be $1400So you may expect ~$1200 refund when you file your tax return.
So I suggest you both you file W4 form using status "Married, but withhold at higher Single rate" with two allowances. The same filing should be for IT-2104 form.
hi lev i am just reading your response
so we both should claim two allowances on each of our w-4's? as well as on our IT-2104's
the botXXXXX XXXXXne is for each of our w-4's we both claim 2 allowances on our respective w-4. on our nys withholding we again both claim two allowances
are you sure we can both claim two allowances on both of our w-4s as well as for IT-2104?
That is correct - according to estimation above - you will due ~$1200 refund when you will file your joint tax return. I do not have NY calculator - but assume - there will be ~$300-$400 refund as well.
but based on the above information we won't owe for NYS right?
That is correct - you should not owe any taxes but will have a refund.
for my wife to make these changes should we print out new whholding forms for fed and NYS and fill them out and submit them to hr or should we first contact hr to get forms from them to edit ?
If your spouse filed differently and want to change withholding - she should submit new forms.
ok thanks lev
You may print forms if you want http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.tax.ny.gov/forms/withholding_cur_forms.htm
You are welcome.