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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11569
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am married and file my taxes jointly. However, I claim single

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I am married and file my taxes jointly. However, I claim single with (2) dependents on my W-4 due to advice from payroll a long time ago? Is this appropriate/

NPVAdvisor :

Hi I can help with this ...

NPVAdvisor :

No, its not inappropriate ... what you are doing is trying to get the withholding to the place where, by the end of the tax year, you haven't underpaid.

NPVAdvisor :

THAT's what will cause a problem .... If yo

NPVAdvisor :

sorry, If your spouse has a little too much withheld and you a little to little, everything comes out in the wash because the underpayment is measured by what happens on the joint return

NPVAdvisor :

And, of course, if you over-withhold you have that refund (which, financially, means you gave uncle sam an interest free loan for the year

NPVAdvisor :

Make sense?

Customer:

Thank you very much for your sensible and logical advice. Have a good night!

NPVAdvisor :

You're very welcome ...You too

NPVAdvisor :

If there IS nothing else ...

NPVAdvisor :

 


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