Just Married: File Joint or Separate?

[JWhite]

I just got married at the end of September and need advice of how I should change withholding and file taxes this year. We are both employees receiving a W2 (not independent contractors) I make 220k, my wife makes 150-200k. I own 2 homes in my name, and itemize. She just takes standard deduction. She has a back tax of 10k she is currently paying off.

1. Do I now state that I am married on withholdings W4?
2. Should I file single 2015 since I was only married a couple of months in 2015?
3. Should I file married joint or separate?
4. Will her back tax affect my taxes until thats paid off in the next year or so forcing me to file separate?

Thanks for the advice!

[disneysteve]

Congratulations on your marriage.

I think a couple earning 400K/year ought to have a good accountant to answer these and other questions. This is one of those times that I don't think an internet discussion board is the right place to get your info.

I also think a couple earning 400K/year should be able to write a check to settle a 10K tax bill. If shouldn't take a "year or so".

[Singuy]

If both of you guys are salary earners without any businesses, then use the turbotax calculator to determine if filing jointly or separately can yield you the most return.

Either way being married really screwed you two when it comes to taxes. I would withhold my taxes at 0 and maybe even pay additional/paycheck to prevent any penalties at the end of the year.

No, DO NOT withhold taxes as if you are married on your W4. This allows the IRS to take out LESS taxes because for some reason, they take taxes out as if your wife doesn't work.

[JBL]

It's my understanding that if you get married at any time during a tax year, the IRS considers you married for the entire year, even if you get married on December 31st.

So you will be either married-filing jointly or married-filing separately. You no longer may file as single.

With the kind of income you two have, I would definitely echo DisneySteve and recommend you set yourself up with an accountant or tax attorney to figure out a plan for your finances to minimize taxes.

[bjl584]

I just got married at the end of September and need advice of how I should change withholding and file taxes this year. We are both employees receiving a W2 (not independent contractors) I make 220k, my wife makes 150-200k. I own 2 homes in my name, and itemize. She just takes standard deduction. She has a back tax of 10k she is currently paying off.

1. Do I now state that I am married on withholdings W4?
2. Should I file single 2015 since I was only married a couple of months in 2015?
3. Should I file married joint or separate?
4. Will her back tax affect my taxes until thats paid off in the next year or so forcing me to file separate?

Thanks for the advice!

I agree with Steve. You two need to find a good CPA and discuss this with them.

Does your wife have a lot of debt? It doesn't seem right that she is making 200K a year and can't come up with 10K to pay back taxes. She should be earning over 10K every few weeks.

[Fishindude77]

I agree with DS on both counts.

Get an accountant.
Pay your overdue taxes.

[BuckyBadger]

I agree with the others on all counts. Including that this sounds fishy. So much income - $10k is a drop in the bucket.