Any CPA's on here?

TH36

Joined: Aug 18, 2019

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Went from filing jointly with my wife and just 2 jobs to us filing jointly and me having a 2nd job so 3 jobs total. Things got really confusing filling out the W4. Did the IRS calculator and it basically told me to file jointly and zero on both W4's and for her to take an extra $69 a week out plus $2100 out of "other" income meaning her 401k I guess? Cause she has the highest grossing single job. Is this correct?

gigemhilo

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8:35a, 5/14/24

AG

without numbers, its impossible to know. However, if you followed the instructions correctly, it is designed to help you "break even" on your tax return based on the variables you give it.

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TH36

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In reply to gigemhilo • 8:43a, 5/14/24

gigemhilo said:
without numbers, its impossible to know. However, if you followed the instructions correctly, it is designed to help you "break even" on your tax return based on the variables you give it.

It doesn't have to all come from her piece of the pie though, right?

We file jointly but still have separate accounts so she's pissed that the calculator says everything needs to come out of her pay because she has the highest grossing (1) job.

But technically I could just deduct from my 2nd income and we should be fine, correct? Or am I totally making rocket science out of this when it should be simple?

JDCAG (NOT Colin)

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11:25a, 5/14/24

AG

If you're filing jointly, it shouldn't really matter. $500 from her income is the same as $500 from your income.

Why does she care? (EDIT: just read your last post about keeping separate accounts).

It shouldn't really matter, but if you're keeping separate accounts and they're truly "separate" (i.e. it's not "y'alls" money but "yours" and "hers") then it seems like part of the discussions is probably not just taxes but who should be paying what.

NOT A CPA

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gigemhilo

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In reply to JDCAG (NOT Colin) • 1:29p, 5/17/24

AG

JDCAG (NOT Colin) said:
If you're filing jointly, it shouldn't really matter. $500 from her income is the same as $500 from your income.

Why does she care? (EDIT: just read your last post about keeping separate accounts).

It shouldn't really matter, but if you're keeping separate accounts and they're truly "separate" (i.e. it's not "y'alls" money but "yours" and "hers") then it seems like part of the discussions is probably not just taxes but who should be paying what.

NOT A CPA

Agree with this. for tax purposes, its all from the same pot.

Also, I would add, the W4 is designed to breakeven, but it is also designed to have the appropriate amount withheld for your pro-rata share of the income. So if she is preparing the W4 correctly, then the amount of withholding would be directly proportionate to her income - as should yours.