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Subject:  Marriage & taxes Date:  1/31/2007  7:22 PM
Author:  bethdig Number:  91538 of 130172

I'm looking for some basic advisement regarding how marriage might change one's tax situation. DF and I are marrying next month and I want to make sure we're well-situated this year to avoid an unpleasant suprise from the IRS next year.

Background: We're going to have a combined income of somewhere around $140K gross this year; currently he puts about $4500 a year into his 401K (6% - just enough to get the match, we're also paying down debt). I'm starting a new job and don't know yet whether I'll qualify for a match in their 403B; in the past I have just contributed to a Roth IRA. We pay a couple thousand in student loan interest, and don't own a home. We have always taken the standard deductions because we don't have enough to itemize.

According to the IRS Tax Calculator, we should be claiming 0 deductions and witholding about another $500 a month from our gross pay to cover our tax bill next year. I have no reason to doubt the accuracy of the calculator, but it just comes as a shock to me, having always claimed 1 deduction, not withheld anything extra, and come out more or less even at the end of the year. Guess married life is different!

Anyway, I'm just checking in here to see if there's anything obvious I've overlooked in our tax situation, or if we should go ahead and adjust our W2s to reflect our new tax situation.

I'm just glad we're getting married early in the year! If we had had a fall wedding, I probably wouldn't have given this a second thought and been stuck with a huge tax bill next year.
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