Money/Taxes...accountant, please?

savignon · 09-06-2009, 03:03 PM

So, I'm recently married and thankful to have a job that I LOVE that pays great money. As a "single" person I often owed money at tax time (last year $2k) despite my best efforts to have them take out more.
I've changed my W2 and federal form to "married" status and wonder if that means they will take out MORE or LESS?
As a married couple, I think we make an average combined income so I feel like I'll be "less punished" than as a single person with an above-average salary. Is that right??
Also, I bought a condo in my name this year. My husband's name is not on the mortgage. As a "single" filer, I would not qualify for the $8k tax credit for new homeowners b/c of my income. But we will be filing as a married couple, and if they counted both incomes we would qualify. Does anyone know what I should expect with regards to that?

Any help appreciated!!!
Thanks!!

FortunateOne · 09-07-2009, 09:26 AM

Was the purchase before or after the wedding date?

Do you live in a community property state?

Does he contribute to any portion of the loan payment, property taxes, insurance, and property maintenance?

What is the vesting on property title and tax assessors office?

09-06-2009, 03:03 PM	#1
savignon Offline Platinum Member Join Date: Nov 2008 Location: USA Gender: Female Posts: 1,531	Money/Taxes...accountant, please? So, I'm recently married and thankful to have a job that I LOVE that pays great money. As a "single" person I often owed money at tax time (last year $2k) despite my best efforts to have them take out more. I've changed my W2 and federal form to "married" status and wonder if that means they will take out MORE or LESS? As a married couple, I think we make an average combined income so I feel like I'll be "less punished" than as a single person with an above-average salary. Is that right?? Also, I bought a condo in my name this year. My husband's name is not on the mortgage. As a "single" filer, I would not qualify for the $8k tax credit for new homeowners b/c of my income. But we will be filing as a married couple, and if they counted both incomes we would qualify. Does anyone know what I should expect with regards to that? Any help appreciated!!! Thanks!! __________________ "It'll all be okay in the end....so if it's not okay, it's not the end." -Unknown

09-07-2009, 09:26 AM	#2
FortunateOne Offline Platinum Member Join Date: Sep 2006 Location: SoCal., USA Gender: Male Posts: 1,540	Was the purchase before or after the wedding date? Do you live in a community property state? Does he contribute to any portion of the loan payment, property taxes, insurance, and property maintenance? What is the vesting on property title and tax assessors office? __________________ <<--------- Thomas Kinkade "Above all else, guard your heart, for it affects everything you do."- Proverbs 4:23 (NLT) "He who walks with the wise grows wise, but a companion of fools suffers harm." Proverbs 13:20 (NLT)