Does it make sense to change tax withholding to married when wife switches to stay at home?
My wife is quitting her job and will stay-at-home. I'm considering changing my tax withholding from married at single rate to simply married to reduce withholdings.
Does it make sense to change my tax withholding to married since we'll have less income?
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In a word, yes. Else, your withholdings are looking at a completely different tax table. Your tax return in 2019 doesn't care who made how much, only the total (for federal tax purposes). A couple making 0K pays far less in tax than a single person making the same 0K. In your case, the "single rate" withholding is far higher than the true situation calls for.
On a final note, I'd suggest using the 2018 tax software, and running an estimated return for 2019. It won't be exact, but close enough to help you not have a surprise next April.
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