Post # 1
Anyone starting to file their 2009 tax returns? I just went through TurboTax last night – first time ever fiing a 1040 instead of a 1040EZ!! I am definitely happy with the refund it told us we’re getting. 🙂
Also, has anyone heard of the Making Work Pay Tax Credit? I don’t understand all the fine print, but I think it helped us get a larger refund!
Post # 3
We will be filing our taxes jointly this year. My hubs is a little worried we will get less when we combine since I make much more than he does but I am excited to see what it will bring us. It’ll be good money for the baby and add to our house fund.
I have heard of the tax credit but I too am not aware of all the details. Maybe someone will enlighten us.
Post # 4
I just did my preliminary taxes yesterday… Definitely hitting marriage penalty land. We’re going to talk to a tax preparer to see if we missed anything. Usually I don’t mind doing taxes, but ours are so complicated now that it wasn’t that fun!
Post # 5
I have started mine but we are missing a lot of stuff still. The Making Work Pay Credit was actually given as a reduction in payroll taxes during the year so you have already gotten some of that money. It is for $400 a person, so $800 for a married couple.
@Roddy: If you make different amounts, you are actually more likely to get more of a refund than you would filing single. I only worked half the year and we are getting a big refund because of that but if we were both working and had similar incomes, then you are more likely to get hit by the marriage penalty.
By The Way, I am a tax accountant so if anyone has questions, feel free to ask me!
Post # 6
We have a CPA that does our taxes for us. It’s so easy; we scan all our paperwork into his sytem before our meeting, and then when we show up he double-checks everything and gives us our refund amount. Plus we get a candy bar at the end! I KNOW this is a big year because not only did we get married, but I also got a permanent job, my husband started grad school, and we bought a new house. I’m hoping all of those things combined will bring us in a nice refund!
Post # 7
I will be PMing you shortly to ask you a quick question.
Post # 8
haha i feel so stupid right now, if you do your taxes online, make sure you double check everything. i put in 1 wrong number in one of our ss numbers……it got rejected, and its funny that it was due to 1 number, i feel like such a retard.
Post # 9
Yeah, unfortunately, the SSN is a HUGE thing. If it is wrong, you return is rejected immediately.
Post # 10
I did our taxes already, and we got a huge refund filing jointly (he’s a student). I’m actually kinda peeved because I like to break even and instead save money in a savings account all year. Otherwise I consider it an interest free loan to the goverment that I get at the end of the year. Grr!
Post # 11
- Wedding: September 2009 - Barr Mansion
We’re working on ours. We’re filing jointly for the first time, which is kinda awesome! I barely worked last year (in school and doing unpaid internships), so we ended up getting a pretty substantial refund.
One thing to keep in mind, for some of the education credits (Lifetime Learning is the one you get to take every year that you pay tuition), you have to file jointly if you’re married to get the credit.
I’m fairly certain Making Work Pay is available to anyone who has/had a job in 2009 (but there might be an income cap–not sure on that).
There’s also a new tax credit for students; I think it’s called American Opportunity. It can work out to more than Lifetime Learning, but it’s only available for people in their first four years of school.
As for the marriage “penalty” this usually is only the case when your incomes are similar–it might put you into a higher tax bracket. But for couples with disparate incomes, it can actually be a tax BREAK, b/c it can drop the higher paid person down into a lower bracket.
Post # 12
UG! We just did our taxes! NO BUENO!
We made about 100.00 dollars less on our return then last year when we were single. I made 4x what I did in 2008 and thats fine when im single! I was almost getting a 2700 Tax return! BUT THEN we added in my husbands taxes too and it caused that to be chopped down to 1400! UHHHG! I think we jumped up tax brackets hence less money. I joked and said GRRR IF ONLY I WAS SINGLE ID BE ROLLING IN DOUGH! haha
Post # 13
well luckily i efiled, and they let me resubmit it for free, it took like 5 seconds to fix, but dealing with 4 SSN’s makes me lose my brain sometimes. i put in a 2 instead of a 3, i blame it on the numbers being right next to each other, haha.
Post # 14
We go to the accountant tonight. He said he would do it both ways, joint or seperate to see what would be best for us. Husband has always used this accountant, myself I always did them on my own, but not only did we get married, but we bought our first house, I went back to school and hubs got a new job last year so between the first time home buyers credit and all that, the paperwork is too confusing for me. Hoping we get a good one!
Post # 15
Yeah, I’m going to do it both ways and see which one is better for us.
Oh, @ mouse, you mentioned education credits. I looked up the Lifetime learning credit but couldn’t figure out if I can use it if I’m a master’s student. Or is it something that works if you are a undergrad student.
Kinda sucks for us right now, since we don’t own a house or have kids.
Post # 16
Oh jeez. I think we’re going to get hit with the penalty. We only have a 10,000 income difference this year.