Post # 1
DH and I are trying to decide if we are going to file separately or jointly. He has to fill out this NC-4 paperwork for work and it is asking if we are going to file separately or jointly. Which would be better for us?
I make around $22,000 yearly : DH makes around $45,000 yearly : He owns our house, in his name only. : We have no children
Is there anything else yall need to know?
Post # 3
- Wedding: October 2011 - Bed & Breakfast
Based only on the info provided, you will probably do better filing jointly.
Post # 4
Definitely sounds like joint will be better. If you file separately, it is pretty much as if you are filing single and there are a couple deductions that you may qualify for that you would not be able to claim if you file separately.
Post # 5
Thanks yall. What kind of deductions might we qualify for?
Post # 6
- Wedding: November 2012 - Oak Tree Manor
@jesssamesssa: You’d probably be better off filing jointly, but you should calculate your tax returns both ways before you decide. There are online tools you can use, or else you can start filling out all of the required fields in TurboTax (we use the free edition every year!).
Your husband will get a tax credit for the interest he pays on his house, but other than that the deductions depend on what you guys have been up to all year! If you’ve made charitable donations (even non-monetary donations like giving stuff away to Goodwill), you can claim those. If you’ve put energy-efficiency equipment on your DH’s house, you can also claim that as a tax credit. I believe there’s a new car credit but I can’t remember – have you purchased a car this year?
Post # 7
@jesssamesssa: The main thing that FI and I are currently considering is student loan debt. Do either or both of you have student loans that are paid on an income-based repayment plan? If so, that payment will go up for both of you pretty drastically because it will now be based on your combined income if you file jointly.
Post # 8
@ebarnes0: I just took out a loan a few days ago for school. Its not a plan like that. Its Sallie Mae, $25 a month for 15 months then $396 a month after. I plan on having it all paid off by next April though.
Post # 9
@jesssamesssa: I really don’t know anything about taxes, just figured I’d chime in with the one big thing that may affect us (that I know some of our recently married friends haven’t considered!) haha. 🙂
Post # 10
DH and I just had to do these forms too, we just did the NC-4EZ since we don’t itemize anything. It never asked if we were filing jointly or separately, it just asked if you were married or single. With the new laws, you can no longer claim yourself, so we both just put zeros down for everything. We always use turbo tax, so we’re going to do it both ways and see which way works best for us. We also bought a house this year, but it’s in my name only (bought right before the wedding). I have a small student loan debt and can usually deduct any interest I paid on that for the year. DH makes a little more than me, but it’s not much more, we were told it’d probably be best for us to file separately this year.