(Closed) Tax issues

posted 10 years ago in Married Life
Post # 3
Member
179 posts
Blushing bee
  • Wedding: August 2008

I’d contact the lawyer and see if married filing jointly would blow your prenup.  (I’m an accountant and don’t give legal advice).  For most couples there is a definite tax benefit to married filing jointly. There is no point in questioning the logic of the income code because you’ll go crazy.

 The only time I’ve recommended separately is if you are uncomfortable with the veracity and substantiation of the other parties (your husband’s) tax information.  That gives you some protection if the IRS questions a position later.  I have seen couples with prenups file jointly – but I know some of this varies with state law (community property, district rulings, etc).  There’s a good chance that if you got an answer here it would be the wrong answer (someone could give you the right answer for Utah – but the wrong answer for where you live) – so call your lawyer. 

Post # 4
Member
385 posts
Helper bee
  • Wedding: April 2008

I know this sounds very silly, but go to H&R Block. Just make sure you ask for a tax pro that is experienced in this area- they often have people that work there for 15-20 plus years… They will give you free advice & you aren’t required to file your taxes there. Just look in the phone book and look for the district office phone number- they are typically open year round.

Good luck

Post # 7
Member
77 posts
Worker bee

I used to do tax returns for individuals before I changed jobs and in my experience, filing joint is usually more beneficial than filing seperately.  When filing seperately you do tend to lose out on a lot of deductions and credits, plus when it comes to children it’s even more difficult.  I’ve never heard of a prenup playing any role in a tax return, but to get the most bang for your buck, have your accountant run the tax return both ways – joint and seperate.  You’ll see the difference and although it may cost you a little extra in accounting fees, it may be well worth the money.  Oh and I wish I lived in a state with no income taxes!!!! 

Post # 8
Member
179 posts
Blushing bee
  • Wedding: August 2008

Well if it makes you feel better the loan interest isn’t deductible if you make over $135,000 joint and phased out starting at $105,000. So you might not have qualified jointly either. 

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