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Yeah I'm not sure what we'll be doing this year. It would seem that filing jointly would be the right thing for us, but because of immigration stuff, I am probably going to hire a tax person to help us with our taxes this year. lol I looked at everything and my head it kinda spinning! Usually it's pretty easy for me... but this year everything's different.
I used TurboTax online and determined it was best for us to file jointly. If you take some credits, such as Educational ones, I belive you have to fine jointly to be eligible.
We learned that if you file married, filing separately you can't deduct your student loan interest. Just an FYI.
I heard that if one of you make significantly more than the other, that you should file separately... or something about being put into another tax bracket. Yeah, just go to your tax software and you can try both.
I have no tax expertise, though... actually taxes confuse me, just like 401K do, too. haha, yeah I like using the tax software!
We played around and estimated for both, and we get WAY more back if we file jointly.
Most couples do better filing jointly, but the only way to know for sure is to calculate both ways and see which way you come out better. I know a few people who are filing separately because they are doing IBR on their student loans and the other spouse earns too much (but that means neither of them can deduct their student loan interest).
I have heard that unless there is a huge discrepancy between incomes, it's always best to file jointly. When my DH was employed, I made about $45k more than him. Even with that, it still worked out better for us to file jointly.
I filed Married Filing Separetely once and wasnt able to deduct my student loan interest which was the difference of paying versus getting a refund.
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I was just talking with DH about this, and we aren't sure whether to file joint or separate tax returns. Neither of us makes a ton of money, but he has some fair-sized investments, while I have major student debt. What do you do? Any words of wisdom?