Post # 1
So tax season is here! Yay…(kinda)
I am used to getting back quite a lot of money when filing my taxes, but this was also because I was a student. Now that I am no longer a student, I fear my return won’t be as nice…
So my question is, are there any benefits of filing your taxes together? Also, the money you get back, do you split it down the middle? Do you have a joint account that it will go to? What do you bees do?
DH and I discussed that for this year we will split it down the middle, he has a lot of money to pay off from the wedding. I have expressed that I am upset that he paid off his balance of the wedding on his credit card, but thats a whole other story. Because he has so much money ($7K) on his card, we had to post pone TTC. I have money on my credit cards too, but no where near that. I try to pay cash with most things, and if I use my credit card, I pay it off in full the following month.
Post # 3
I am a newlywed like you (yay!) so this will be our first year filing together. We make about the same amount but I waited tables throughout the year as a side job, and I usually owe taxes from that. I think our refund should be higher than if we were single, but due to my server wages it will eat out of his refund. We have decided to put the full refund in the new car saving account. In the future it will go into a joint account for joint needs. we may decide to each take a small pay out ($100 a piece) for fun money, but save the larger portion.
Post # 4
@The_Future_KB: thats what I have heard, that as a married couple you get more of a tax break? I guess I will have to wait and see, but I really hope its something decent because I’d like DH to pay off as much as he can! Plus, I want us to start saving for our 1 year anniversary trip. We agreed to do one more BIG trip before TTC
Post # 5
- Wedding: January 2013 - Harbourfront Grand Hall
@Daizy914: This is DH and I’s first year filing taxes together, so I’m not sure what to expect but here’s an article I found! https://turbotax.intuit.com/tax-tools/tax-tips/Family/7-Tax-Advantages-of-Getting-Married-/INF17870.html
If nothing else we won’t be paying Turbo Tax for 2 seperate filings!
Post # 6
@Daizy914: “Married filing separately” is a hugely punitive tax status. You are not eligible for most programs and credits if you choose to file with that status, and if you are, the cutoffs are lower. Even if you might have done better when you were single, filing as single is no longer an option available to you if you are married.
If you’re curious about the differences between two single filers vs. filing as married, here’s a nifty calculator!
Post # 7
@mchitt329: thank you, this is a great article.
Luckily, my aunt is an accountant, so pay close to nothing! I will have a list of questions this year when I go see her this year LoL
Post # 8
- Wedding: November 2013 - St. Augustine Beach, FL
My spouse makes signifcantly less than I do so getting married should mean a higher return for us since it throws us into a lower tax bracket than I was in as a single person.
Post # 9
@Daizy914: You can run it both ways in Turbo Tax – filing jointly and separately – without paying (just don’t submit until you’ve tried it both ways). If you file separate then neither of you can itemize.
We got a refund last year. We do not split it, it goes right into our checking to be used for life.
Not at states have the marriage tax either. But just because you may be in a state that has the penalty, doesn’t automatically mean go separate either.
Post # 10
@Daizy914: Depends on your income. FI and I will actually have to pay a marriage penalty, based on our income + tax brackets. That’s part of the reason why we don’t mind a long engagement!
Post # 11
@bitsybee: Really? I always thought filling as married instead of single will have a bigger tax break…
I’ve never heard of a marriage penalty before, how does this work?
Post # 12
@bitsybee: We’re having a similar situation- I’m going to end up paying WAY more in taxes and my husband will be paying about the same. Our refund this year (married) will be less than our refunds combined last year (unmarried.) He bumps me into a freaking insane tax bracket so my taxes are all jacked up. I’ve always done my own taxes but I will say, it’s nice to have someone do them for me this year!
Post # 13
Well… we have joint accounts so we don’t split anything, it just gets spent together (or primarily by me, let’s be honest here lol), or saved together.
You should still be able to file interest paid on student loans so that should help you out.
Post # 14
@jdhall89: Can you choose for the first year of marriage? I was single for none months, married for three.
Post # 15
@4littlekitties: no… they only ask if you were married on 12/31.
Post # 16
We got about $1000 less than usual between the two of us. I’m pretty sure joining our incomes definitely jumps us up a tax bracket. Boohiss.
We have a joint account so all the money goes to the same place.