Post # 1
I am a newly wed (6months) . This will be our first time filing our taxes since being married. I just wanted a little advice on which would benifit us more, to file together or seperately. My DH said that he would perfer if we filed seperately. It didn’t bother me, I just wanted to know if we would benifit to file together. Advice please.
Post # 3
Post # 4
If you use a software program it probably lets you do it both ways and see which one is gets you a bigger refund (or smaller tax bill).
Also, from TurboTax:
Married Filing Separately taxpayers may not eligible to claim the following tax benefits:
- Tuition and fees deduction
- Student loan interest deduction
- Tax-free exclusion of US bond interest
- Tax-free exclusion of Social Security Benefits
- Credit for the Elderly and Disabled
- Child and Dependent Care Credit
- Earned Income Credit
- Education Credits
Other drawbacks of Married Filing Separately:
- Taxpayers have a much lower income phase-out range for IRA deductions.
- Both spouses must claim the standard deduction, or both must itemize their deductions. One spouse cannot claim the standard deduction if the other is itemizing.
- This filing status generally pays the most tax of all the filing statuses.
Post # 5
@the boss of you: the link didn’t load yet. here is some info on us. We do not have any children and we both have student loans. I am paying on mine now and my husband is just paying on his intrest because he is currently in grad school. His job gives him I think 2K per year and the rest he paid out of pocket. He also likes to write of clothes that we donated to charity alog with the car that we donated. So I am going to talk to him because when I did the turbo tax estimator we got back more.
Post # 6
I would suggest preparing both a separate filing for each of you and joint filing for the two of you since you’ll have all the information anyway and decide that way which way you prefer or if there is a substancial difference in income or deductions that would affect your returns.
Post # 7
I voted together. I filed Married Filing Separate when I was in the process of getting a divorce and I was unable to get the IRA deducation plus I could only take the standard deduction. If one spouse files using itemized deductions, the other spouse can’t have any deduction. I got royally screwed that year with my taxes but for me it was worth it not having to deal with my XH.
Post # 8
So I did that IRS “What’s My Filing Status?” link (because I was curious what it would say for after FI and I are married), and it was like (my answers are in parenthesis):
– Tax year (most recent)
– Are you a citizen? (yes)
– Marital status (married)
– Is your spouse a citizen? (yes)
– How are you filing? (jointly)
Your status is: Married Filing Jointly.
Post # 10
As a CPA I can tell you there are very few benefits at this point for filing separately. The only time I’ve seen filing separately beneficial is if one spouse has significant medical expenses or if the IRS is going after one spouse for unpaid taxes. I agree with an above poster prepare returns both as married filing joinly and separately and see which comes out better but I can tell you ahead of time it will probably come out that joinly is better at this point.
Post # 11
- Wedding: March 2012 - Pelican Grand Beach Resort
@vorpalette: I had a similar reaction. Veyr unhelpful tool
Post # 12
@missbumblebee: if we file together will I be able to file my student loan intrest form? Also I forgot to mention that we are home owners.
Post # 13
@missbumblebee: I can’t seem to find a straight forward answer on what happens if we are living in different states. DH and I have always lived and worked separately. I’ll do as you suggested to see which benefits us more but should we just file separately?
Post # 14
@vorpalette: I seriously just spit out my water I was laughing so hard. Oh my goodness.
Post # 15
@missbumblebee: That’s good to know. We were wondering the same and plan to ask our accountant about it.
Post # 16
There are free online tax tools (taxact.com, turbotax.com, etc). You can try out the jointly and then try out separately. In general jointly seems to favor most people.
If you have a lot of things to itemize and it tips you over the standard deduction (student loan interest is deductions, not itemized things), then it’s definitely good to go jointly.