(Closed) Joint tax filing, what a surprise

posted 13 years ago in Married Life
Post # 17
Member
433 posts
Helper bee
  • Wedding: May 2021

I’ve heard both sides of this coin. Sometimes its great, but I’ve also heard that you can get hit with "marriage penalties" too. We’ll have to look into this next year before filing!

Post # 19
Member
1485 posts
Bumble bee
  • Wedding: July 2008

It can be a big advantage to file jointly if one of you makes a lot less money than the other.  If you actually make about the same, there is less advantage.

Also, be careful about changing your withholding.  You really only want to do that if one of you does make way less than the other.  If you do make about the same, than reducing your withholding will ensure that you owe a lot.  My sister made that mistake, and went from getting $3000 back the year before she got married to owing over $5000 the first year she was married.   What a nice surprise.

Post # 20
Member
14 posts
Newbee
  • Wedding: October 2021

You can file as "married filing seperate" or "married filing joint" the chief advantages to filing seperately other than what has already been mentioned is that you don’t sign each other’s tax returns when you file seperately.  If you have business income or complicated returns, you are at a much higher risk to being audited and if something is done wrong on the taxes, only the person signing it is responsible whereas you can both be held liable if you file joint.  Also, be extremely careful with changing withholdings, if you adjust too much, not only will you owe at the end of the year.  If you end up owing more than $1000 or you paid less than 90% of the tax owed for the current year or you didn’t at least pay the equivalent to the amount you owed last year on the taxes, then you can be hit with a very hefty underpayment penalty as the IRS views taxes as pay-as-you-go NOT yearly payments.

Post # 21
Member
96 posts
Worker bee
  • Wedding: December 2010

We kept hearing about "marriage penalties," etc. so we were nervous to file, but wanted to file jointly.

Luckily- we are going to get a huge amount back!  The woman at H&R block explained that some people notice they are getting back less when they file jointly, because they aren’t used to their new husband or wives taxes.  For example, maybe you never get anything, but your husband has always gotten a lot back.  He’ll notice a big difference.  

Post # 22
Member
1753 posts
Buzzing bee
  • Wedding: August 2010

I would say ask YOUR accountant. He or she should be able to tell you what is best for you & hubby’s financial status.

I can’t wait for the first return after having a kid! Hahaha.

Post # 23
Member
8 posts
Newbee
  • Wedding: September 2009

I got a nice surprise when we filed joint too! Marriage sure does have a lot of perks so far! :o)

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