(Closed) joint tax return

posted 8 years ago in Married Life
Post # 3
Member
2856 posts
Sugar bee
  • Wedding: September 2009

We will be filing our taxes jointly this year. My hubs is a little worried we will get less when we combine since I make much more than he does but I am excited to see what it will bring us. It’ll be good money for the baby and add to our house fund.

I have heard of the tax credit but I too am not aware of all the details. Maybe someone will enlighten us.

Post # 4
Member
7082 posts
Busy Beekeeper
  • Wedding: July 2009

I just did my preliminary taxes yesterday… Definitely hitting marriage penalty land.  We’re going to talk to a tax preparer to see if we missed anything.  Usually I don’t mind doing taxes, but ours are so complicated now that it wasn’t that fun!

Post # 5
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

I have started mine but we are missing a lot of stuff still.  The Making Work Pay Credit was actually given as a reduction in payroll taxes during the year so you have already gotten some of that money.  It is for $400 a person, so $800 for a married couple.

@Roddy: If you make different amounts, you are actually more likely to get more of a refund than you would filing single.  I only worked half the year and we are getting a big refund because of that but if we were both working and had similar incomes, then you are more likely to get hit by the marriage penalty.

By The Way, I am a tax accountant so if anyone has questions, feel free to ask me!

Post # 6
Member
6009 posts
Bee Keeper
  • Wedding: May 2009

We have a CPA that does our taxes for us.  It’s so easy; we scan all our paperwork into his sytem before our meeting, and then when we show up he double-checks everything and gives us our refund amount.  Plus we get a candy bar at the end!  I KNOW this is a big year because not only did we get married, but I also got a permanent job, my husband started grad school, and we bought a new house.  I’m hoping all of those things combined will bring us in a nice refund!

Post # 7
Member
2856 posts
Sugar bee
  • Wedding: September 2009

@MissAsB -THANKS!!

I will be PMing you shortly to ask you a quick question.

Post # 8
Member
393 posts
Helper bee
  • Wedding: June 2011

haha i feel so stupid right now, if you do your taxes online, make sure you double check everything. i put in 1 wrong number in one of our ss numbers……it got rejected, and its funny that it was due to 1 number, i feel like such a retard.

Post # 9
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

Yeah, unfortunately, the SSN is a HUGE thing.  If it is wrong, you return is rejected immediately.

Post # 10
Member
5823 posts
Bee Keeper

I did our taxes already, and we got a huge refund filing jointly (he’s a student).  I’m actually kinda peeved because I like to break even and instead save money in a savings account all year.  Otherwise I consider it an interest free loan to the goverment that I get at the end of the year.  Grr!

Post # 11
Bee
12134 posts
Sugar Beekeeper
  • Wedding: September 2009 - Barr Mansion

We’re working on ours.  We’re filing jointly for the first time, which is kinda awesome!  I barely worked last year (in school and doing unpaid internships), so we ended up getting a pretty substantial refund. 

One thing to keep in mind, for some of the education credits (Lifetime Learning is the one you get to take every year that you pay tuition), you have to file jointly if you’re married to get the credit.

I’m fairly certain Making Work Pay is available to anyone who has/had a job in 2009 (but there might be an income cap–not sure on that). 

There’s also a new tax credit for students; I think it’s called American Opportunity.  It can work out to more than Lifetime Learning, but it’s only available for people in their first four years of school. 

As for the marriage “penalty” this usually is only the case when your incomes are similar–it might put you into a higher tax bracket.  But for couples with disparate incomes, it can actually be a tax BREAK, b/c it can drop the higher paid person down into a lower bracket.

Post # 12
Member
654 posts
Busy bee
  • Wedding: May 2010

UG! We just did our taxes! NO BUENO!

We made about 100.00 dollars less on our return then last year when we were single. I made 4x what I did in 2008 and thats fine when im single! I was almost getting a 2700 Tax return! BUT THEN we added in my husbands taxes too and it caused that to be chopped down to 1400! UHHHG! I think we jumped up tax brackets hence less money. I joked and said GRRR IF ONLY I WAS SINGLE ID BE ROLLING IN DOUGH! haha

Post # 13
Member
393 posts
Helper bee
  • Wedding: June 2011

well luckily i efiled, and they let me resubmit it for free, it took like 5 seconds to fix, but dealing with 4 SSN’s makes me lose my brain sometimes. i put in a 2 instead of a 3, i blame it on the numbers being right next to each other, haha.

Post # 14
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

We go to the accountant tonight. He said he would do it both ways, joint or seperate to see what would be best for us. Husband has always used this accountant, myself I always did them on my own, but not only did we get married, but we bought our first house, I went back to school and hubs got a new job last year so between the first time home buyers credit and all that, the paperwork is too confusing for me. Hoping we get a good one!

Post # 15
Member
3871 posts
Honey bee
  • Wedding: November 1999

Yeah, I’m going to do it both ways and see which one is better for us. 

 

Oh, @ mouse, you mentioned education credits.  I looked up the Lifetime learning credit but couldn’t figure out if I can use it if I’m a master’s student.  Or is it something that works if you are a undergrad student. 

 

Kinda sucks for us right now, since we don’t own a house or have kids. 

Post # 16
Member
1508 posts
Bumble bee
  • Wedding: October 2009

Oh jeez. I think we’re going to get hit with the penalty. We only have a 10,000 income difference this year.

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