(Closed) What are the benfits of filing jointly or seperate with your spouse???

posted 6 years ago in Legal
  • poll: You should File
    together you are married now : (20 votes)
    74 %
    seperately : (4 votes)
    15 %
    it doesn't really matter how you file : (3 votes)
    11 %
  • Post # 4
    Member
    1185 posts
    Bumble bee
    • Wedding: April 2012

    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.

      (from TurboTax)

    Post # 6
    Member
    853 posts
    Busy bee
    • Wedding: December 2012

    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
    Member
    595 posts
    Busy bee
    • Wedding: October 2012

    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
    Member
    11233 posts
    Sugar Beekeeper
    • Wedding: August 2013

    So I did that IRS “What’s My Filing Status?” link (because I was curious what it would say for after Fiance 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
    Member
    390 posts
    Helper bee
    • Wedding: September 2012

    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
    Member
    7901 posts
    Bumble Beekeeper
    • Wedding: March 2012 - Pelican Grand Beach Resort

    @vorpalette:  I had a similar reaction. Veyr unhelpful tool

    Post # 13
    Member
    1718 posts
    Bumble bee
    • Wedding: September 2012

    @missbumblebee:  I can’t seem to find a straight forward answer on what happens if we are living in different states.  Darling Husband 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
    Member
    2239 posts
    Buzzing bee
    • Wedding: October 2012

    @vorpalette:  I seriously just spit out my water I was laughing so hard.  Oh my goodness.

    Post # 15
    Member
    11747 posts
    Sugar Beekeeper
    • Wedding: November 1999

    @missbumblebee:  That’s good to know.  We were wondering the same and plan to ask our accountant about it.

    Post # 16
    Member
    6123 posts
    Bee Keeper
    • Wedding: August 2012

    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.

    The topic ‘What are the benfits of filing jointly or seperate with your spouse???’ is closed to new replies.

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