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Thread: Taxes

  1. MilitarySOS Jewel
    HollySunshine's Avatar
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    #1

    Taxes

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    Does it matter if you file together or not? Previous years we have filed together and i've spent all god damn day working on our taxes and DH isn't thrilled with how much it says we are getting back.

    I would rather not take my business stuff to someone to file for me because well i'm NOT organized WHAT SO EVER... and I would rather not have to sit there trying to explain my pile of receipts to someone.

    So if I filed alone this year and let DH take his own damn taxes else where does it matter?
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    Ajax's Avatar
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    #2
    It shouldn't matter. DH and I filed separately, this year.
    if i never see you again i will always carry you
    inside outside

    on my fingertips and at brain edges

    and in centers
    centers of what i am of what remains
    --- charles bukowski.

    time to eas, baby!
  3. Meet me underneath the Oklahoma sky
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    #3
    It doesn't matter, but according to my CPA, you will be paying more taxes than if you file jointly.

    Both my CPA and my college roommate that is a CPA have both told me it is in your best interest to always file jointly.
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    #4
    You'll usually pay less filing jointly.
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    gunsgirl's Avatar
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    #5
    you can file seperate- but you will pay a higher tax on the wages earned.

    you can run the numbers both as married filing single and married filing joint without have to submit anything.
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    #6
    also one thing to consider is if you file married filing seperate you both have to itemize. your DH cannot take the standard deduction this could hurt if he does not have at least 5700 in deductions.
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    #7
    You can't just change from married filing joint to married filing single. You have to file paperwork for such change.

    Married filing joint provides more tax benefits. If you switched to married filing single you would essentially be taxed as if both of you were still single.


    If you choose married filing separately as your filing status, the following special rules apply. Because of these special rules, you will usually pay more tax on a separate return than if you used another filing status that you qualify for.



    Your tax rate generally will be higher than it would be on a joint return.

    Your exemption amount for figuring the alternative minimum tax will be half that allowed to a joint return filer.

    You cannot take the credit for child and dependent care expenses in most cases, and the amount that you can exclude from income under an employer's dependent care assistance program is limited to $2,500 (instead of $5,000 if you filed a joint return). If you are legally separated or living apart from your spouse, you may be able to file a separate return and still take the credit. For more information about these expenses, the credit, and the exclusion, see chapter 31.

    You cannot take the earned income credit.

    You cannot take the exclusion or credit for adoption expenses in most cases.

    You cannot take the education credits (the American opportunity credit and lifetime learning credit), the deduction for student loan interest, or the tuition and fees deduction.

    You cannot exclude any interest income from qualified U.S. savings bonds that you used for higher education expenses.

    If you lived with your spouse at any time during the tax year:

    You cannot claim the credit for the elderly or the disabled, and

    You will have to include in income more (up to 85%) of any social security or equivalent railroad retirement benefits you received.

    The following credits are reduced at income levels that are half those for a joint return:

    The child tax credit, and

    The retirement savings contributions credit.

    Your capital loss deduction limit is $1,500 (instead of $3,000 if you filed a joint return).

    If your spouse itemizes deductions, you cannot claim the standard deduction. If you can claim the standard deduction, your basic standard deduction is half the amount allowed on a joint return.

    Your first-time homebuyer credit is limited to $4,000 (instead of $8,000 if you filed a joint return). If the special rule for long-time residents of the same main home applies, the credit is limited to $3,250 (instead of $6,500 if you filed a joint return).

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