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Message
Was married last year ad wonder whether to file individually or as a couple
Posted on 1/24/14 at 7:51 am
Posted on 1/24/14 at 7:51 am
We were married in April so this is the first time we have faced this decision. We own a home and she has student loans but I think that's probably about the only things we claim. She probably made around $33k and I probably made around $63k. Any advice on which would be more beneficial in our situation?
ETA: no children
ETA: no children
This post was edited on 1/24/14 at 7:53 am
4
Posted on 1/24/14 at 7:57 am to swampdawg
if you were married on Dec 31 of last year, file jointly
Posted on 1/24/14 at 8:01 am to Pilot Tiger
Thanks. What are the advantages of filing jointly?
Posted on 1/24/14 at 8:07 am to swampdawg
Mo money, usually. Also you should've changed your W-4 with your employer as soon as you got married. That's interest free money you're giving to the government.
Posted on 1/24/14 at 8:08 am to Chasin The Tiger
Yeah we didn't even think about changing our w4's
Posted on 1/24/14 at 8:52 am to swampdawg
Most likely filing jointly will be the most beneficial. Very seldom does filing separately help except maybe for certain things that phase out based upon income levels.
Posted on 1/24/14 at 8:57 am to fishbig
Posted on 1/24/14 at 9:45 am to swampdawg
One thing that hasn't been made clear yet is that the IRS looks at your status on December 31, so you do not have the option to file individual. You can only chose between Married Filing Jointly, or Married Filing Separate. There are a lot of disadvantages to MFS, and student loan interest might be one of them, but I don't remember.
Posted on 1/24/14 at 9:45 am to fishbig
quote:
Most likely filing jointly will be the most beneficial. Very seldom does filing separately help except maybe for certain things that phase out based upon income levels.
This
Very rarely, if ever, is filing separately a good thing (at least to my knowledge).
As a previous poster said, whatever your status is as of December 31st of that year, that's what you can file.
Although I'd have to look up the requirements as it pertains to married couples who have been separated for an extended period of time.
Posted on 1/24/14 at 9:58 am to dcrews
Only way I know of MFS being worth doing is if you are using the Income Based Repayment program for repaying your spouse's student loans and your spouse has no income. Essentially, depending on family size, it would save you on what your monthly bill would be, but of course, you get screwed by having to file that way. They get you one way or another.
Posted on 1/24/14 at 10:32 am to statman34
I think the example that is used most often for when MFS is better is if one spouse has large medical bills, and can not reach the 7.5% floor using MFJ, but can using MFS.
Posted on 1/24/14 at 10:59 am to CubsFanBudMan
Yes, that is another example I have seen. There aren't many out there.
Posted on 1/24/14 at 12:25 pm to swampdawg
I got married in January 2013, am I reading correctly that we should file joint? Checked with my wife's aunt who is a CPA and she said we couldn't until we file next year
Posted on 1/24/14 at 12:30 pm to MNCscripper
quote:
Checked with my wife's aunt who is a CPA and she said we couldn't until we file next year
If you are married at any point during 2013, you can file your 2013 taxes as married-joint.
Posted on 1/24/14 at 12:36 pm to MNCscripper
quote:
Checked with my wife's aunt who is a CPA and she said we couldn't until we file next year
She must have misunderstood the question, if you married in 2013 you most certainly can file joint for 2013
Posted on 1/24/14 at 1:54 pm to yellowfin
What is the standard deduction for filing individually vs. married filing jointly vs. married filing seperate.
I will likely be an exception to the rule but our taxes are very easy to file. (I don't get married til later this year)
I will likely be an exception to the rule but our taxes are very easy to file. (I don't get married til later this year)
Posted on 1/25/14 at 12:32 am to BACONisMEATcandy
Is it illegal, regardless of chances of getting audited or not to file Single if you were married at any point in the previous year?
I know there are pros/cons of MFS vs MFJ, but are you allowed w/o penalty to file single for 2013 if your tax status was single,0 for a portion of the prior year, 2013?
I know there are pros/cons of MFS vs MFJ, but are you allowed w/o penalty to file single for 2013 if your tax status was single,0 for a portion of the prior year, 2013?
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