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First year married tax question
Posted on 2/16/17 at 7:47 am
Posted on 2/16/17 at 7:47 am
This is the first year of being married and filing taxes. I am trying to determine if I need a CPA or just try it myself.
I've done both our taxes using TurboTax the last several years. Simple single no major deductions type stuff.
2016 we got married, no kids
I made >70k
She is a full time grad student on grants ~13k
No debt, except she took out her first student loan, no payments yet
She took trips for interviews,so we have some deductions there
Some deductions from the wedding bc of it being in a public park
My main question is jointly or separate, and would a CPA beneficial in my situation?
I've done both our taxes using TurboTax the last several years. Simple single no major deductions type stuff.
2016 we got married, no kids
I made >70k
She is a full time grad student on grants ~13k
No debt, except she took out her first student loan, no payments yet
She took trips for interviews,so we have some deductions there
Some deductions from the wedding bc of it being in a public park
My main question is jointly or separate, and would a CPA beneficial in my situation?
5
Posted on 2/16/17 at 8:02 am to SCndaBR
Sounds like a prototypical TurboTax situation. No CPA needed in my opinion.
This post was edited on 2/16/17 at 8:04 am
Posted on 2/16/17 at 8:52 am to SCndaBR
Turbo tax. No CPA. Just keep in mind that your standard deduction just doubled to about 11k.
Posted on 2/16/17 at 9:10 am to SCndaBR
I don't think a CPA is necessary. Even if you miss on some deductions it doesn't sound like a whole lot left in the table
Posted on 2/16/17 at 9:10 am to SCndaBR
Sounds extremely typical. As said don't go to a CPA. TurboTax is your friend.
Posted on 2/16/17 at 9:11 am to Ryan423
quote:
Just keep in mind that your standard deduction just doubled to about 11k.
$12,600 for MFJ in 2016
Posted on 2/16/17 at 11:45 am to SCndaBR
Stick with TurboTax and run 2 different scenarios to see if you come ahead. Run it as MFJ and see what you owe, refunded; then do the same as MFS and see what each owe/refund. Just keep in mind that if one itemizes, both have to itemize.
Posted on 2/16/17 at 3:41 pm to Weekend Warrior79
quote:
Stick with TurboTax and run 2 different scenarios to see if you come ahead. Run it as MFJ and see what you owe, refunded; then do the same as MFS and see what each owe/refund. Just keep in mind that if one itemizes, both have to itemize.
Has this worked for anyone? I'm a CPA in corporate taxation so I'm not an expert on the individual side but the only case that comes to my mind where it would net more to file MFS would be a situation where one spouse had enough in med bill to meet the individual floor, but not enough to meet the MFJ floor. What other situations can arise?
This post was edited on 2/16/17 at 3:43 pm
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