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Started By
Message
married filing jointly or separately
Posted on 1/19/15 at 11:03 am
Posted on 1/19/15 at 11:03 am
My wife and U are wondering if we would get better returns filing separatly. We ran the numbers jointly and it dropped after I added her income.
I started the return separately but don't know what to do with community property. We don't have any retirement thing only our income from work and we have a home and 2 vehicles.
Any help would be appreciated. We are trying to maximize returnsbso we cab pay off past tax debt from before our marriage.
I started the return separately but don't know what to do with community property. We don't have any retirement thing only our income from work and we have a home and 2 vehicles.
Any help would be appreciated. We are trying to maximize returnsbso we cab pay off past tax debt from before our marriage.
4
Posted on 1/19/15 at 11:10 am to TigerDat
I'm no tax expert, but there are some serious drawbacks to filing separately, especially as it pertains to ROTH IRAs, ie, you effectively cannot contribute to one if you file separately.
Someone can correct me if I'm wrong or add to it.
Someone can correct me if I'm wrong or add to it.
Posted on 1/19/15 at 11:14 am to Teddy Ruxpin
That's the thing.neither of us have anything like that. We are just trying to get the biggest return we can to try and get rid of the tax debt we have.
Posted on 1/19/15 at 11:24 am to TigerDat
In most cases it is more beneficial to file jointly.
Posted on 1/19/15 at 11:34 am to TigerDat
unless you have some unique circumstances its rarely ever beneficial to file separate. For example, I have a friend who's on an income based payment plan for his law school student loans, he files a separate return his payment is cut in half. He takes a hit on taxes, but saves big on his monthly payments.
Going from the most tax friendly classification to the least isn't a great strategy to maximize your refund though
Going from the most tax friendly classification to the least isn't a great strategy to maximize your refund though
This post was edited on 1/19/15 at 11:41 am
Posted on 1/19/15 at 11:39 am to BilJ
OK thanks for the replies. We were exploring it because our returned was cut in half once her income was added.
We thought maybe filing separate would keep us in a lower bracket making out gross return between the 2 higher even though I won't see mine
We thought maybe filing separate would keep us in a lower bracket making out gross return between the 2 higher even though I won't see mine
Posted on 1/19/15 at 12:10 pm to TigerDat
If you are in LA, unless you had an agreement before marriage, wages are community property. You add both of your wages together, and each would report half on an MFS return.
Student loan interest deduction is also denied under MFS, which may be important to you.
Student loan interest deduction is also denied under MFS, which may be important to you.
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