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Started By
Message
Newly married filling taxes next year
Posted on 9/18/17 at 10:19 am
Posted on 9/18/17 at 10:19 am
I recently got married and was wondering how I should file taxes next year, Jointly or separately? My wife makes less money than me and I have student loans.
6
Posted on 9/18/17 at 10:34 am to Red5LSU
Joint 99.99% of the time
Posted on 9/18/17 at 10:36 am to Red5LSU
It depends how much you make. My wife and I ended up having to pay the marriage tax when we got hitched.
Luckily she just birthed out first baby tax break this year!
Whoops, misread the question. I was thinking claiming married vs single.
Luckily she just birthed out first baby tax break this year!
Whoops, misread the question. I was thinking claiming married vs single.
This post was edited on 9/18/17 at 10:37 am
Posted on 9/18/17 at 10:45 am to Red5LSU
You can always input the information into Turbotax and run it under both scenarios to see which ends up as the better option for you. You can do it quickly by not concerning yourself with all of the deductions and just do a basic runthrough with your W-2 information. This should give you a decent idea as to how it will play out.
Posted on 9/18/17 at 11:25 am to Red5LSU
run it both ways but I haven't run across a situation where separately was better than joint.
Posted on 9/18/17 at 11:56 am to notsince98
quote:
run it both ways but I haven't run across a situation where separately was better than joint
We file separately due to student loans, as the OP mentioned he has.
He's just going to have to run the numbers.
Of course filing separately gives up eligibility for some credits and essentially makes direct ROTH contributions impossible, but we don't qualify for any of that stuff anyways.
This post was edited on 9/18/17 at 11:57 am
Posted on 9/18/17 at 12:44 pm to Red5LSU
(no message)
This post was edited on 9/18/17 at 12:45 pm
Posted on 9/18/17 at 4:06 pm to Teddy Ruxpin
quote:
We file separately due to student loans, as the OP mentioned he has.
You are not allowed to deduct student loan interest if you file Married Filing Seperately
Posted on 9/18/17 at 4:08 pm to Red5LSU
quote:
I recently got married and was wondering how I should file taxes next year, Jointly or separately? My wife makes less money than me and I have student loans.
IF you are in Louisiana, due to community property laws, it almost always makes sense to file married joint. The exception would be:
1) You have a seperate property agreement
2) One of you has tax issues from your time being single
Posted on 9/18/17 at 5:26 pm to LSUFanHouston
quote:
You are not allowed to deduct student loan interest if you file Married Filing Seperately
Don't qualify for that anyways.
Posted on 9/19/17 at 10:37 am to LSUFanHouston
quote:True, but if you are enrolled in an income driven repayment plan for your student loans, it may be cheaper to file separately because only your income is used to determine your student loan payment.
You are not allowed to deduct student loan interest if you file Married Filing Seperately
edit: Unless you live in a community property state, like LA, then it's half you and your spouse's adjusted gross income.
This post was edited on 9/19/17 at 10:40 am
Posted on 9/19/17 at 4:45 pm to jturn17
quote:
edit: Unless you live in a community property state, like LA, then it's half you and your spouse's adjusted gross income.
IBR will only calculate using your income if you file separate federal returns, regardless of the state you live in.
And correct, this is useful and could offset the paltry $2,500 student interest deduction. And as mentioned, if you wouldn't qualify for any of these deductions or credits anyways filing jointly, it starts to make a lot more sense to file separately.
This post was edited on 9/19/17 at 4:48 pm
Posted on 9/20/17 at 8:15 am to Teddy Ruxpin
I have to start looking at our upcoming tax issues after marriage. She is a Vet with very sizeable loans so we will more than likely be filing separately for the next 20 years to keep my income out of the equation for her IBR loans.
Posted on 9/20/17 at 8:20 am to TheNolaClap
quote:
She is a Vet with very sizeable loans
Kinda shitty that PSLF doesn't backdate time for vets towards the 10 years as an exception to the rule.
However, considering the Education Dept. seems hellbent on not fulfilling this program for even first responders, it may not even matter.
This post was edited on 9/20/17 at 8:20 am
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