For those of you who are married and have filed your taxes, did you file married joint returns or married separate returns? I am so confused as to which to do? I am trying to do our own and I am pulling my hair out!!!
Buttafli1277
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Re: Tax Question for those who are married already???
We filed joint. If your married, why would you file seperately??
Samanthas Mom
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Re: Tax Question for those who are married already???
there is a category married separate it doesnt mean your separated just your both filing your own individual tax return but checking off married
Claud2001
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Re: Tax Question for those who are married already???
Married couples who don't share finances often file separately. We file jointly, since all of our finances and assets are joint (and the fact that I don't have an 'income' as a SAHM makes that a no-brainer)...but, we filed jointly even when I was working.
Teri
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Re: Tax Question for those who are married already???
There are a few cases where it's better to file separately, but I can't remember them! The large majority file jointly I believe.
That's what we do
Stacey1403
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We filed jointly too
nycchic_24
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Ok when you file jointly, you use one form for both of your w's or do you file 2 separate forms totally still?
I am so retarted when it comes to this!!!!!
Teri
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Re: Tax Question for those who are married already???
one form for each fed. and state that you both sign
nycchic_24
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Thanks so much!
I am ready to pull out my hair over here!!!! LOL
Stacey1403
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Re: Tax Question for those who are married already???
You could try here Turbo Tax my Mom just used it and it was so easy
Re: Tax Question for those who are married already???
noreen...you might want to figure it out both ways...depending on how much you made it may be better to file married separately...we are doing it this year, b/c we don't have a house deduction for 2003 and we were both unemployed for part of the year...
however, I can not deduct my student loan interest...it still comes out better...
Jenn P
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Re: Tax Question for those who are married already???
I believe most of the time it's either better to file jointly or it just doesn't matter. One example I can think of where it's better to go separately is if one spouse has very large medical bills. You can deduct non reimbursable medical expenses that exceed 7.5% of your income. If you file jointly the percentage is of both of your incomes but if you file separately it applies to the individual incomes. That's just one example.
MSN.com has a tax calculator where you can calculate it both ways.
LIWeddings
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Re: Tax Question for those who are married already???
Under current tax law, married filing joint is more advantageous than married filing separate because the rate of taxation is cheaper for the married joint filer. In other words, the same dollar amount of income would be taxed at a higher rate for a married separate return than for a married joint return. You may have someone bring up the marriage penalty. This is a mathematical flaw in the tax code that effectively taxes two individuals at a higher rate then two SINGLE (not married separate) taxpayers.
nycchic_24
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WOW! I feel so honored! Liweddings answered me personally!
Thank you very much for the information!
LIWeddings
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Re: Tax Question for those who are married already???
Welcome!
Just sorry it took so long. Been rather busy lately.
michele31
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Re: Tax Question for those who are married already???
We file married joint...but I might as well just throw my money on the doors of Albany and the White House. They just take, take, take! I need to have my road paved or something to feel that at least some of my cash is doing something for me
shelzyp
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Re: Tax Question for those who are married already???
Posted by LIWeddings NYCityWeddings
Under current tax law, married filing joint is more advantageous than married filing separate because the rate of taxation is cheaper for the married joint filer. In other words, the same dollar amount of income would be taxed at a higher rate for a married separate return than for a married joint return. You may have someone bring up the marriage penalty. This is a mathematical flaw in the tax code that effectively taxes two individuals at a higher rate then two SINGLE (not married separate) taxpayers.
This is not always true. My friend who got marreid in 2003, got about 2,000 more by filing married filing seperate. Really just depends on teh numbers and how they add up. Sometimes two incomes put you into a much higher tax bracket, then seperately.
Sage10.03
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Re: Tax Question for those who are married already???
We filed married but seperate b/c we were able to get more money back this way.... Not sure why or of the specifics my accountant noted, but for us...it worked.
violet
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Re: Tax Question for those who are married already???
I definitely think you'll make more money filing separately. My FH made more out of his taxes alone than my friend and her husband did combined.
And even our tax guy told us you make more money filing separately.
MrsTC
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Re: Tax Question for those who are married already???
we just filed joint and OWE $2k the accountant told me it is because our incomes doubled since we got married and technically combined our income. Plus my DH didnt have enough taken out! He said next year when we are (hopefully) homeowners, we will get $$ back.
