I was just wondering if my fiance and I are getting back more money in taxes than we would if we got married.
2006-08-23 01:28:08 · 13 answers · asked by swordlord23 4 in Business & Finance ➔ Taxes ➔ United States
yes but why would you want to , the tax break would mean you got more money coming back to you .
2006-08-23 01:29:59 · answer #1 · answered by vpsinbad50 6 · 0⤊ 0⤋
Yes, but I strongly discourage it, because you lose a lot of credits, like Earned Income Credit, Child Tax Credit, and a few more.
Most of my clients want to file MFS (Married filing separately)b/c the other owes back taxes, child support or student loans, but now you can file what is called an injured spouse claim on a joint return. It basically says, ok, I made 60% of the money, so I get 60% of the joint refund. They take the other part and apply it to the other person's debt. It does take about 8-12 weeks for the IRS to process it, but usually, you still get more money back than if you file MFS.
2006-08-25 05:07:06 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Yes!
In some cases, Taxes should be computed both ways, jointly and separately.
If you are "not married", you cannot file jointly.
If you will get more refund by not marrying this year, so be it. Is it enough to make a difference?
Our great tax laws.
Figure it both ways!
2006-08-23 01:34:48 · answer #3 · answered by ed 7 · 0⤊ 0⤋
If you are married, you can still file seperately, but you should look at filing together. Unless one of you makes a whole lot of money and the other doesn't make so much, filing together would give you a better tax break.
2006-08-23 01:30:34 · answer #4 · answered by shirley_corsini 5 · 0⤊ 0⤋
Yes, Status is Married filing separately. Penalty is enormous. If you are thinking of doing this, calculate your taxes both ways before deciding. (You should not be getting money back, if you are you are giving the government an interest free loan. Adjust your withholding)
2006-08-23 01:31:59 · answer #5 · answered by Bob S 3 · 1⤊ 0⤋
I married couple can use the "Married Filing Separate" filing status. The MFS status is rarely advantageous and is used most often when one of the two parties doesn't trust the other party. Many of the credits available to "Married Filing Joint" filers are not available to MFS filers. The education credit, Earned Income Credit, etc...
Good luck!
2006-08-23 02:16:33 · answer #6 · answered by Adios 5 · 1⤊ 0⤋
You can file separatley but you get a tax break for being married, so you would in fact get more money back filing jointly.
2006-08-23 01:32:28 · answer #7 · answered by 10 pts for me? 4 · 0⤊ 0⤋
yes i file seperately every year you get back what taxes you put in from work and if you have kids you get money back from that also i dont know your work situation but the person filing your taxes can tell you if you will get more back by filing alone or together try going online to HRblock they can answer questions about that I file my kids on my taxes so i get way more money than he does.
2006-08-23 01:32:03 · answer #8 · answered by Anonymous · 0⤊ 1⤋
You can file under "married filing separately". this is usually done if one spouce has serious financial problems, or you are separated at the end of the year. It is usually not the best way to get bigger refunds.
2006-08-23 01:35:12 · answer #9 · answered by tweetymay 6 · 0⤊ 0⤋
yes file separately
2006-08-23 02:12:45 · answer #10 · answered by Anonymous · 0⤊ 0⤋