My live in boyfriend is disabled and receives about 12K a year in Social Security benefits. I work and make about 35-40K per year. Currently we file our taxes as single and I claim both children and he doesn't have to pay anything. If we get married will it reduce our refund amount or increase it?
2006-09-14 06:10:14 · 9 answers · asked by lnfinitelylnteresting 4 in Business & Finance ➔ Taxes ➔ United States
Actually, tax wise, you are probably better off staying single.
If you get married you can either file jointly or separately. If you file separately, most of his social security will be taxed. People who file married-separate have to pay taxes on up to 85% of their social security from dollar one.
If you file jointly, because of your income, up to 85% of his social security will be taxed again. This is usually the case when one person works and the other receives social security.
2006-09-14 08:36:17 · answer #1 · answered by Wayne Z 7 · 2⤊ 0⤋
You should be filing as head of household, not single, since you have 2 dependent children you can claim. If you did not file as Single- Head of Household, you can file amended returns for the past three years and get additional refunds.
As far as claiming your boyfriend is concerned, you must provide more than half of his support in order for him to be your tax dependent. All of his Social Security that he spends counts as support that he provides. You would have to spend more than he does on his support (shelter, food, clothing, transportation, medical, etc.) in order to meet that test.
Getting married now or in the future will not impact your filing status for years that have already gone by (2005 and earlier). If you get married before 2006 is up, you would be able to file married for 2006. However, just as others have warned, you may negatively impact his benefit entitlement if you get married. I do not know about that. If you are married, some of his benefits may also become taxable, but the married filing jointly rates are lower.
2006-09-14 15:33:10 · answer #2 · answered by Andreas 3 · 0⤊ 0⤋
Marriage (filing jointly) always saves taxes. But in the last year or two they changed it to where someone else in your household can be claimed as a dependent even if they are not related to you. There are certainly rules but it is worth looking into. I took a tax course (free!) at one of the three big name tax prep places and learned quite a bit. I would advise it for anyone. It is to recruit you, of course, but you politely decline a job offer. I am now a "certified tax preparer" through the IRS and know how to do my own taxes next time.
Email me for more info, I can dig out my course info for you.
2006-09-14 13:44:42 · answer #3 · answered by mickeyg1958 4 · 0⤊ 0⤋
If you get married and file jointly it will increase your refund; maybe just a little bit, though.
Married filing separately is not a good option, it would reduce your refund.
2006-09-14 13:48:25 · answer #4 · answered by NANA 3 · 0⤊ 0⤋
The best thing for you to do is go ahead and do the paperwork for both, thereby giving you the correct answer. However, filing jointly will probably get you a better refund.
2006-09-14 13:27:48 · answer #5 · answered by skyeblue 5 · 0⤊ 0⤋
Personally, I wouldn't use an amateur opinion on this - it's a simple question for a C.P.A., and won't cost you much to get.
I think, if you want my amateur opinion, it is that you can get married, file "married filing separate" and you'll be better off. He doesn;t have to file income tax on social security unless he has income that puts him over $25K. I think.
2006-09-14 13:43:21 · answer #6 · answered by gabluesmanxlt 5 · 0⤊ 0⤋
if your not getting a full return getting married will help you get back more money that you paid. you can also claim him as a dependant if he is handicapped. be careful because if you get married and you make too much money he may loose his SSI income because they will base your total income instead of just his own
2006-09-14 13:33:01 · answer #7 · answered by steevo 3 · 0⤊ 0⤋
it should reduce the tax
2006-09-14 13:28:05 · answer #8 · answered by Marino 3 · 0⤊ 0⤋
i think it can,any way you will life in one place and you will share any thing and you will pay more little for bils
2006-09-14 13:27:33 · answer #9 · answered by mohsen m 3 · 0⤊ 0⤋