We got married this year, and my wife moved in to my house. Her name is not on the house or land. I didn't know the advantages or disadvantages in filing jointly or seperately. Which way is best ?
2006-11-01 08:55:22 · 8 answers · asked by msufan1999 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Now that you are married and as long as you continue to live together you have two choices. Married Filing Jointly (MFJ) and Married Filling Separately (MFS). It is rare that the later is advantageous. Most of the credits available go away under MFS. Normally the only time it is helpful if one of you has back tax issues or liens that the other wishes to avoid. If that is not the case file MFJ. The title issue makes little or no difference for tax purposes particularly if you file MFJ.
2006-11-01 11:24:10 · answer #1 · answered by ? 6 · 2⤊ 0⤋
If would be in both you and your wife's best interest to file married filing jointly otherwise you are taxed the same as single. I advise my clients that if they can get along well enough to sit through a return without any hostility and sign the return and both can agree on how they want the refund and who gets what amount to file together. That isn't always the case, but it is YOUR best alternative. If you or she has children together, who ever provided over the support and if the relationship was over for over months of the year, then that person would claim head of household and the other person would file single. On our tax screens that we use there is a marriage calculator that we can use and show our clients the benefits or married filing joint vs. married filing separate. Good Luck.
2016-05-23 05:25:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would say jointly since it would result in lower tax than married filing seperately. The only time filing seperately works is if the lower paid spouse has high medical bills that would not get deducted on a joint return
2006-11-01 22:39:17 · answer #3 · answered by waggy_33 6 · 0⤊ 1⤋
Filing jointly is almost always more benficial than filing separatly. You get higher standard deduction and lower income limitations on some things.
2006-11-01 08:59:55 · answer #4 · answered by Dana B 2 · 2⤊ 0⤋
On the surface, joint returns are more of a benefit to you. If either of you owe for a previous tax year you may want to use caution though. Your joint return can be intercepted to pay previous tax years.
2006-11-01 10:42:56 · answer #5 · answered by othellonuevo 2 · 1⤊ 0⤋
You would have to have a professional assess your specific situation. It's impossible to tell with such limited info and without looking at your incomes, assets, etc.
2006-11-01 08:58:41 · answer #6 · answered by Phoenix, Wise Guru 7 · 1⤊ 0⤋
In Canada - you can fill out the forms either way first - and then choose the least painful one.....if there is any difference.
2006-11-01 08:59:21 · answer #7 · answered by Smilin' Fred 4 · 1⤊ 0⤋
seperately you get more money and if irs is looking for her they will take your money if you file with her. school loans etc.....
2006-11-01 08:59:37 · answer #8 · answered by lilbagel21 2 · 0⤊ 3⤋