I'm confused how this will work because I will only have been married for 1/3 of the year (married Sept. 2nd). Her mother claimed her on taxes before this. Also, my wife is a college student who worked part-time throughout the year. Whats the best way to file and what benefits are there?
2006-12-26 03:58:15 · 5 answers · asked by nipsy3 2 in Business & Finance ➔ Taxes ➔ United States
Since you're married on December 31, you will either need to file married filing joint or married filing separate. Her mother shouldn't be claiming her as a dependent for 2006. Your income and her income will be "pooled" and taxed as joint income if you are filing jointly. Working part-time, her income probably isn't that much, so jointly you should see your taxes go down. If you file separately, you will definitely see your taxes go up as it will be less beneficial to file separately.
2006-12-26 04:05:13 · answer #1 · answered by jseah114 6 · 2⤊ 0⤋
for many persons, there are none. 2 childless singles with comparable earning who get married will pay a similar total tax that they did in the previous getting married, oftentimes interior pocket replace of a similar volume. If their earning are extensively divergent there may well be some benefit in getting married and submitting at the same time, yet in maximum situations the version is barely adequate for a effective weekend getaway. there is one group the place marrying could nicely be a financial disaster. 2 single mom and dad with 2 or 3 babies each and every and modest earning interior the $20k area ought to take a large financial tub in the event that they marry. i've got seen some situations the place the hit grew to become into as large as $10,000 while in the past expected EIC money disappear into skinny air. the particularly some hit may well be tempered via the youngster Tax credit yet this is oftentimes no longer adequate to wipe out the wear and tear of replacing 2 x $5,000+ on the EIC for some hundred on a joint return.
2016-11-23 17:54:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The fact that you were only married for part of the year doesn't change anything - as long as you're married as of December 31, your filing status for the year is married filing joint or married filing separately - joint is almost always better.
Her mother won't be claiming her any more.
2006-12-26 12:57:33 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
get to file married and 2 instead of single and one, less tax. How best to file is dependent on your situation, income etc.
2006-12-26 04:07:35 · answer #4 · answered by David B 6 · 0⤊ 0⤋
check out which one would be more beneficial for you - file married joint, or married seperate. Since you just got married you can choose
2006-12-26 04:33:31 · answer #5 · answered by Anonymous · 0⤊ 1⤋