2007-01-10 04:01:38 · 7 answers · asked by mcslain 2 in Business & Finance ➔ Taxes ➔ United States
If you were married by Dec 31, you are considered married for the whole year for tax purposes. You can only file Married Filing Jointly or Married Filing Seperately.
The standard deduction (This is the amount of income you can earn before you have to start paying taxes) for MFJ is 10,500.
The standard deduction for MFS is 5,150.
It sounds almost the same, BUT MFS can not get most of the credit that the government allows to reduce the taxes you have to pay (tax liability).
MFS is almost always a bad choice when you are trying to get the most out of your return.
2007-01-10 04:20:01 · answer #1 · answered by Smart1 3 · 1⤊ 0⤋
If you are married on December 31st you have only 2 choices for that tax year, married filing jointly or married filing separately. 999 times out of 1000 it is MUCH better to file jointly. You get a higher standard deduction and filing separately excludes you from some breaks such as day care and educational credits. There are only 2 times you would want to file separately: if your spouse makes a ridiculous amount of money and it hurts your IRA deposits or limits you in another way, or if your spouse has back taxes or other government debts (like child support) which you will get nailed for. Although a better way around that is to file jointly and file an injured spouse form.
2007-01-10 04:12:44 · answer #2 · answered by It'sjustme 2 · 1⤊ 0⤋
You never HAVE to file jointly. If you're married, you always have the option to file as married filing separately. Filing jointly almost always results in a lower total tax, though.
2007-01-10 04:30:18 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You can file jointly or "married, filing separately". Have your tax professional work it up both ways and see which one gives you a better return.
2007-01-10 04:05:15 · answer #4 · answered by Emily B 4 · 1⤊ 0⤋
Assuming which you have been single on the tip of 2006, you may report as single for that 365 days. in the adventure that your mothers and dads qualify to declare you as a based, then sure they'd, and declare the EIC with you as a qualifying baby in case you meet all the guidelines. At age 23, you may in simple terms qualify in case you have been an entire-time pupil for no less than 5 months of 2006. Your getting married in 2007 does not substitute something tax-clever for 2006.
2016-10-30 13:06:38 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes you will have to file jointly but, you can file head of house hold and it will bring in more money for you both.
2007-01-10 04:06:38 · answer #6 · answered by grizzly girl 2 · 0⤊ 3⤋
Look at your tax forms !!! You have a choice to file either way. Which one is better will vary from couple to couple. I'd just fill out the forms both ways and see which one is better.
2007-01-10 04:09:09 · answer #7 · answered by Vinegar Taster 7 · 0⤊ 0⤋