I recently filed married filing separately claiming one child from previous marriage. My husband is going to file with the child from our marriage. Is that best option to getting a $$ refund ?
2007-01-12 11:50:16 · 8 answers · asked by edluvc 1 in Business & Finance ➔ Taxes ➔ United States
It's O.K. to do it that way, but there are so many disadvantages to filing seperately. Especially if you have dependents.
You don't qualify for quite a few different credits and the deductions are much less. Nameley the credit for child and dependent care expenses, Earned Income Credit, Education Credit. You CAN get the Child tax credit, but it is at a reduce income level (1/2 of those for a joint return).
If you're filing seperate because you expect to lose the refund, better to pay more on what you owe than get a check for a fraction of that since you'll have to pay it otherwise. Sorry if you already know that, I just hate to see anyone give away money.
2007-01-12 13:18:19 · answer #1 · answered by Smart1 3 · 0⤊ 0⤋
A few years ago, the Tax Code in the US was unfair to couples because the married deduction ( if you itemize ) was NOT twice of the single deduction.
As such, many couples, especially where both partners had good income, preferred to file seperately, as they get a better deal on their deduction.
This problem has now been fixed, and the married filing jointly deduction is now exactly twice that of the married filing seperately deduction.
Your situation may be different, however, so I would suggest you go to a tax professional, or buy software like TaxCut or Turbo Tax, do the returns both ways, and see which results in lower tax.
2007-01-12 11:58:48 · answer #2 · answered by InspectorBudget 7 · 0⤊ 0⤋
Married filing separately is usually the highest tax bracket. You will not be able to claim the child care credit. It would be better for you to file jointly and claim the 2 kids, unless one of you owes back taxes and the IRS is going to attach your refund.
2007-01-12 12:01:14 · answer #3 · answered by WendyD1999 5 · 0⤊ 0⤋
Did you really already file MFS with one child? Do your taxes over and see if you made a mistake. Amend your return to get a bigger refund.
Unless you and your spouse did not live together at any time (even for one day) for the last six months of the year, you should re-do your taxes as MFJ and see if you get a better refund.
If you didn't live together at any time during the last six months of the year, see if you qualify as head of household.
2007-01-12 16:31:56 · answer #4 · answered by ninasgramma 7 · 0⤊ 0⤋
Assuming that you live with your husband, you will nearly always do just as well or better filing jointly. If you and your husband are separated and living apart, it might be possible for one or both of you to file as head of household and come out ahead.
2007-01-12 12:04:26 · answer #5 · answered by NotEasilyFooled 5 · 0⤊ 0⤋
No, it's almost sure that you'd do better filing jointly. You could figure it both ways to be sure, but it would be a very unusual combination of circumstances for filing separately to be better.
2007-01-12 12:00:41 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
it depends on how much you both made together last year. if you possibly qualify for the earned income credit, you would not be eligible for it if you file married filing separately.
2007-01-12 12:34:52 · answer #7 · answered by nrsldy04 3 · 0⤊ 0⤋
If married you have to file together.......... you will find the taxes will equal out to the same if you filed either way
2007-01-12 11:54:14 · answer #8 · answered by Nana 6 · 0⤊ 2⤋