My husband is an At-Home Dad and had a few part time jobs during the year. I thoughtif the amount is less than $600 you don't file. If so, would I file "married separately"?
2007-01-16 05:35:31 · 5 answers · asked by Sharonzeke 2 in Business & Finance ➔ Taxes ➔ United States
IRS publication 501 (link 1) gives the exact IRS requirements of when you have to file a tax return.
In short, if you're 'married filing separately', you do not have to file if your total income for the year is LESS THAN $3300. So no, he does not have to file at all as long as you also file separately.
On the other hand, if you file jointly, then you do have to include his income with yours. This may still be a good idea, however, because sometimes you get better deductions and rates because of it. I would recommend trying it both ways and seeing which one works out better. Or paying someone else to do it (just be careful - a lot of tax preparers have no more experience or knowledge than some schmo off the street!).
2007-01-16 05:53:38 · answer #1 · answered by Doctor Why 7 · 0⤊ 0⤋
There is no benefit to filing as "Married Filing Seperately." Filing "Married Filing Jointly" will definitely be the best way to file.
Every year the minimum requirement to file your tax return goes up.
For a married couple, this is calculated by adding the Standard Deduction + 2 Personal Exemptions. For 2007, this is $10,700 + $6,800 = $17,500. The reason for this is that every person automatically gets to deduct their standard deduction and personal exemption from their taxable income. If you made less than the combination of these two, then you have 0 tax liability.
So, if you made less than $17,500, you are not REQUIRED to file taxes.
However, this does not mean you shouldn't file! If you made $8,000 on a regular job and had taxes taken out of those wages, you will get all those taxes refunded to you when you file.
The catch is, if you file "Married filing Jointly" and put your W-2 information on the return, your husband is required to report the $600 he made, even though he is not required to file if he were seperate. The benefits of filing jointly will outweigh the tax liability of the $600 that he needs to pay taxes on.
You can go to any tax preperation place to find this out, or simply call the IRS directly as they offer free tax preperation to low income individuals.
Check out IRS.gov for more information.
2007-01-16 13:47:23 · answer #2 · answered by Colique 2 · 0⤊ 1⤋
You're likely to be better off filing jointly, since you can take more advantage of his automatic deduction, and use that to offset some of YOUR income. Thus saving you money on your taxes.
Anyone with any income should always file, regardless of how much they made. It's possible to get credits that will actually PAY you, depending on income levels, children, etc...
You should consult a tax professional, or at least buy a tax software program. You can run tests of which would work better for you and save you the most money in taxes.
2007-01-16 13:41:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You'd almost surely be way ahead (pay less taxes) by filing jointly. You would claim all of your income and his on that return. You're right, if he only made a few hundred dollars, actually up to $3300, he would not have to file if you just filed as married filing separately, but your total taxes would probably be more that if you file joint.
2007-01-16 13:42:42 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Regardless of his income you'll almos always be better off filing jointly. He does not need to have any income at all for you to file jointly; the only requirement is that you are married according to the laws of your state.
2007-01-16 13:53:08 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋