filing jointly or separately?

Question

My husband and I were wondering how to file....jointly or seperatly. He claims married 0 and I claim married 1. Together we have 1 child and he has another from a previous relationship. We do not own our own home and do not have any stock, bonds, or IRA. Would it matter how we file? What would be the benifit of each of the filings?

Answer 1

If he can claim his child from an earlier relationship on a separate return, as someone suggested, then you could also claim that child on a joint return, so that doesn't make any difference. There are specific rules for a non-custodial parent being able to claim a child, and it's not just that the mother doesn't claim - see instructions for form 1040 under dependents.

A married couple is eligible to file a joint return - that almost always comes out the same or better than filing as married filing separately. The person who suggested calculating it both ways has a good point. When calculating MFS, be sure you realize that you are not allowed to take many of the credits that you could take if filing jointly, EIC and child care expenses.

Answer 2

What kind of income and deductions if any are you taking about here? If I told you to file married/joint returns, you probably would still be apprehensive. Prepare your returns jointly and separately keeping in mind that on the separate returns, he of course can claim his child from a previous relationship if the mother is not claiming the child and you or him can claim the child you have together. Compare your returns and see which situation gives your the best advantage for yourself.

Answer 3

Usually filling jointly will get you the biggest return. You can run it both ways to see but I am right.

Answer 4

It is very rare that married and separate beats married together. Also there are some credits you cannot take when you do married separate. (.like daycare expenses for sure)