What do you guys think would be the best way for my husband to file? He is the only one working right now...I worked part of the year...But, didnt make much..so Im not even gonna file...We have 1 child...Own our own home...(just bought it in Oct)...We want to get back as much as possible.
2007-01-31 11:16:38 · 6 answers · asked by Erin 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Likely joint.
2007-01-31 11:22:52 · answer #1 · answered by Rob D 5 · 0⤊ 0⤋
You should file Married Filing Jointly. Your incomes get combined and you have one dependent. Since you own your own home take the time to compare the Standard Deduction versus the Itemized Deduction to see which one works out best for you. Depending on the age of your child, you may qualify for the child tax credit as well. (under the age of 17 at the end of 2006.
2007-01-31 19:53:45 · answer #2 · answered by anr 3 · 0⤊ 0⤋
You are married and you must report your earnings with your husband...."I didn't make much so Im not even gonna file" won't do it. Sorry. (Unless you made less than $400 in 1099 income)
So, file MFJ. If you paid interest and taxes, you might be able to itemize on Schedule A rather than deducting the standard deduction of $10,300 for MFJ. Your husband does not have much of a choice about how to file. He can file married filing separately, which has higher tax rates than MFJ. Taxpayers "elect" to file MFJ, because it is a better tax rate. Those are the only two choices for him if you two lived together more than 6 months of the year. See Publication 17 on the IRS website irs.gov.
2007-02-01 04:42:28 · answer #3 · answered by LuvDylan 5 · 0⤊ 1⤋
Your best way to file would almost surely be to file a joint return showing the total of your incomes.
The other option is for him to file as married filing separately, but he'll pay more taxes that way. And since you made SOME income, he will not be able to claim an exemption for you on his return.
If he files as married filing separately and your income was under $3300, then you don't have to file - if you made more than that, then you are required to file and would also file as married filing separately, and could not take a standard deduction if your husband itemizes.
2007-01-31 21:46:42 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
From the information you gave, it appears as if a joint return would be in order. You have already stated that you were not going to file, so it appears as if you and your husband will get more back jointly. But now, that would be you filing, so?
That is my answer from Washington, D.C.
2007-01-31 19:26:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, I would go with a joint.
Smoke it up and then read all of the IRS BS and try to figure it out from there....
If you have a PC, use Turbo Tax, it will guide you to the most tax savings!
2007-01-31 19:25:15 · answer #6 · answered by JackJester 5 · 0⤊ 0⤋