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married filling seperate tax bracket

2007-02-28 17:24:06 · 5 answers · asked by jackbail@sbcglobal.net 1 in Business & Finance Taxes United States

5 answers

That depends upon your individual incomes. Filing separate returns does have higher rates. You each get half of the standard deduction ($5,150 for each of you) but if one of you itemizes both must itemize even if your deductions are $0. You also lose out on many credits and exclusions such as the EITC, Child Tax Credit, education credits, and the exclustion of gain on sale of a home.

On rare occasions it can be beneficial to file separate returns. You should prepare your returns both ways and file whichever way gives you the lowest total tax liability.

Filing separete returns also isolates you from any adverse actions from your spouse's tax return. If your spouse files a separate fraudulent return, YOU cannot be penalized or prosecuted but if you filed a joint return BOTH of you could be penalized and / or prosecuted for a fraudulent return.

2007-03-01 00:24:11 · answer #1 · answered by Bostonian In MO 7 · 1 0

The quickest way to check to see if you will get more money, which I assume you are doing is to go to turbotax.com and enter in all your info and click the married filling joint button and look at the amount of the return and then click the married filling seperate button. They don't charge you until the return is submitted so you can check out which is best before you file even if you want to file on with a 1040. Normally married filling joint is the best unless both of you make very little money.

2007-02-28 17:33:38 · answer #2 · answered by mommy102905 3 · 0 0

huh? wouldn't that depend on your deductions, initial net pay, a whole load of things? can't tell you. also, is this federal you're asking or state. 'cause if it's state, then ask someone from your state as a lot of states do not have a state income tax. feds, of course, affect all 50 plus. the 'off-the-top-of-my-head" rate percentage would be in the bracket of somewhere around 30-35%. that's 30-35 cents for every dollar earned & kept. that's a lot of $$$. by the way, your 'seperate' is really spelled 'separate'.

2007-02-28 17:32:08 · answer #3 · answered by blackjack432001 6 · 0 0

Injured substantial different (type 8379) comes into play in case you report mutually, one among you has a premarital debt (tax, baby help, student loan) and the different would prefer to get some funds decrease back quite than paying the debt. in case you report one after the different, the type isn't mandatory and because it incredibly is no longer used, would not upload time to the processing.

2016-12-14 07:59:47 · answer #4 · answered by girardot 4 · 0 0

See IRS instructions for 1040, page J-9 (a few pages from the end) for tax rate schedules for the various filing statuses. You can download it at irs.gov or pick up a copy of the booklet at your local post office or library.

2007-02-28 18:49:35 · answer #5 · answered by Judy 7 · 0 0

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