My wife and I live in FL, don't own a home and don't have enough deductions to itemize. I made about $29k last year and she made about 16k - can anybody help?
2007-03-02 14:28:29 · 8 answers · asked by JohnnyBeGood 1 in Business & Finance ➔ Taxes ➔ United States
If you are not itemizing it really does not matter. The IRS passed a law a few years ago making the the standard deduction and tax brackets for married filing joint two times that of the deduction married filing seperatly. If you file jointly you will have about $28,100 of taxible income after the standard deduction and exemptions. this means you will owe $1,510 +$1,950. This is a 15% marginal tax bracket.
If you file seperatly you will owe $755+1950.
She will owe $755. Both of you are in the 15% marginal tax bracket. Either way you owe $3,460 to the federal government. Sorry I never deal with Florida so I don't know their tax brackets.
If she makes less then 16K then it might save you a few dollars to file joint since she would not cover the full amount that can be taxed at 10% before your rate goes up, but I would file joint just to aviod the extra hassel anyways.
If you have very different incomes and are itemizing this will make of a difference since some of the items count as a deduction only if greater then 7.5% of you Adjusted Gross income. If the lower income individual has alot of medical expenses I would file seperatly.
If you do not itemize you should always file joint (unless there are legal issues, you are getting a earned income credit, or trying to qualify for some income limited program) since this will allow more of you income to be taxed in a lower bracket.
2007-03-02 15:40:12 · answer #1 · answered by Rochelle K 1 · 0⤊ 0⤋
Most of the time you get more refund or owe fewer taxes when filing jointly. There are occasions that you would want to file separately, but the information you provided says you are probably better off filing jointly.
2007-03-02 14:32:50 · answer #2 · answered by Brian G 6 · 1⤊ 0⤋
Well I would figure it up both ways and see how you do, I know that normally they don't require you to file jointly if you weren't married more than 6 months in the year, but if one of you files head of household, and then with your normal deductions you should get a good amount back. But I'd get both forms and figure it up. My husband and I will be married for a year next weekend, and last year filed separately even though we lived together and got more back last year, than we did this year filing joint. Good luck.
2007-03-02 14:38:58 · answer #3 · answered by mason 3 · 0⤊ 1⤋
Jointly
2007-03-02 14:31:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It really depends on many factors. Filing jointly is almost always the best bet, and in your case you have no deductions to speak of (except for yourselves), thus you would probably be best filing jointly. I am certain that your situation would be best filing jointly.
2007-03-02 14:34:14 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Jointly is the best bet. I've been married just over a year, and from what i've found it's just a hassle to fill seperately, unless there is some special reason too.
2007-03-02 14:33:24 · answer #6 · answered by Anonymous · 1⤊ 0⤋
File a joint return. It'll save you some taxes over filing as married filing separately - probably not a lot though.
2007-03-03 04:26:09 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
You should file "Married filing Jointly." This will maximize your refund or minimize your payment......good luck!
2007-03-02 14:36:53 · answer #8 · answered by ? 5 · 0⤊ 0⤋