Tax question: Married only part year. Which way to file - separate or joint?

Question

My wife and I married in August of last year. We both earn professional salaries and recently bought a home. Which way to file - separate or joint?

Answer 1

Your status is determined by the end of the year - on 12//31/06, you were married, so you file as married. Your choices are filing a joint return (almost certainly better for you) or married filing separately, which would probably cost you extra taxes.

Answer 2

In nearly all cases you will pay less total tax by filing a joint return. You can figure it both ways and file whichever way works out best for you.

Answer 3

Your better bet taxwise will more than likely be to file joint. But you can figure it out both ways. Generally the IRS says it's your marital status on December 31 that determines your filing status.

Answer 4

Figure your taxes both ways and take whichever gives you the best advantage. Usually, that is a joint return, but not always.

Many software programs will separate out the data for you after you have entered it.

Answer 5

It's probably going to be joint, but I'd do it both ways, because it may work out to your advantage to file separately. Good luck!

Answer 6

A significant different is in no way a based. for the reason which you're married, your in basic terms recommendations are Married submitting together and Married submitting one after the different. you will oftentimes pay much less tax by potential of submitting a joint return. in case you document a joint return none of her Social protection would be taxable. Your different earnings is fairly under the submitting requirement volume, regardless of the undeniable fact that for the reason which you have early distributions from quite a number of IRAs you will could document and pay the ten% early withdrawal penalty till you qualify for between the limited exceptions to the penalty. complete tax criminal duty: $a million,000. in case you document MFS her tax criminal duty would be $0 yet yours would be $625 plus the $a million,000 early distribution penalty. complete tax criminal duty: $a million,625.