I did start doing my tax via turbo ended up we are paying 2700 i tried to file separate it got lowered?

Question

Did try filing separately and since he (retired) does not have much tax taken out - i let him have all the deduction on his return and none for me. The amount is much lower(733)it that possible? And when I do my return I still need to do itemized where there is nothing to claim? Please help I do not have $2700 right now your help is greatly appreciated

Answer 1

Sometimes, filing separately does help. But it sounds like you just prepared his without checking to see how Married filing separately would affect your return as well. You need to experiment and do both returns to see whether it's more beneficial to file jointly or separately. And yes, if you file separately, then BOTH of you have to Itemize. If you let him take all the deductions, then your Itemizing would be $0. Usually filing jointly is more beneficial. You can request an Installment Agreement from the IRS and pay them in monthly payments.

Answer 2

As a general rule, married filing separately is not helpful. However, in some rare cases, it can benefit you.

What you need to do is both returns separately and see how this affects you in total. Perhaps it is best to owe on 'his' return since he earned less and allow you to take the deductions - - or is there a way to spread them out between you?

Regardless of how it turns out, be aware that the IRS will allow payments if you can't muster all the money to pay up - - check Publication 17 at www.irs.gov for more information.

Answer 3

one element to evaluate may be the way you used swifter Tax... in case you purchased the utility and loaded it onto your very own computing gadget, and have been given an instantaneous deposit refund, then it sort of sounds like your rebate would desire to bypass on on your economic enterprise account. on the different hand, in case you used their website, and processed your return with the aid of them, then you definately gets a rebate examine. yet another element to evaluate is how the refund and value have been dealt with - On our tax prep utility we are able to designate as much as 3 distinctive money owed that we could like the refund sent to. i will guess in case you owed swifter Tax a $one hundred fifty value and have been waiting for a $one thousand refund there are 2 approaches they might handle it. in the event that they positioned the $one thousand refund of their account and then transfered the $850 on your account, the IRS will deliver you a rebate examine. in the event that they positioned on one line that $850 would desire to bypass on your economic enterprise account and $one hundred fifty would desire to bypass to their account, it must be that the IRS will deliver you the rebate direct deposit.