What is the best way to file taxes when getting married, and we both have children from a previous marriage?

Question

My fiance and I have children from another relationship, I have 2 and he has 1. Im concerned when we get married we will have to file jointly and we will lose that extra money. When married can we still file seperate and claim our own children on our taxes. Neither one of us plan on adopting the others children. I get at lest 4-5 thousand and he gets $2000, will we get less back filling together?

Answer 1

If you file separately neither of you will be eligible for the EIC and filing separately can also exclude or elimination other credits and deductions. Usually it is more beneficial to file Jointly,

Answer 2

You won't have to file a joint return, you can still file separately, but your status would be married filing separately, not single or head of household. You'll almost surely pay less total tax between you if you file a joint return rather than separate returns.

Whether you file jointly or separate, you will still be able to claim the children as dependents, and take the child tax credit if they're young enough. Filing jointly you'd still be allowed to take dependent care credit and EIC if you're eligible - filing separately you could not take either. On a joint return, your EIC eligiblility would be calculated on your joint income - again, if you are married and file separate returns, you don't get EIC.

For tax purposes, it doesn't matter whether you adopt the other's children or not.

Answer 3

Once you're married, you lose the second "head of household" benefits, although there are still various benefits for married couples with dependent children (three between you). As several others said, you need to work out the taxes both ways. For instance, if one of you makes very little and qualifies for various low-income goodies, you could have a benefit to filing separately. However, if you make roughly the same amount (in the same tax bracket), it's probably better to file jointly.

Still, work it out both ways this first year, so you know the issues you're facing. I've been there: dependent step-child, disparate income, and it was *still* better to file jointly.

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Answer 4

You both get so much money back now because you both file as Head of Household. You won't be able to do that if you are married, even if you file seperately.
Next year when tax time rolls around, try it both ways -- married filing seperate, or married filing jointly. I think you will find that filing together will be better than filing seperately

Answer 5

From my experience working with H&R Block, you will need to try both ways of filing, and use the method that gets you least taxes owed.

In the vast majority of cases, married filing jointly works best.

Answer 6

while you're married and lived mutually at any time interior the final 6 months of 2008, you are able to desire to report as married submitting at an identical time or married submitting one at a time. Legally, Head of spouse and little ones does not be allowed. i'm referencing the link decrease than to the IRS Pub 17, beginning up on web page 21 and continuing to web page 24. so which you would be able to determine your taxes as at an identical time to confirm what your refund may well be. additionally do your state return in case you reside in a taxing state. Then determine each of you submitting one at a time, federal and state. Whichever way nets you the superb tax project may well be the thank you to report. Laura H – H&R Block – Senior Tax consultant 5 **this recommendation became arranged in keeping with our understanding of the tax regulation in result on the time it became written because it applies to the data which you presented.

Answer 7

You should file jointly. By filing separate you take a bigger hit because only one of you can itemize. On rare occasions filing separately make work, but it's doubtful. If your still not sure trry it both ways and see which one works better. I'm betting that joint will come out much better.

Answer 8

Work on the joint numbers versus separate filing and see which allows you for lesser tax payable.

Answer 9

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