We normally file as couple. This year wife is stay at home mom while husband works. Are there special considerations for filing? Should hubby file separately since wife doe not have income?
2007-08-10 03:22:17 · 6 answers · asked by Tushin 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
No, do not file as married filing separately, that is the absolute worst filing status!!! File as married filing jointly. No special considerations, other than if you have kids, and they are in day care you can't deduct child care expenses unles the wife has earned income. I've attached a link as to things you can't claim or that you lose by filing as married filing separately.
Married taxpayers can choose between filing a joint tax return or a separate tax return. The Married Filing Separately filing status provides fewer tax benefits than filing joint returns, but taxpayers will need to weigh the pros and cons and decide for themselves which is the best filing status.
If you are married, then you and your spouse can file separate tax returns. The married filing separately (MFS) filing status is the least beneficial of all the filing statuses. That's because MFS taxpayers are not eligible to claim the following tax benefits:
Tuition and fees deduction
Student loan interest deduction
Tax-free exclusion of US bond interest
Tax-free exclusion of Social Security Benefits
Credit for the Elderly and Disabled
Child and Dependent Care Credit
Earned Income Credit
Hope or Lifetime Learning Educational Credits
MFS taxpayers also have lower income phase-out ranges for the IRA deduction.
Additionally, MFS taxpayers must both claim the standard deduction or must both itemize their deductions. In other words, one MFS taxpayer cannot claim the standard deduction if the other spouse is itemizing.
2007-08-10 03:28:59 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Ask for advise from tax person or you can go on-line and check out some of the H & R block tax advise. My hubby and I file married jointly, I am a stay at home mom too. That right now gives us the best tax breaks.
2007-08-10 03:31:52 · answer #2 · answered by momtoboys 2 · 0⤊ 1⤋
I think that when both of you file the taxes together you are most likely won't loose any of the important bills. And you could also ask your hubby about certain bills.
2007-08-12 05:22:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Good grief no, don't file separately - it will most likely cost you extra taxes. Filing a joint return doesn't mean that both have taxable income. File joint.
2007-08-10 04:07:56 · answer #4 · answered by Judy 7 · 3⤊ 0⤋
file jointly. If you were to file sepreately, husband would get hit hard, and the wife would gain nothing.
2007-08-10 03:30:28 · answer #5 · answered by Donald S 3 · 2⤊ 0⤋
FILE JOINTLY.
2007-08-12 06:45:52 · answer #6 · answered by Mariam D 1 · 0⤊ 0⤋