Me and my fiance' are planning on getting married this Oct.We already have a 2 yr old son.
I recently was approved for the best financial aid offer ever. will my fafsa be based on his taxes next year? i have 2 more years of college to go and really can't afford to have to pay for it on my own and by next year even if he will be making some pretty good $$, we would like to buy a house and get our life started already.
2007-09-05 19:47:11 · 9 answers · asked by miramiraonthewall 2 in Business & Finance ➔ Taxes ➔ United States
Yes, you can file as married filing separately even with having a child together.
The only thing is it's just about the worst filing status that you can take, as there are a number of deductions/credits that you lose with that filing status.
Married taxpayers filing separate tax returns
Married taxpayers can choose between filing a joint tax return or a separate tax return. The Married Filing Separately filing status provides fewer tax benefits than filing joint returns, but taxpayers will need to weigh the pros and cons and decide for themselves which is the best filing status.
If you are married, then you and your spouse can file separate tax returns. The married filing separately (MFS) filing status is the least beneficial of all the filing statuses. That's because MFS taxpayers are not eligible to claim the following tax benefits:
Tuition and fees deduction
Student loan interest deduction
Tax-free exclusion of US bond interest
Tax-free exclusion of Social Security Benefits
Credit for the Elderly and Disabled
Child and Dependent Care Credit
Earned Income Credit
Hope or Lifetime Learning Educational Credits
MFS taxpayers also have lower income phase-out ranges for the IRA deduction.
Additionally, MFS taxpayers must both claim the standard deduction or must both itemize their deductions. In other words, one MFS taxpayer cannot claim the standard deduction if the other spouse is itemizing.
2007-09-06 01:38:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are allowed to file as married filing separately rather than filing a joint return. But it will almost surely cost you more in taxes, and many credits are not available if you do. Also, if you file as married filing separately, you'd still have to show his income on your FAFSA.
OK, he'll be making some pretty good $$ by next year? Then maybe you CAN afford to pay more toward your tuition. Not trying to sound rude here - but financial aid is for people who CAN'T afford school otherwise, not for people who would just rather buy things for themselves like a house and have the other taxpayers of the country support their schooling.
Anything you actually pay out of pocket toward tuition and fees will most likely give you an education credit for part of it, although you couldn't if you file as married filing separately.
2007-09-06 05:03:58 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Yes, you can file separately after you're married. The tax rates for filing a tax return under married filing separately is higher. Either you or your husband (after Oct.) can claim your son as dependent on the tax return but not both of you. I really suggest you discuss this with a good accountant and figure out the best way for all of you. There are too many unknowns to give you any good suggestions. Congratulation and good luck.
2007-09-05 20:03:08 · answer #3 · answered by Matrixcm 3 · 0⤊ 0⤋
If everything is working for you now. why change it and struggle. I'm one whom believes, to wait for marriage. You both still can do the same with taxes as if you were marriages. The Financial Aide doesn't come along all the time. You look at that money for your baby future. It's a Blue Moon. Beautiful isn't it. I think wait on the Wedding of your dreams. The home to buy of your dreams. You both also could do that Fanny Mae thing. You don't have to be married. Good luck!
2007-09-05 19:56:11 · answer #4 · answered by ? 6 · 0⤊ 1⤋
Yeah, it's the little option on the tax form that says married, but filing separately. Keep in mind though that for financial aid and other loans, the income they want is the TOTAL household income. Even if you don't touch his money and he doesn't touch yours, you still need to put it on loan apps.
2007-09-05 19:59:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can file taxes separately when married, however, you will end up paying more taxes than if you filed jointly. Only one of you will be able to claim the child on their tax return.
2007-09-06 00:14:40 · answer #6 · answered by Bowling chick 3 · 0⤊ 0⤋
you will not get into any hardship for submitting one after the other. in certainty whilst many couples have bigger earning and don't qualify for particular credit like EIC, then it ought to be greater effective to record married submitting one after the other. There are actually not any outcomes in case you record Married submitting one after the other. make particular and determine it the two procedures till now making a selection. the expert ought to furnish help to with this. The state you reside in could additionally help in making it greater effective to record one after the other. that's right here in Ohio many circumstances. Many taxpayers will record mutually one 3 hundred and sixty 5 days then one after the other the subsequent, whichever helps them to pay much less tax. Laura H – H&R Block – Senior Tax consultant 5 **this suggestion replaced into arranged in line with our understand-how of the tax regulation in result on the time it replaced into written because it applies to the data which you provided.
2016-11-14 07:58:17 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Yea, you can. but make sure that either you or your husband claim your son.
2007-09-05 20:00:15 · answer #8 · answered by Rain L 5 · 0⤊ 0⤋
SURE.YOU CAN FILE SEPERATLY FROM YOU SPOUSE,BUT ONLY ONE OF YOU CAN CLAIM THE CHILD
2007-09-06 04:12:30 · answer #9 · answered by Anonymous · 0⤊ 0⤋