I just got married in June and was wondering if it is better for my husband to claim me or for us to file seperatley? This is our first year owning a home together and he also has a rental property. He makes 2x as much as I do, but there any credits for him claiming me? Thanks!!!
2007-10-16 04:33:30 · 6 answers · asked by It's a girl due 5/11/09 4 in Business & Finance ➔ Taxes ➔ United States
Unless you have an unusual financial situation, which it does not sound like you do, it is typically better for you to file married joint. This will usually give you a larger refund than filing married separate.
2007-10-16 04:38:04 · answer #1 · answered by jonmm 4 · 3⤊ 0⤋
He's not really supposed to claim you unless he provides over half your support or your related. You've got two options of filing...married joint or married separate.
More often then not it's best to file married joint because better tax rates. Plus with married separate there are some issues about claiming rental losses relative to income and some other credits that are disallowed (IRS doesn't like people married filing separate).
If there are some issues regarding your new husband having back taxes/ defaulted student loans and other such tax matters than still file Married Joint, but you'll have to filed the Injured Spouse form. You'll definately want to seek professional tax advice in this case.
2007-10-16 11:51:07 · answer #2 · answered by Sherri M 1 · 0⤊ 0⤋
Your husband can't claim you as dependent. You can't claim your spouse your dependent. You have only two options: Married Filing Jointly or Married Filing Separately.
If you have income and your spouse does not have income or has a very little income, then it is better to file as Married Filing Jointly. If both of you have almost equal income, then it won't make much difference. Also may credits and deductions are not available if you file Married Filing Separately. So normally you should file as Married Filing Jointly, unless there is a compelling reason to file otherwise.
This is from IRS publication 17: Your Federal Income Tax.
Tip. If you and your spouse each have income, you may want to figure your tax both on a joint return and on separate returns (using the filing status of married filing separately). Choose the method that gives the two of you the lower combined tax.
2007-10-16 13:46:59 · answer #3 · answered by MukatA 6 · 0⤊ 0⤋
Go to IRS.GOV and forms; get Pub 17 and read it; it makes the whole area less gray. You have two filing choices; Married, filing jointly, or Married, fililg seperate. Under Married, filing seperate, you forfeit quite a few things; and your itemizing or not itemizing must be identical, one cannot itemize without the other itemizing. You are not a second class citizen; you and your husband have equal footing before the IRS. Make sure you are singing from the same sheet of music when you do your tax return. It doesn't matter who makes more or less; everything is yours anyway; or else.
2007-10-16 11:55:31 · answer #4 · answered by acmeraven 7 · 0⤊ 0⤋
You do get credits for claiming a married status. However, there may be other things out that you are not aware of, such as: liens, levy, medical, 1099s, 401k, and so on. The best way is to either go to an accountant or tax person or if you are doing your own taxes, get the books for the forms that you want to file and compute both ways.
2007-10-16 11:41:08 · answer #5 · answered by T 5 · 0⤊ 0⤋
The best way to do this is to figure out both filings; married joint or married filing separate. If you do them both, you will see how the figures are different, beneficial or not.
2007-10-16 14:29:31 · answer #6 · answered by jrie67 3 · 0⤊ 0⤋