My wife and I are seperated, if we file joint the amout would be larger than if we each file single, but we would have to split it. So if I file single would I get more back than the amount I would get when the joint return is split?
2007-12-02 04:27:15 · 4 answers · asked by Ernie P 1 in Business & Finance ➔ Taxes ➔ United States
You can't file as single. Your options are married filing separately, or filing a joint return. If you file joint, you'd have to decide between the two of you how any refund would be split, and could have the amounts direct deposited into two accounts. There's no law that it must be split equally, or any other way, so there's really no way to answer your question, it would depend on the split you two agreed on.
2007-12-02 04:41:09 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
You can't file as single. Per pub 501, if you are married on the last day of the year, you are considered married for the entire year. If you are married you have 2 choices with 1 exception. You can file married joint or married separately, you may be able to file as head of household if you lived apart the entire last six months of the year and you provided a home for someone such as a parent or child.
The standard deduction for married separate is the same for single. Married filing jointly is twice the MFS or Single amount. The reason joint returns usually have a larger refund or lower balance due is Married Separately has restricted tax benefits such as you can't take the Earned Income Credit.
If you file a joint return, it makes you just as responsible for the taxes as your wife. If you split up and one of you owes, the both spouses are jointly responsible. Same goes with the refund, it is joint. If you file separately your tax liability or refund belongs to you not your spouse.
2007-12-02 04:56:42 · answer #2 · answered by Charlie & Angie G 4 · 3⤊ 0⤋
It depends on a number of factors: who earns more; if you have children, who will claim them as dependents; who will get the benefit of deductions such as mortgage interest, and property taxes, etc. You and your wife need to talk to a tax specialist who can help you answer these questions.
2007-12-02 04:46:37 · answer #3 · answered by Nancy G 4 · 0⤊ 2⤋
that all depends on your deductions. i recommend that you purchase a tax software & change the filing status to determine this. once you & your ex agree witht he filing status, then file. that's what i did when i was separated.
2007-12-02 04:40:09 · answer #4 · answered by hi91977 3 · 0⤊ 2⤋