Im married, and my wife has not worked the entire year. mabey only 5 months part time. shes currently going to carrer college and we have a lone witch we do not have to pay on yet... not untill she graduates next year. My son clearly is not working, and hes only 11 months old come end of the year... but im the only one working, and for most of the year i Filed on my W2's Single and 2 exemptions..
How should i file for my tax returns? Married seprately with 2 Dependants, or Jointly with 2 dependants
Clearly she paid in on taxes but we want to get the most of what we paid in back... given the senario im the only one working for all of 2007 she came back from leave after having the baby and worked for verry little before being layed off... she did not collect unemployment...
PLEASED ENLIGHTEN ME SO I CAN DO MY E-FILE!
2007-12-07 12:05:34 · 8 answers · asked by Demetre J 1 in Business & Finance ➔ Taxes ➔ United States
A wife is a spouse, not a dependent.
You can file:
jointly with your wife and child. This is usually the best method since it allows for EIC and education credits if you are otherwise eligible.
You can file married filing separately claiming your child. And your wife could file MFS as well. No EIC and no education credit, plus higher tax rates.
2007-12-07 12:09:49 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Your best bet would be Married Filing Jointly in almost all cases. You only claim one dependent, your child.
You never claim a spouse as a dependent. You do get two personal exemptions on a joint return though, one for you and one for your spouse.
In nearly all cases you would pay more tax filing Married Filing Separately. You'd also lose out on most tax credits that way, including the EIC.
2007-12-07 14:23:21 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
File Married Filing Jointly claiming three personal exemptions. Married Filing Separately is the least desirable filing status to ever use.
2007-12-08 00:03:57 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
Your mother has some choices. She can file either married filing Joint or Separate as the others have stated. If she has any qualifying children and maintains the home for them, she could also file as Head of Household. A tax professional will be able to prepare the returns all different ways to determine the lowest tax liability and largest refund. Sorry for your loss.
2016-04-08 00:36:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Suggest you consider filing married jointly with wife with
one dependent - your child. Believe, you will lose money if you file separately. If you don't have anyone to do your taxes,
you might want to consider purchasing one of the tax
software programs (TAX CUT federal and state, for example), and just follow the procedures outlined. Or, you can go to one of the Tax Representatives (H&R Block, another example) and pay them to prepare your tax forms. You can get them to do the e-file too at extra cost. From your
question contents, sounds like you will be preparing a short
form and should not cost too much for preparing and filing
the tax return (state and federal). Maybe you have
a friend that has or will purchase the tax software and
can prepare the tax forms for you.
2007-12-07 12:20:40 · answer #5 · answered by Chief70 2 · 0⤊ 0⤋
Married Jointly is the way.
Using your wife as a dependent on your taxes would have greater impact at your tax bracket (28%?), than in her own (11%)
The tax rates for Married/Joint are lower than of Married/Separate.
There are several deductions/credits that are allowable when filing married joint.
2007-12-07 12:18:35 · answer #6 · answered by beckoningsubstitutes 5 · 0⤊ 0⤋
I would think that you file jointly and add your son. It comes out a three dependents.
2007-12-07 12:12:48 · answer #7 · answered by Jerry 2 · 0⤊ 0⤋
File jointly - that will minimize what you pay for taxes.
2007-12-07 19:07:06 · answer #8 · answered by Judy 7 · 0⤊ 0⤋