Follow us on...
Follow us on Twitter Follow us on Facebook Watch us on YouTube
Register
Results 1 to 5 of 5
  1. #1
    carpe damn diem billy007's Avatar
    Join Date
    04.19.00
    Age
    54
    Location
    On the wild card line...
    Posts
    29,373
    Favorite VH Song

    "Dance The Night Away"
    Last Online

    07.23.18 @ 08:11 AM
    Likes
    1,257
    Liked 1,697 Times in 1,168 Posts

    Default Tax question: Married filing jointly vs. seperately

    What is the rule of thumb of knowing when to use "Married filing sepeartely" in lieu of "Married filing jointly" on your tax return? My wife has come of the opinion that there is some advantage and that her parents use to file that way (her father died in '98 - maybe there was an advantage back then), so she wants me to plug the numbers in that way to see. (I'm of the opinion that any difference would be minimal, if there is one) What should I be looking for? How do you know who to put the kids under, the deductions under, the interest under?

  2. #2
    Good Enough Rocket's Avatar
    Join Date
    02.05.00
    Age
    49
    Location
    CA
    Posts
    1,733
    Favorite VH Album

    Fair Warning & 1984
    Favorite VH Song

    Girl Gone Bad
    Last Online

    07.02.18 @ 03:04 PM
    Likes
    1
    Liked 112 Times in 46 Posts

    Default

    Best advice I can give is to get yourself a really good CPA for $250 and let him/her do your returns for you. You will get back much more than you could ever do for yourself and it will be well worth it.

    My friend had used TurboTax for a few years and ended up refiling after his accountant found a few grand he had over-paid.

  3. #3
    Atomic Punk jimmy812's Avatar
    Join Date
    06.03.04
    Age
    47
    Location
    Connecticut
    Posts
    7,640
    Last Online

    06.03.17 @ 05:59 PM
    Likes
    1,188
    Liked 327 Times in 204 Posts

    Default

    Can't you plug in the numbers one way and then compare it to plugging the numbers the other way? My father-in-law does our taxes and I thought he did that for us last year. There wasn't much of a difference in our case, however.
    2-time Fantasy Baseball Champion.

  4. #4
    Atomic Punk Dave's Dreidel's Avatar
    Join Date
    01.10.05
    Age
    47
    Location
    P.F. Chang, South Korea
    Posts
    41,553
    Favorite VH Album

    Alex, Dave, Ed and Mike
    Favorite VH Song

    The songs with Ed on them
    Last Online

    07.23.18 @ 04:26 AM
    Likes
    4,209
    Liked 21,346 Times in 10,655 Posts


    Premium Member

    Default

    There are only a few instances in which MFS would give you a smaller tax bill than filing MFJ. Most tax software will compute the comparison for you automatically, but when it does the computation it just splits everything down the middle deduction wise. The only time it can be of real advantage is in specific cases and then you would put all of the deductions, credits, etc. on one of the returns, not splitting them evenly.

    As mentioned earlier however, you do not qualify for the Tuition and Fees deduction, Student Loan Interest Deduction, Hope Scholarship, and the Lifetime Learning Credit. Also, you will hit the higher income tax brackets much quicker.

    I'm a CPA in Virginia, if you think there is some reason you may qualify send me a PM and I can go over with you on the phone.

    But for most married couples there isn't any benefit to doing it.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    A man's rights rests in three boxes: the ballot box, the jury box, and the cartridge box

    Hurricane Halen - Let's all gingery touch our sword tips!!!

  5. #5
    Atomic Punk edwardv's Avatar
    Join Date
    12.12.01
    Age
    60
    Location
    hanover pennsylvania
    Posts
    10,695
    Favorite VH Album

    diver down
    Favorite VH Song

    drop dead legs
    Last Online

    07.23.18 @ 09:41 AM
    Likes
    5,175
    Liked 2,828 Times in 1,749 Posts


    Premium Member

    Default

    How bout if I file..Divorced gave all my money to my X and the lawyers now its Uncle Sams turn?

 

 

Similar Threads

  1. Getting married
    By 5150 in forum VH Fans Meeting Place (Non-Music)
    Replies: 24
    Last Post: 05.13.07, 02:41 PM
  2. Ed getting married?
    By EDHEAD in forum Main VH Discussion
    Replies: 18
    Last Post: 09.13.06, 05:11 PM
  3. Married at the age of four
    By voivod in forum VH Fans Meeting Place (Non-Music)
    Replies: 4
    Last Post: 03.21.06, 12:50 PM
  4. Oh No...I'm Married Again !!!
    By Lodewijk in forum VH Fans Meeting Place (Non-Music)
    Replies: 20
    Last Post: 02.08.05, 06:09 AM
  5. Vv Is Getting Married!!!
    By Vinnie Velvet in forum VH Fans Meeting Place (Non-Music)
    Replies: 31
    Last Post: 12.08.00, 12:32 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •