Filing taxes - married filing separate or jointly?
I'm trying to help my parents out by filing their taxes online. I use Tax Hawk because they do not charge to file federal or Ky state tax. My mom started working in August so she has a little income grossed on her W2. My father received social security disability all year and does not have to file. They do, however, send him a statement saying how much he received in the year. He hasn't received this statement yet so I figured I would try to file them as married, filing separately. It popped up with an info bubble saying that wasn't a good idea to file separate because you won't get much out of your tax return. So what would everyone suggest on how to file their taxes? My dad pays in no taxes but should I still wait to file them together? Also, it mentioned that we could possibly claim him as a dependent care credit? Is this true?? They can no longer claim me so I was just wondering what the rules are on claiming him. Thanks!!
If you file married filing jointly and one spouse owes the IRS, is it taken out from both incomes?
IF you file jointly the IRS can keep the refund to pay off his debt,, However you can complete the Injured Spouse Claim to protect your portion of the refund Fill in the form 8379 and submit with your return, this will delay processing of the refund http://www.irs.gov/pub/irs-pdf/f8379.pdf
Married filing jointly or married filing separately...?
Just trying to figure out how I should file taxes in 2018. My husband has been unemployed for the past two years and I am the only one with an income of any kind which is through my job. I earn about 44k a year. He has a moderate amount of medical expenses and I have old student loans. We don't have a house and we get no support from the state (welfare, food stamps, SSD, Medicaid, ACA, etc.). Which way should we file?
How do you split the tax refund when a married couple files jointly but has separate finances?
Great question, specially since you are asking this in December 2015 and not in April 2016. I love when people think ahead :)Here is my take on the subject: Conceptually - each person pays his/ her own taxes, let us say you made $100,000 and your spouse made $50,000; you should pay taxes on $100k and the spouse should pay taxes on $50,000. This is simple.Here is how filing jointly is different than single filers:1. You lose certain things - for example, tax brackets for married couples aren't twice of single filers (marriage penalty)2. You gain certain things - let us take the above example of 100k/ 50k income. Let us say the 50k earning spouse had a 1k loss from a part time business. If the spouse was single, the loss would be deducted from 25% income bracket - $250 tax savings. But with a $150,000 combined earning, the loss is deducted from the 28% bracket, tax savings of $280. So a net difference of $30.Examples like "1" above in my opinion should be split either 50% - 50% OR in proportion to their incomes (or in proportion to their taxes).Examples like "2" - I can see an argument both ways. Spouse earning 50k was able to deduct from a higher tax bracket only because the first spouse was earning 100k so the first spouse deserves some credit too. Counter argument - if there was a profit, then the spouse earning 50k is solely liable for the tax. So I guess this is also a matter of conversation between the couple.Here is how I would go about it: Prepare your taxes as if you were single filers. Then prepare your joint return. The difference is the amount that need to be allocated between the two spouses.I would look at the underlying reasons for the difference - if the difference is purely because the IRS rules tax married people differently than single filers, then they should split the difference in proportion of their incomes.If the difference is due to something else, like the $1k business loss that got deducted from a higher tax bracket; I would guess the 100k earning spouse to have a large heart and let the lower earning spouse to keep that portion of the refund.A good relationship is a real treasure, not worth risking it for a few dollars.By the way, if you are financially responsible, then getting a lot of refund is a bad thing in the first place. Read my entire article here What to know before filling Form W-4? - One More Dime
How to divide a tax return for married filing jointly?
First, determine the total tax for you and her as a couple. Then divide that by the ratio of income from each of you. Example: If your total tax for the year is $5,000 and you earned $60,000 and she earned $40,000, then 60% of that tax is yours and 40% is hers. Then the refund accordingly. If $7,000 were withheld, 60% is yours and 40% is hers. Then do the math. 60% of $7,000 is $4,200. Your share of the tax is $3,000. Thus $1,200 of that refund is yours. 40% of $7,000 is $2,800. Her share of the tax is $2,000. Thus $800 of that refund is hers.
Income Tax Help- Newly married move to different state?
Here is the deal-- does anybody know how I should file taxes for my particular situation? I have worked in VA all 2006 but in Sept. I got married and moved to MD where my husband lives but kept my job. Since then I have paid MD taxes. When my husband and I went to HR Block to file they were very confused by the situtation and did not know how to file. When we tried to file joint married They said that I have not paid sufficient income tax for MD so I owe $1400!!! The thing is I was not living in MD all year to pay all those taxes I was paying taxes for VA. Also if it is done the other way around My husband owes alot of money to VA...but he never lived in VA!!! Can someone help me or point me in the right direction? We tried to file seperatley but they tell us its the same deal. I have gone to the IRS website but found no help. We are hoping to file jointly so I can use the hope scholarship credit.
I am married non resident alien (F1) & my wife is on F2 (non working). If I file as married filing separately in 1040NR, Do I owe more AMT than single?
Married filing separately is not a valid filing status for 1040NR (although it's commonly called that because nonresident alien joint returns are not allowed). Nonresident aliens either file as single or married; a nonresident alien who is a US national (a person who owes allegiance to the US without being a citizen) or a resident of Canada, Mexico, or South Korea can claim an exemption for a spouse who has no income, but that doesn't change the filing status.If I understand your circumstances correctly, you probably don't have a choice of filing status; you must file as married. I assume that you are living with your spouse.
I haven’t filed my taxes in 4 years. I always got money back, so I figured it wasn’t a big deal that I missed a year, and then I assumed my husband was filing us jointly. Recently divorced, If I owe, I may not be able to pay. What do I do?
First off, find out if your husband filed a joint tax return with your name on it. You don’t want to file twice. It won’t be easy, but there are several ways. If your husband used an accountant check with them. If not, call IRS or go visit a local IRS office. Visiting a local office might be easiest and best if one is available. They will be helpful. If you call, set aside an hour or more. There are many phone trees and it it is hard to get past the recordings. None of the recordings will tell you if you have filed a joint tax return. You can also order a copy of back tax returns. Google copy of old IRS tax return for instructions, and just order a transcript, which is free. That will take more time, and you may not have the required info if your husband filed.For any years a return has been filed, don’t worry any further. For any year that has not been filed, file the returns as soon as you can. Hire someone to help you file. If you need copies of W-2’s, etc., you should be able to get them by contacting old employers, banks, etc.There is a good chance you will not owe. If you owe in some years and have a refund in other years, IRS will offset the owed amount with the refunds. If you owe overall, IRS will set up a payment plan if you need it.Good luck!