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#1788936 - 02/25/13 07:22 PM
Re: I hope a simple tax question
Orrsislander
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Power Poster
Joined: Mar 2005
Posts: 6,298
San Diego, CA
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He has to file since he earned income but he will mark that someone claims him as a dependant. He files for his income. You don't report his income on your formm, just claim him as a dependant and increase your deduction.
That said, anyone knwo the benefits of married filing single or married filing joint? I don't even knwo why there is a option but this year I need to pick, and fast, btu dont knwo what is better, if there even is a difference.
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#1788937 - 02/25/13 07:23 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Apr 2005
Posts: 3,663
TN
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I don't really know what the difference is, but I run my taxes both ways and pick whichever gives me the biggest refund. To date it has always been married filing jointly.
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#1788940 - 02/25/13 07:24 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Feb 2008
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Deleted
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What she said ^^^^
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#1788943 - 02/25/13 07:28 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Mar 2005
Posts: 6,298
San Diego, CA
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http://www.bankrate.com/finance/money-guides/tax-filing-for-couples.aspxThe hubby doesnt have any itemized deductions, so mayeb this year we shoudl do it separately, based on the article above. I use TurboTax...anyoen knwo if it is easy to pick filing status on turbotax after your info is entered? I only used it once before last year when i was still single.
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#1788948 - 02/25/13 07:37 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Sep 2011
Posts: 1,651
A CU, Where Regs Don't Apply
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You can change it easily in TurboTax, just go in and edit your personal information. It should also suggest what your optimal way of filing is, but I suppose it depends on if you want to trust it or not.
I had the same issue to resolve this year, we ended up paying someone to do it. First time I've ever paid someone to do my taxes, I was sad.
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#1788964 - 02/25/13 07:55 PM
Re: I hope a simple tax question
Orrsislander
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Posts: 34,318
under the Lone Star
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I can't imagine the unusual circumstances that would have to exist for filing single versus filing jointly resulting in lower taxes on a federal return. You could lose a lot of credits and deductions.
Turbotax can quickly allow you to run both ways.
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#1788967 - 02/25/13 08:09 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Jun 2005
Posts: 4,594
Easy Street
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Simple tax question...Oh I remember those days. I wish you Tax luck, Dip. We will need it too.
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#1788976 - 02/25/13 08:31 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Jun 2004
Posts: 19,975
Pulling people out of the ditc...
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yeah, but you have moving exoenses for a new job outside of your normal state, Cheekee...you may be able to claim those! but consult a tax professional to be sure
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#1788984 - 02/25/13 08:40 PM
Re: I hope a simple tax question
Pale Rider
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Joined: Jan 2008
Posts: 199
The Bluegrass
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I can't imagine the unusual circumstances that would have to exist for filing single versus filing jointly resulting in lower taxes on a federal return. You could lose a lot of credits and deductions.
Turbotax can quickly allow you to run both ways.
The first year my husband and I were married we filed married filling separately. It worked for us because I made almost double what he did that year. We also bought a house and I got the first time home buyers credit. He is accountant so thankfully I don't have to pay anyone to prepare my taxes.
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#1788991 - 02/25/13 08:53 PM
Re: I hope a simple tax question
HappyGilmore
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Joined: Jun 2005
Posts: 4,594
Easy Street
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yeah, but you have moving exoenses for a new job outside of your normal state, Cheekee...you may be able to claim those! but consult a tax professional to be sure I will attach a note to my taxes that says per Happy I get lots of $$ back you sons of ____.
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#1789004 - 02/25/13 09:21 PM
Re: I hope a simple tax question
chenin
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Joined: Apr 2005
Posts: 3,663
TN
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If one spouse or the other owes back taxes, child support, etc one may want to file seperately. Or an injured spouse claim....though the injured spouse claim will delay your refund by several weeks (like 12!).
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I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.
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#1789012 - 02/25/13 09:37 PM
Re: I hope a simple tax question
Orrsislander
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Power Poster
Joined: Mar 2005
Posts: 6,298
San Diego, CA
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I heardx that too Mani but from what I saw online, seems you can make the choice each year...
Hubby and I make about the saem but he puts much more away to his 401K than I do. Also, he has nothign to deduct that I am aware of, but I have plenty with the house (house and mortgage are in my name only and will stay that way). I saw online that if you fiel jointly you muct both itemize, but i think the hubby's standar deduction is more than if he itemized...almost positive on that. We dont have kids or earned income credits or anything liek that so we might be filing separately. Will see what turbotax concludes though...
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#1789018 - 02/25/13 09:50 PM
Re: I hope a simple tax question
Dani York, CRCM
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Diamond Poster
Joined: Jul 2007
Posts: 2,120
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If one spouse or the other owes back taxes, child support, etc one may want to file seperately. Or an injured spouse claim....though the injured spouse claim will delay your refund by several weeks (like 12!). I thought about that after I posted.
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#1789045 - 02/25/13 10:28 PM
Re: I hope a simple tax question
Orrsislander
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Joined: Jun 2001
Posts: 8,272
Where the heart is
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^^One of the definitions you will find under the term: Oxymoron
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#1789060 - 02/25/13 11:15 PM
Re: I hope a simple tax question
Orrsislander
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Power Poster
Joined: Mar 2005
Posts: 6,298
San Diego, CA
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CA is community property.
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#1789070 - 02/26/13 12:02 AM
Re: I hope a simple tax question
Orrsislander
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Platinum Poster
Joined: Feb 2003
Posts: 879
Big Sky Country
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Orrsislander, is it just you filing? i.e. filing "single", not "joint" with a spouse? If so, you will likely qualify as head of household too. Look into it! Ka-ching!
Oh, and your son won't be harmed by you taking his dependent exemption. Like Dip said, he cannot claim himself as a dependent (since you are) but it sounds like his income is low enough that the standard deduction will wipe out his taxable income anyway, giving him a full refund of whatever withholding his employer made.
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#1789101 - 02/26/13 02:49 AM
Re: I hope a simple tax question
Dip
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Power Poster
Joined: Apr 2005
Posts: 3,663
TN
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I heardx that too Mani but from what I saw online, seems you can make the choice each year...
Hubby and I make about the saem but he puts much more away to his 401K than I do. Also, he has nothign to deduct that I am aware of, but I have plenty with the house (house and mortgage are in my name only and will stay that way). I saw online that if you fiel jointly you muct both itemize, but i think the hubby's standar deduction is more than if he itemized...almost positive on that. We dont have kids or earned income credits or anything liek that so we might be filing separately. Will see what turbotax concludes though... It was my understanding that if you file married filing separately, you both have to itemize or you both take the standard deduction. You cannot have it both ways (ie one itemizes and one doesn't). Check on that, but that has always been my understanding. ETA: In fact from the link you posted earlier: Deduction flexibility also is sacrificed. If one spouse itemizes, both must itemize, splitting the items to be listed on a separate Schedule A for each. That means a partner with few deductions couldn't use the standard amount and might get cheated when it comes to reducing taxable income.
Last edited by Dani York, CRCM; 02/26/13 02:51 AM.
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I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.
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#1789180 - 02/26/13 03:04 PM
Re: I hope a simple tax question
Orrsislander
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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Y'all sound like a bunch of 1 percenters. Pay your fair share! Don't be greedy!
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#1789233 - 02/26/13 04:20 PM
Re: I hope a simple tax question
Orrsislander
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Diamond Poster
Joined: Sep 2011
Posts: 1,651
A CU, Where Regs Don't Apply
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We have to pay to support all the old people Not having kids or a house or anything exciting, and not having to itemize makes things really easy. Unfortunately with forms not being ready on time, ours are done and waiting for the IRS to finalize things so they can be submitted! (At least, last I knew they were still waiting) Me and my education credits complicated everything.
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#1789286 - 02/26/13 05:40 PM
Re: I hope a simple tax question
Dani York, CRCM
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Power Poster
Joined: Mar 2005
Posts: 6,298
San Diego, CA
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I heardx that too Mani but from what I saw online, seems you can make the choice each year...
Hubby and I make about the saem but he puts much more away to his 401K than I do. Also, he has nothign to deduct that I am aware of, but I have plenty with the house (house and mortgage are in my name only and will stay that way). I saw online that if you fiel jointly you muct both itemize, but i think the hubby's standar deduction is more than if he itemized...almost positive on that. We dont have kids or earned income credits or anything liek that so we might be filing separately. Will see what turbotax concludes though... It was my understanding that if you file married filing separately, you both have to itemize or you both take the standard deduction. You cannot have it both ways (ie one itemizes and one doesn't). Check on that, but that has always been my understanding. ETA: In fact from the link you posted earlier: Deduction flexibility also is sacrificed. If one spouse itemizes, both must itemize, splitting the items to be listed on a separate Schedule A for each. That means a partner with few deductions couldn't use the standard amount and might get cheated when it comes to reducing taxable income. Oh man, I read that wrong...thought it meant filing jointly you both have to do it the same. Thsi is so stupid. Who makes up these ridiculous rules???
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