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#1788932 - 02/25/13 07:18 PM I hope a simple tax question
Orrsislander Offline
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My 22 year old son lives at home and goes to college full-time; I still claim him as a dependent on my taxes. For the first time EVER, he worked last year and got his W2 in the mail. Can he file his own return, too, to get a refund of the taxes withheld (about $400.) Or can he not file since I claim him?

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#1788936 - 02/25/13 07:22 PM Re: I hope a simple tax question Orrsislander
Dip Offline
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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
Dani York, CRCM Offline
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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
manimal Offline
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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
Dip Offline
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http://www.bankrate.com/finance/money-guides/tax-filing-for-couples.aspx

The 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
Matt_B Offline
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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
Pale Rider Offline
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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
cheekEE Offline
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Simple tax question...Oh I remember those days. laugh

I wish you Tax luck, Dip. We will need it too. smile
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#1788976 - 02/25/13 08:31 PM Re: I hope a simple tax question Orrsislander
HappyGilmore Offline
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Pulling people out of the ditc...
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 wink
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#1788984 - 02/25/13 08:40 PM Re: I hope a simple tax question Pale Rider
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Originally Posted By: Pale Rider
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
cheekEE Offline
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Originally Posted By: HappyGilmore
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 wink


I will attach a note to my taxes that says per Happy I get lots of $$ back you sons of ____. laugh
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#1789003 - 02/25/13 09:20 PM Re: I hope a simple tax question Orrsislander
chenin Offline
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If one spouse or the other owes back taxes, child support, etc one may want to file seperately.

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#1789004 - 02/25/13 09:21 PM Re: I hope a simple tax question chenin
Dani York, CRCM Offline
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Originally Posted By: chenin
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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#1789005 - 02/25/13 09:23 PM Re: I hope a simple tax question Orrsislander
manimal Offline
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Can you switch back and forth year to year? For some reason I thought once you filed jointly, you had to keep filing jointly. confused
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#1789012 - 02/25/13 09:37 PM Re: I hope a simple tax question Orrsislander
Dip Offline
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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
chenin Offline
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Originally Posted By: Dani York, CRCM
Originally Posted By: chenin
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. crazy

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#1789045 - 02/25/13 10:28 PM Re: I hope a simple tax question Orrsislander
Princess Romeo Offline

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Quote:
simple tax question


^^One of the definitions you will find under the term:

Oxymoron
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#1789048 - 02/25/13 10:34 PM Re: I hope a simple tax question Orrsislander
Pale Rider Offline
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OK, so the hubby is socking away his earned income into pre-tax retirement and has no ownership in the house and its tax benefits. Is Cali a community property state? I wouldn't want to be the hubby in that scenario. He may be worth more dead than alive. eek
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#1789060 - 02/25/13 11:15 PM Re: I hope a simple tax question Orrsislander
Dip Offline
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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
RebekahL CRCM Offline
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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
Dani York, CRCM Offline
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Originally Posted By: Dip
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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#1789180 - 02/26/13 03:04 PM Re: I hope a simple tax question Orrsislander
Pale Rider Offline
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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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#1789227 - 02/26/13 04:05 PM Re: I hope a simple tax question Orrsislander
manimal Offline
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laugh
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#1789233 - 02/26/13 04:20 PM Re: I hope a simple tax question Orrsislander
Matt_B Offline
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We have to pay to support all the old people wink

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
Dip Offline
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Originally Posted By: Dani York, CRCM
Originally Posted By: Dip
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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