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Should a couple who has been married less than six months file taxes separately or jointly if one of them is a student?
Wiki User
∙ 17y ago
Tax laws now treat deductions the same for married as single You can file either jointly or seperately. Certainly many things enter into if one election is better than the other, and not only just which has a lower tax result. However, the most certain way to determine which is better is to simply prepare a return each way...it's really not too difficult to do by hand, but especially with all the computer return software and sites, some of which are available for free, many of which automatically run the test, it isn't hard to do. Off the top, if one of you has a reasonable income, and the other (the student) has little or none, it would seem clearly better to file jointly. The small income person probably actually doesn't have enough income to use up all the personal exemption and deductions they have by themselves, essentially wasting a benefit that could otherwise be used to offset taxable income of the wage earner.
Wiki User
∙ 17y ago
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Should married couples file togherther?
If only one of them has income, it will probably be to their benefit to do so, but not always. It's up to any individual couple whether they file jointly or separately.
How do you file your income tax married jointly?
You can file your federal taxes jointly if you are married. Even if your spouse is unemployed, filing jointly means he or she is still responsible for any outstanding taxes due should you not pay.
Why file single on your federal taxes when you are married and does it effect your spouse if one of you dies?
If you are married, you cannot (and should not) file single. Your choices are Married Filing Jointly or Married Filing Separately. The only time I usually see a Married Filing Separate return is either if the spouses, as a rule, just keep all of their finances separate, or if one of them owes taxes. Remember if you owe taxes the IRS will keep your refunds to apply to that balance due, so if only one of you owes taxes you can file Married Filing Separately and the one of you that does not owe taxes can still get their refunds. Also if you are going to owe on a tax return and file that return as Married Filing Separate, and then later die, your widow will not be responsible for the taxes.
What form do i use if i am filing married filing single?
There is only one instane that you should file married filing separately, it is by far the worst way to file, if you are married use the standard deduction if you do not itemize, the only way I would file separately (even if I am separated from my wife) is if she won a million dollars in the lottery and refused to report it on our tax report, I do not want to go to prison with her so I would file separate and have nothing to do with it. You would use a normal 1040 or 1040EZ/ A and at the top check "married filing separately". You gain the same standard deduction as filing single and you can only claim children once per return (another reason to file jointly). Whoever files taxes first will gain the benefit of claiming the children.
Do i have to file married if i been married less than 6 months?
If you are married on December 31, 2014 then for tax purposed, you are married and should file married filing jointly or married filing seperately. These are your two choices if you are legally married. If you have been legally seperated for at least the last six month of the tax year and you have legal seperation papers from a judge, then you can file as if you were single. Both of you need to make sure you file the same way if you are filing in this manner.
Income tax after a divorce. Joint or separate filing?
If you are legally separated or legally divorced on the last day of the year, you should file as single or head of household. You should NOT file as Married Filing Jointly or Married Filing Separately.
Should common law with children file taxes jointly?
If your common law marriage is recognized in the state where you now live, or in the state where the relationship began, you are considered married for tax purposes. Assuming that you are living with your spouse, you may file as Married Filing Jointly or Married Filing Separately. You may not file as Single or Head of Household.
Should married couples file togherther?
If only one of them has income, it will probably be to their benefit to do so, but not always. It's up to any individual couple whether they file jointly or separately.
How do you file your income tax married jointly?
You can file your federal taxes jointly if you are married. Even if your spouse is unemployed, filing jointly means he or she is still responsible for any outstanding taxes due should you not pay.
Can married couples file bankruptcy separately in Illinois?
A married couple can file for bankruptcy separately in Illinois, as it is not uncommon for one spouse to have a significant amount of debt in their name only. However, if spouses have debt they want to discharge that they're both liable for, they should file together. Otherwise, the creditor will simply demand payment for the entire amount from the spouse who didn't file. When a married couple face bankruptcy, they can file jointly, one can file while the other doesn't or they can file separately at the same time.
If you are in a common law marriage in Oklahoma should you file taxes as head of household?
If Oklahoma recognizes common law marriage, and you both present yourselves as husband and wife, you need to file married filing jointly or married filing separately. Head of household filing status is for single or divorced persons who have a qualifying child.
Do you have to be married to file joint bankruptcy?
Yes, non-married couples with joint debts must file separately. Married couples do not have to file jointly if there are no joint debts included in the filing. The exception is, if they live in a community property state, in which case the non-debtor spouse should also file to assure full protection of exempt property and prevent creditors from pursuing them for collection of the debt(s).
What is the best saving account a young married couple can get?
A young married couple should aim to go to the bank and seek to get a high yielding savings account that they can open jointly.
Why file single on your federal taxes when you are married and does it effect your spouse if one of you dies?
If you are married, you cannot (and should not) file single. Your choices are Married Filing Jointly or Married Filing Separately. The only time I usually see a Married Filing Separate return is either if the spouses, as a rule, just keep all of their finances separate, or if one of them owes taxes. Remember if you owe taxes the IRS will keep your refunds to apply to that balance due, so if only one of you owes taxes you can file Married Filing Separately and the one of you that does not owe taxes can still get their refunds. Also if you are going to owe on a tax return and file that return as Married Filing Separate, and then later die, your widow will not be responsible for the taxes.
What form do i use if i am filing married filing single?
There is only one instane that you should file married filing separately, it is by far the worst way to file, if you are married use the standard deduction if you do not itemize, the only way I would file separately (even if I am separated from my wife) is if she won a million dollars in the lottery and refused to report it on our tax report, I do not want to go to prison with her so I would file separate and have nothing to do with it. You would use a normal 1040 or 1040EZ/ A and at the top check "married filing separately". You gain the same standard deduction as filing single and you can only claim children once per return (another reason to file jointly). Whoever files taxes first will gain the benefit of claiming the children.
Who has right to home if married couple divorce?
It depends on a lot of details that aren't given here, but most likely it will be regarded as community property, owned jointly. If you don't like that answer, you should see a lawyer.
If Neal and Linda had a combined taxable income of 209150 and filed their federal income tax return with the Married Filing Jointly filing status how much does the table below say that they should pay?
$46,840.50
