Getting married? Already Married? One question people often have is should they file taxes joint or separate from spouse? This is because combining finances as a married couple can be both exciting and intimidating. In this video we break down the differences between the married filing jointly (MFJ) and married filing separately (MFS) filing status so you can decide which might be best for you.
The IRS actually prefers MFJ tax returns. There are tax credits that married filing jointly taxpayers are eligible for that married filing separately couples don’t get to claim. The tax credits that married filing separately taxpayers lose are:
Earned Income Tax Credit
Child Tax Credit
Dependent Care Tax Credit
Education Tax Credits
So while most people choose the standard MFJ route, there are a few instances when filing taxes MFS makes sense. To that end, we discuss three instances in which you may absolutely NOT want to file a joint tax return!
And what if you filed taxes in the past with a now ex-spouse and the IRS is coming after you for back taxes? Well, we discuss the IRS injured spouse relief and innocent spouse relief tools that might be able to help you out now and in the future. 😉
Tax Chit Chat S2 EP 14
File Taxes Joint or Separate From Spouse?
🕘Timestamps:
0:00 Intro
0:22 The Balance article
0:55 Why you might want to file with your spouse
1:32 Reason #1 to file MFS
2:06 Reason #2 to file MFS
2:43 Reason #3 to file MFS
3:28 Recap!
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What is Tax Chit Chat?
Do you really “understand” taxes? Do you want to learn the best ways to cut your tax bill while staying on the good side of the IRS? Well, that’s the point of this video series. Here, we hope to help YOU Slash Your Taxes Legally and Ethically! 😉
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Tax season is upon us and with it comes the question of whether you should file your taxes jointly or separately from your spouse. This is an important decision that can have a significant impact on your tax liability, so it’s important to understand the pros and cons of each option.
Filing jointly with your spouse gives you the benefit of being able to combine your incomes and deductions, allowing you to potentially qualify for more tax credits and deductions. Additionally, filing jointly may result in a lower overall tax bill than filing separately.
On the other hand, filing separately from your spouse can also have its advantages. For example, it can help protect one spouse from being responsible for the other’s tax liabilities. Additionally, it can give one spouse the opportunity to take advantage of certain tax credits and deductions that they would not be eligible for if they were filing jointly.
Ultimately, the decision of whether to file jointly or separately from your spouse is a personal one. It’s important to consider your individual financial situation and the potential tax implications of each option before making a decision. Additionally, it’s a good idea to consult a tax professional to ensure that you’re making the best decision for your particular situation.
My husband owes child support I get a refund every year should we just file separately? They asked me for his social when filling taxes which scares me that they might take my refund in applied to his child support…
Hello u I have a question is way I can direct connect with you to ask my question
It’s pretty crazy that people are conditioned to think getting a refund is a good thing
Yea, HOW RUDE!
I will be getting married next year, my cpa is saying it's better to file jointly but hers is saying separate. And telling her to keep her last name and file taxes still so she isn't part of my taxes, I am self employed 1099 so I pay quarterlys I own a house and I have a ton of write off for work every year, and I meet/ go above the deductions every year cause of my home and other stuff, my cpa says if she is separate and she can't meet my deductions then she doesn't get much tax return. I also make 3xs what she does, she is a little over 32k a year, I am almost 100k a year,
Great advice thank you. I am going though a divorce and just found out the my wife hasn’t paid her taxes for years. She owes $280,000 dollar. This isn’t the first time, around 10 years ago I was called to my HR department and they told me that the IRS was going to garnish my wages due to taxes not paid on income. My taxes are taken out of my wages when I receive my check I explained something is wrong. After talking to my accountant he explained that being that I signed the tax form first that I was the primary person responsible. I wound up paying all the money on my own she never gave me any money to pay the taxes she clearly owed. My accountant explained that going forward I would need to file married filing separate which I have done for 10 years. My question is am I responsible for her reckless and criminal behavior in not paying these taxes now that I have been filing married filing separate. Any help would be greatly appreciated as this would be a tremendous financial burden to me and my family
Great video man ! We’ll done sir ! Thank you
Hi
I lived in the US as an international student and got married.
I used to work on campus and have an SSN.
I went back to my home country in Sep 2020, but we filed jointly for 2020.
Currently, I have a pending I130 and work part-time.
I haven't gone to the US during 2021 so I was wondering if my husband should
file jointly for 2021 and report my foreign income or file married separately?
Thank you in advance!
So what if one spouse is unemployed is it better to file jointly or separately
I hope you read this !
I'm in a complex tax situation, I am a waitress and this tax return I owe a little over $3k because supposedly of my dependents & not enough taxes was taken out throughout 2021, anyways long story short. Can I file my taxes separately from my husband and use a possible return to pay my spouse's tax liability? Once I added my spouse's w2 information, I ended up owing instead of receiving.
I would like more information from your chat line. About MFJ
better video than some others. thanks
Can u file separately using the same address??
Per the IRS (https://www.irs.gov/pub/irs-pdf/p501.pdf), if you choose married filing separately as your filing status, the following special rules apply. Because of these special rules, you usually pay more tax on a separate return than if you use another filing status you qualify for.
1. Your tax rate is generally higher than on a joint return.
2. Your exemption amount for figuring the alternative minimum tax is half that allowed on a joint return.
3. You can't take the credit for child and dependent care expenses in most cases, and the amount you can exclude from income under an employer's dependent are assistance program is limited to 2,500 (instead of $5,000 on a joint return). However, if you are legally separated or living apart from your spouse, you may be able to file a separate return and still take the credit.
4. You can't take the earned income credit.
5. You can't take the exclusion or credit for adoption expenses in most cases.
6. You can't take the education credits (the American opportunity credit and lifetime learning credit), the deduction for student loan interest, or the tuition and fees deduction.
7. You can't exclude any interest income from qualified U.S. savings bonds you used for higher education expenses.
8. If you lived with your spouse at any time during the tax year:
a. You can't claim the credit for the elderly or the disabled, and
b. You must include in income a greater percentage (up to 85%) of any social security or equivalent railroad retirement benefits you received.
9. The following credits and deductions are reduced at income levels half those for a joint return:
a. The child tax credit and the credit for other dependents, and
b. The retirement savings contributions credit.
10. Your capital loss deduction limit is $1,500 (instead of $3,000 on a joint return).
11. If your spouse itemizes deductions, you can't claim the standard deduction. If you can claim the standard deduction, your basic standard deduction is half the