Are you torn between filing jointly with your spouse or separately? This video should help you make that decision. If you find that your refund is being taken by the IRS because your spouse has back debts, this video also tells you how can get the refund that is coming to you as an “injured spouse.”
Here is a rundown of all the filing statuses:
Resources:
IRS Publication 17: “Your Federal Income Tax”
IRS Form 8379: “Injured Spouse Allocation”
IRS Publication 555: “Community Property”:
“Which States Recognize Common Law Marriage?” nolo.com
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askatasgeek
Intro and background music: “Bluesy Vibes” – Doug Maxwell – YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice for any specific situation. It you have questions about your specific situation, please check the resources above or consult a qualified tax professional in your community.
The information in this video is based on tax law and IRS regulations as of the date of publication….(read more)
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When it comes to filing your taxes, there are several different options available to you. For married couples, the most common options are to file jointly or separately. Understanding the differences between these two methods is essential to make the best decision for your family’s financial situation.
Married Filing Jointly
Married filing jointly is the method that most married couples use to file their taxes. This method allows couples to combine their income, deductions, and exemptions on a single tax return. It can be beneficial in many ways, such as the ability to claim larger deductions, qualify for more tax credits, and have a lower tax rate.
When married couples file jointly, their income is pooled, and the total income is subject to tax at the same rate. This can often result in a lower tax bill, especially when one spouse earns significantly more than the other. Additionally, couples who file jointly may be eligible for more tax deductions and credits than they would if they filed separately.
Married Filing Separately
Married filing separately is another option available for married couples. This method means that each spouse files an individual tax return, reporting their own income, deductions, and exemptions. Filing separately can be beneficial in certain situations, such as when one spouse has a lot of deductions, and the other doesn’t have any.
Filing separately can also be beneficial for couples with a large income disparity. In some cases, it may be possible to lower the overall tax liability by separating the income and claiming certain deductions and credits on separate returns.
However, it’s essential to note that filing separately can sometimes result in higher taxes than filing jointly. For example, couples who file separately may not be eligible for certain tax credits, and the tax rates for each individual spouse may be higher than if they had filed jointly.
Which Option is Right for You?
Deciding whether to file jointly or separately depends on a variety of factors, including your income, deductions, and other financial considerations. When deciding which method to use, it’s essential to take into account all the different factors that can affect your tax bill.
In most cases, filing jointly is the best option for married couples, but there may be circumstances where filing separately is more beneficial. It’s essential to consult with a tax professional or financial advisor to help you determine which method will work best for you.
In conclusion, the decision to file jointly or separately can have a significant impact on your tax bill. It’s crucial to weigh all the options and factors involved before making a decision. Remember that there’s no one-size-fits-all answer and consulting with a professional can help you make an informed decision that will benefit your finances in the long run.
We just newly married question how do we fillout w4 me and her are working..
I usually file my taxes online, I’m a newly wed, married on November 2022, I noticed the return difference is a lot more than filing separately, question is, do we file under my wife’s new last name or her maiden name? Just curious because she has my last name via marriage certificate but she hasn’t changed it on her ID yet or her other documents? Thanks for the video, it was very helpful
What about if I’m filing married but separate and we share children. I made more but I want my husband to file his step child (my daughter) and our two children. Can he do that?
I'm thinking through a scenario with Roth Conversions for 2023. What if one spouse has virtually no income but wishes to execute Roth Conversion and take advantage of lower rates in their representative bracket. The other spouse has considerable income. Does prospect of filing change benefit the couple? A conversion under MFJ lands in a higher joint marginal rate (depending on conversion amount). Thoughts?
Maybe you might be able to address my question. Married and normally file jointly. Really have nothing to deduct other then a current mortgage. My wife makes around 57,000 in IL and I'm currently on ssdi 22,488.00 after medicare deductions. Sadly my parents passed away this year but I will gain 94,000+ from an IRA left in the will. I would like to pay off most the home we have with the money gained. Are there any benefits either way in filing? Thanks in advance for your kind response.
If your spouse pays taxes but doesn’t receive a return due to their immigration Dyaus would filing jointly benefit you
I have a situation which is probably quite common. I have a mortgage in my name and have much higher income…. I came to this video thinking that i could write off my mortgage insurance and itemize while my wife files separately but takes the individual deduction…. seems like that isn't allowed and since it is not then this strategy probably isn't going to benefit us. I think it would be good if you give some of the most common examples where it would benefit the couple to file separately. sounds like those situations are so rare it probably isn't even worth wasting your time on in the video and not worth it for people to waste their time on investigating. anyone it would benefit probably already has a tax accountant.
My wife and I are separated this year. We have 2 kids. How do we share tax credit for the kids?
THANK YOU! You are the only person that has explained this to me in spite of the many videos I've watched.
Thank you. I have a question please: If you file MFJ and elect to apply a refund to the following year, but end up filing MFS the following year, who is entitled to the refund?
We filed as married jointly even if my husband declared that I'm not earning (I work as a Freelance Website Designer). Will there be problems on processing with the spusal visa? Me (Filipino citizen) and my husband (American citizen) are currently living in Mexico as temporary residents and 2021 & 2022 he was mostly outside in the US. We used Turbotax on filing our taxes and they asked me to file W9 form which I have mostly read in the posts to file w7 ( I'm not sure which one). We already filed our taxes and ready to sent the forms and some of my identification info this week. I don't know what's the difference between w7 and w9
what is single/ married withhold at single rate…
I make the majority of the money in our household and for whatever reason when filing this year it shows that we would get an additional 1200 filing separately vs jointly. Is this common or do you think we have entered something in error causing this issue? I have always read that you get more tax breaks when filing jointly and should get a better return that way.
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.
Great segment! I have a question: what if you remarry, claim the child when filing jointly, and are both are obligated to disclose if the husband and the (new) wife received child care tax credit, when only one has…Do you enter $1500 for the dad and $0 for the new wife? Please advise and Thanks!!
Married filing separately is very common for Americans living over seas with nra spouses. I don't blame Mt husband for not wanting to involve himself in the US tax system.
I'm filed married jointly and filed n injured spouse, because my husband owed back taxes. But the CA state taxes take all my refunds to pay what my husband's owed. I still haven't get any info from federal.