File Jointly Or Separate
Question: Should we file separate or jointly?
Only one person has school deductions, no medical or anything. Which is better for my husband and I to file separate or jointly on taxes? We live in Fla
we only make about 18k each.
Answer: It’s almost always better to file jointly. But really the best way for you to decide is to calculate both jointly and separated, and send in the one that works best for you.
Key numbers as you file your taxes
Important numbers as you prepare to file your 2009 tax return:
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Filing Taxes Joint Or Separate
Question: filing a Joint Return on taxes?
If my husband and I file a joint return would we end up oweing money if we have 2 kids. Also if we file a separate return who claims the kids and the expenses? We made about $82,000 this year if that helps.
Answer: Dear Pinky: Try the free calculator at H&R Block and try different scenarios. Very few times have I seen MFS better than MFJ. Remember if one party itemizes on Sch A the other spouse is also required to itemize.
See IRS Pub 17 page 138.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provide. Click on my profile to read more.
Errol Quinn Enrolled Agent Master Tax Advisor
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Filing Taxes Married But Separate
Several thousands of Americans file personal bankruptcy even when they have better options available to them. A bankruptcy can stay with you for your life. Bankruptcy lawyers and counselors tell you that bankruptcy gives honest debtors a fresh start. Keep in mind, the fresh start is a costly restart of your financial life. Avoid it if you can. If it is inevitable, you need to know your rights, limitations, and future possibilities.
Chapter 7 and Chapter 13 are the two personal bankruptcy choices available to individuals. Chapter 7 is about liquidation of assets. It gives immediate relief of debts. The trustee liquidates the assets and repays the creditors. The property for which the debtor has a right is not liquidated. There is little or no nonexempt property under Chapter 7 bankruptcy cases.
Another option is Chapter 13 bankruptcy. There is no immediate discharge of debts in this type of bankruptcy. This is filed by persons who have a regular income. The debtor promises to repay the debts over three to five years. The debtor can keep his or her properties. In both cases, the creditors are not allowed to initiate any action against the debtor. Although no immediate discharges are available, this plan covers more debts than Chapter 7 personal bankruptcy does. At the end of the three to five year repayment plan period, the remaining unsecured debts are discharged.
The payments are made through the trustee. However, creditors can challenge the bankruptcy filing at court.
Before Filing Personal Bankruptcy
There are several provisions in effect prevent abuse of bankruptcy laws. People planning to file bankruptcy suits must first get credit counseling. Only government approved organizations can offer such counseling.
The pre-bankruptcy counseling involves appraisal of individual financial situation, exploration of alternatives to bankruptcy, and preparation of a practical personal budget plan. The organization is legally required to provide free counseling, if the individual can’t pay for the services. The fee is around $50. You will also receive a certificate of completion of counseling.
There is also a debtor education session, which lasts for about two hours. Your bankruptcy plea won’t be accepted unless you furnish the certificates.
About The Credit Counselor
Certificates from government approved counselors are needed for filing personal bankruptcy suits. You must take into consideration the kind of services on offer. The services, fees, fee-waiver, if needed, the qualifications of the counselors, etc. are important matters to discuss. Do your research on the counselors before you sign up for their services.
A credit counselor can also tell you if personal bankruptcy is the best choice you have. If bankruptcy is inevitable, they can also tell you whether to go for Chapter 7 or Chapter 13.
Except in minority of cases, bankruptcies are due to the sloppy behavior of individuals. If you plan to make a fresh start with a personal bankruptcy, make sure your personal finance decisions are always wise.
Altering the course of retirement savings
Working Americans received a significant retirement-saving option when the Roth IRA went into effect on Jan. 1, 1998.
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File Joint Or Separate
Question: Recently separated and always filed married joint in taxes, can I still file jointly?
Got separated recently not planning to get divorce yet,always filed joint in my taxes, can I still filed like that even if the address is different, I just don’t want to go to the hassell of the paperwork that we have to go to in the taxes and my ex is ok with this.
Answer: As long as your marital status on Dec 31st is married (and you don’t have a legal separation under the laws of your state) you can file a Joint Return with your estranged spouse. Bear in mind that even though you are not living together you are BOTH fully responsible for whatever is on a joint return.
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