Till Death Do Us Part: Taxes & Marriage
You've tied the knot, but don't get tied down trying to figure out how to file taxes as a couple. With multiple options for filing, which one will work best?
If we married in September, we file for most of the year as single taxpayers, right?
Whether you're married, single or divorced on December 31, that's your status for the entire year.
Is filing a joint return really better for the bottom line?
Filing jointly usually gives you a better tax rate and allows you to claim more tax breaks.
Can I file "Married Filing Separately" if my spouse filed "Married Filing Jointly"?
If your spouse already filed as Married Filing Jointly, you need to file the same. Similarly, if you filed as separate, your partner needs to file as separate.
If we file separately, do I report my spouse's income and deductions?
In community-property states, you and your spouse split your community income and deductions and each report 50 percent.
Am I in trouble if the IRS says my spouse was hiding income?
If you file a joint return, the IRS can hold either spouse liable for any tax shortfall. To get out of trouble, you can try filing for "innocent spouse" relief.
My spouse just moved out. Can we still file a joint return?
As long as you're not divorced or legally separated, you can always file a joint return, even if you aren't living together.
I'm the head of our household, so I can file a return that way, right?
You only file as head of household if you live with a dependent and you're unmarried or separated on the last day of the year. Your spouse also must have lived elsewhere the last six months of the year.
You got correct!
When it comes to taxes, you're a newlywed. You’re thrilled to be hitched, but come April 15, you wish you could file solo. It was so much easier! Call in a tax pro and learn about the various tax benefits joint filers enjoy, and let the professional decide whether filing separately makes any sense for you.
You got correct!
You and your mate know just enough about taxes to make your tax professional's task a breeze. You have most of your documentation in order, and you've compiled a list of smart questions to ask. Treat yourselves to a date night. You earned it!
You got correct!
Ka-ching! You have this tax thing down so well, you and your mate can fill out your own return. Your tax pro only has give it a final review to make sure you got the math right and didn't miss any deductions. Your return is so easy to file, your accountant offers to pay for that date night
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