Filing Federal Taxes, Married-style!
Posted 21 January 2009 - 05:08 PM
we are filing our taxes for the first time as a married couple today. we dont own a house, and would otherwise be filing very simple 1040-ez forms.
does anyone know if its really true that you get more money back just for being married? or is it that you only get 1 lump of all your return added together so it "looks" like more than it would if you filed seperately?
Posted 21 January 2009 - 05:18 PM
Example (not accurate tax rates): if one of you makes $200k a year, they would be in the highest tax bracket (say 35%). The other only makes $10k (so lowest tax bracket - 15%). Together, you make $210k - which for a couple puts you in the middle tax bracket - 25%. So essentially, the $10k worker helps drop the $200k worker out of the highest tax bracket, hence "more money back for being married".
This is only true if you have really different incomes. If you make $60k and he makes $70k, you wont see any difference from filing together vs. filing single.
If you did have a house and deductibles and kids, that would all make a difference. Hope that helped some!
Disclaimer: Im not a tax accountant, guru or anything This is just what I know from a tax class years ago.
Posted 21 January 2009 - 05:21 PM
Posted 21 January 2009 - 05:22 PM
he does also claim one child, so we know that adds a big chunk into his return.
i wonder if we can amend our filing to get more back after the stimulus package goes into effect (assuming it will pass both congress and senate.) anyone know?
Posted 21 January 2009 - 05:28 PM
Posted 21 January 2009 - 06:46 PM
Posted 21 January 2009 - 11:19 PM
One more - neither of us changed our tax status to married, does that matter? If it doesn't, how would we file a combined tax return? Just take them both to a place together? We own a duplex and rent out a floor, so I know that he has deductibles and shilz, but I usually just did mine over the phone real quick. So not sure what really changes.
Posted 22 January 2009 - 12:08 AM
Posted 22 January 2009 - 12:36 AM
Posted 22 January 2009 - 01:33 AM
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