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October 2011 Weddings

taxes..

Are you guys planning to file jointly or separately?

We were planning on doing it separately, because I want to put my refund towards student loans, and that way I know how much I'm getting back, vs just splitting it up.

I got my W-2 from my work a couple days ago, so I started entering in my information on turbo tax.  I also have my student loan information, and when I went in to enter that, it said that I am not eligible for that deduction since I'm married filing separately.  That's a huge chunk of change!!

So I'm thinking we should file jointly..

I was just wondering if you guys have thought about this yet...

Re: taxes..

  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2011-weddings_taxes?plckFindPostKey=Cat:Wedding Club BoardsForum:650Discussion:a61f1549-1e3b-4adf-a3e1-d699423fdfe6Post:f6643741-ebc0-4906-b39e-2a3516c152fc">Re: taxes..</a>:
    [QUOTE]Good question. We were just talking about this the other day. We are going to play around with it to see what makes the most sense and then just file whichever way gives us the biggest refund.
    Posted by Vickytoria1803[/QUOTE]

    I was just asking my boss about this.  He said what I should do is work up our numbers to see what we would get back if we file separately vs jointly, then do which ever gives us more.  It was kind of a 'duh' moment for me, haha.
  • We doing ours on H&R Block online, and we're going to fill it out both ways before we submit it and see which way we have more money.  I'm thinking we'll end up filing jointly.  There are so many special rules that you can't do if you file separately.  One of them being that you can't take the education credits or the deduction for student loan interest.  Another big rule is if one itemizes their deductions, the other one cannot take the claim the standard deduction.  Several credits are reduced as well (i.e.child tax credit).  Also your tax rate is generally higher than it would be if you filed jointly.
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  • We're going to check out both ways, and go with the one that gives us the biggest refund. We decided that last year when we were doing our taxes. However, I have a feeling, we'll end up filing jointly.

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  • I work for H&R Block. We'll be filing jointly because in most cases, that will give you the most money back since married filing separately makes you ineligible for a lot of credits.
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  • edited January 2012

    Not sure what your situation is with your student loans, but mine were consolidated into one federal direct loan last year. When I called to let them know I was married the payment sky rocketed from $300/mo to $800/mo. They wanted to go higher, but that's based on our income. They don't care whether your spouse also had student loans but instead base your income off both your's and your spouse's. So with that said, they advised me to file married but separate to keep the payment manageable.

    *edit*

    If you file jointly, you will receive more in deductions, but in my case, I will pay more a month for my loans... so in the end, it is better for me to file seperate.

  • In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2011-weddings_taxes?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:650Discussion:a61f1549-1e3b-4adf-a3e1-d699423fdfe6Post:1bd32096-14e8-4952-98ce-c935cdcd80b2">Re: taxes..</a>:
    [QUOTE]In Response to Re: taxes.. : I was just asking my boss about this.  He said what I should do is work up our numbers to see what we would get back if we file separately vs jointly, then do which ever gives us more.  It was kind of a 'duh' moment for me, haha.
    Posted by kmgrecco[/QUOTE]

    We asked our accountant about this last year when we went in to see him. He did a comparison with last years taxes what it would be like to file jointly or to file married separately. Based on this comparison, he recommended we file jointly. I'll still get my student loan refund and all that jazz.
  • Most people will get a bigger refund filing jointly. 
    We have to file separate due to T's bankruptcy.  Sigh.
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  • We're filing jointly; well, Vhati is filing married jointly since I haven't had a job since 2008, I haven't had to worry about taxes (not elegable for unemployement because I left my job in MA to move to OR, so literally no income for the amlost 4 years, so glad Vhati understand the employment situation in this area is beyond horrible).

    We called the IRS in December because we wanted to be sure all our ducks were in a row before we filed; friends our ours didn't get the proper information and their tax return was rejected and they had to refile (took a couple of months and put A LOT of stress on them).

    The nice man suggested Vhati with 11 allouances, but he decided to not file for any, and the nice man said okay.

    We're getting a really nice amount back, if Vhati had filied singly, it was a little more than halved.  We know next year we won't get as much back, but we're taking advantage of it this go around.
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  • We are going to file jointly. DH has his own comapny and therfore itemizes his deductions, so I would have to as well. That along with not being able to claim my school whatnot, plus still having to claim part of his income (I think it's like half) I'd be screwed. 
    What sucks is DH is one of those people who likes to wait to the last minute to file, where as I have always filed no later than the 2nd week of Feb. I thold him the other night, he needs to start gathering all his sh!t, becasue I am not waiting until April to file.
  • I think we'll wind up filing jointly, although H is not too thrilled about it. I have student loans that I'm paying on, so I definitely want that damn credit.
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  • We were going to file separately but after reading this I may reconsider. Neither of us have student loans, but we both own houses. I supposed this means I now have to do more figuring out of this crap. I hate this part of being a grown up.
  • Seperately- since I am on an income-based repayment plan with my student loans, its a lot more cost-effective for us to file seperately.  I know we will miss out on some benefits of filing jointly!
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