Tax situation for 2012

i2012do · January 2012

Hi ladies

I know this is a subject that isn't part of fun wedding stuff.

But is anyone changing how they claim (ex. 1 instead of 0) for FY 2012 so that when you file jointly next year, you won't have an issue?

colstj1 · January 2012

I haven't even thought about this. I always work on my taxes with my mom, so I guess I will have to ask her about it.

i2012do · January 2012

someone on my local board mentioned it last year so I thought I'd bring it up.

They said they both claimed 1 and then filed jointly and OWED money, so its def worth looking into.

saraschilling88 · January 2012

I can ask my FI later today, he is a tax preparer in MN. I will post here once I get an answer from him!

i2012do · January 2012

Ya i agree. It gets confusing. I also make a lot more money than fiance since he went back to grad school. so we have to see what works for us next year to file separately or together--plus it depends if we buy a house or not this year!

calindi · January 2012

Our biggest issue is going to be because I work until May, then FI starts working in August. So neither of us will be full time the whole year. We're doing "Married filing separately" next year, so that we can limit how much we have to pay back on FI's law school loans (Income Based Repayment).

FI had the audacity to ask me if we could hold off on "signing the papers" until January... so have the whole wedding, and just not get legally married until January. I threw a fit - we're not religious, so it's not like there's "religiously" and "legally" married - all we have is legal! So I told him he's either marrying me on our wedding day, or he's not marrying me.

I got flowers as an apology.

VNEluvsAJB · January 2012

Stephie, I would consult a different tax preparer. I don't think that's right. Generally, joint filing results in a lower tax bracket than 2 people filing individually.

saraschilling88 · January 2012

My FI is a tax preparer and he says it is something to ask your personal tax preparer for, to have him crunch numbers for you, and he will be able to figure out the best way for each individual couple to file and have withheld. There is no black and white answer for any couple, as it depends on each individual circumstance especially income level.

Sorry if that is not what you were looking for in an answer, but that is what he feels.

Tax situation for 2012

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