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should we file joint or separate?

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  • should we file joint or separate?


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Answer #1 | 24/12 2013 08:58
Here are the 4 rules of thumb for joint vs separate: Similar incomes and no kids: Toss up. Run it both ways to be sure. Widely divergent incomes (such as yours), little medical or employee business expenses: Joint Widely divergent incomes, low income has very high medical or employee business expenses: Separate (but run it both ways to be sure). Kids involved: Joint Most professionals will tell you to figure it both ways and go with whichever way results in the lowest tax liability, but in most cases that will be joint.
Positive: 100 %
Answer #2 | 23/12 2013 23:39
Try it both ways and see. Not enough info for an informed choice. It makes a difference if you are in a community property state or itemizing. Most of the time joint is better.
Answer #3 | 24/12 2013 07:59
Unless one of you has very high medical or employee business expenses, joint is better - even if you do, joint is very likely better. Note that if you file separately and one itemizes, the other one can't take a standard deduction, they must also itemize. If you don't itemize, joint is better.
Answer #4 | 23/12 2013 21:23
Joint
Answer #5 | 24/12 2013 11:23
it probbly won't make a lot of difference, there would be no EIC in your case either way and unless you use Sch A, that also is not a consideration you might prepare dummy returns each way and which ever is beneficial to you both is the way to file

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