My husband and I got married in September. We keep separate finances but are filing as married filing jointly. How should we split our tax refund between us?
Last year, my federal tax refund was about $1300; his was only $47. This year, filing jointly, our federal tax refund is about $1400. I'm guessing that because of the exemptions we've both claimed on our W-4s (which haven't changed since we got married), most of the refund should be mine, based on my income, but I can't find any information about how to determine what portion of your refund is from which income source. Any help?
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There is no precise way to do this, because everything on a married joint return is calculated together. One solution is to prepare two married filing separate returns, figure out refunds based on that, and then apportion the actual refund based on that percentage. Or do the same for two single returns. Example: Married joint return has refund of $1400. Your MFS return has refund of $1200. His MFS return has refund of $100. You claim 12/13 of $1400; he claims 1/13.
There is no precise way to do this, because everything on a married joint return is calculated together. One solution is to prepare two married filing separate returns, figure out refunds based on that, and then apportion the actual refund based on that percentage. Or do the same for two single returns. Example: Married joint return has refund of $1400. Your MFS return has refund of $1200. His MFS return has refund of $100. You claim 12/13 of $1400; he claims 1/13.
I developed a spreadsheet to help my spouse and I divide our return equitably based on proportional income and taxes withheld. You can get it here: https://www.teacherspayteachers.com/Product/Tax-Return-Division-Between-Spouses-5260263.
Hope it helps!
I am sorry but I regret that I spent $2.12 on your spreadsheet. It is pretty simplistic and DOES NOT show how to split the money from the tax return. And I am being really polite here.
LOL ... this is not always the case
If you already created a joint return in the TurboTax CD/Download software, there's a quick way to see how filing separately affects your federal return.
Note: This won't work in TurboTax Online.
However, this doesn't give you the whole picture because it doesn't account for your state return. For a true apples to apples comparison, you'll need to prepare your returns both ways.
How about if the spouse pocketed the whole tax return amount?
@Janipaba wrote:
How about if the spouse pocketed the whole tax return amount?
That is between you and your spouse. Or if you are being represented by a lawyer in a separation/divorce situation, speak with your attorney.
@Zbucklyo I agree, this seems like an equitable solution for that case and prob most cases in general.
Would be curious to hear your thoughts and thoughts others may have on the following case:
Person A and B are a married couple with no dependents but significantly different income. Person A accounts for 80% of the taxable income.
If they were to file MFS, Person A gets a refund of $1,500 and B would have a balance due of $4,000
If the couple files jointly, the refund is $3,800.
How do you split this fairly?
Critter-3's answer is amazingly right on target. Any such What-If option for state taxes?
This information would depend on your individual state. Select your state at the Help Article here for their Department of Revenue website.
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