Solved: When I just put in my income I was getting a credit back, my husband is retired age 67 and when I add his social security in we end up paying would it be better if we filed seperate?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

When I just put in my income I was getting a credit back, my husband is retired age 67 and when I add his social security in we end up paying would it be better if we filed seperate?

 
1 Best answer

Accepted Solutions
Highlighted
New Member

When I just put in my income I was getting a credit back, my husband is retired age 67 and when I add his social security in we end up paying would it be better if we filed seperate?

It depends. You do have the option to file as either married filing jointly or married filing separately. However, married filing jointly is usually the best option for a married couple because you get the lowest tax rates, highest standard deduction, and the best tax benefits. When you file married filing separately some benefits are eliminated and others are reduced and this can have a significant effect on your tax return.  Please refer to pages 7-8 of Pub 501 under the headings, "married filing separately" and "special rules" for more information. https://www.irs.gov/pub/irs-pdf/p501.pdf

If you contribute to an IRA, are interested in itemizing your deductions, or live in a community property state, filing as married filing separately can create problems for you.

If you and/or your spouse contribute to a Roth IRA, this can affect the total amount that you are allowed to contribute for 2016. Please refer to page 40 of pub 590A under the heading, "can you contribute to a Roth IRA", for additional information. https://www.irs.gov/pub/irs-pdf/p590a.pdf

If either of you are contributing to a Traditional IRA, this can impact your eligibility to deduct your contributions if either of you is covered by an employer sponsored retirement plan. Please refer to page 13 of pub 590A for additional information. https://www.irs.gov/pub/irs-pdf/p590a.pdf 

If you file separately, this affects your eligibility to choose whether to itemize your deductions or choose the standard deduction. Please refer to pages 5-6 of pub 504.  https://www.irs.gov/pub/irs-pdf/p504.pdf

If you file separately, and you live in a community property state, there are special rules about how you have to report income and expenses on your tax return.  Please refer to pages 24- 26 of pub 504, under the heading, "community property" for additional information if this applies to you. 

Please refer to the following FAQ for information on how you can compare your filing status optionshttps://ttlc.intuit.com/replies/4775330

View solution in original post

1 Reply
Highlighted
New Member

When I just put in my income I was getting a credit back, my husband is retired age 67 and when I add his social security in we end up paying would it be better if we filed seperate?

It depends. You do have the option to file as either married filing jointly or married filing separately. However, married filing jointly is usually the best option for a married couple because you get the lowest tax rates, highest standard deduction, and the best tax benefits. When you file married filing separately some benefits are eliminated and others are reduced and this can have a significant effect on your tax return.  Please refer to pages 7-8 of Pub 501 under the headings, "married filing separately" and "special rules" for more information. https://www.irs.gov/pub/irs-pdf/p501.pdf

If you contribute to an IRA, are interested in itemizing your deductions, or live in a community property state, filing as married filing separately can create problems for you.

If you and/or your spouse contribute to a Roth IRA, this can affect the total amount that you are allowed to contribute for 2016. Please refer to page 40 of pub 590A under the heading, "can you contribute to a Roth IRA", for additional information. https://www.irs.gov/pub/irs-pdf/p590a.pdf

If either of you are contributing to a Traditional IRA, this can impact your eligibility to deduct your contributions if either of you is covered by an employer sponsored retirement plan. Please refer to page 13 of pub 590A for additional information. https://www.irs.gov/pub/irs-pdf/p590a.pdf 

If you file separately, this affects your eligibility to choose whether to itemize your deductions or choose the standard deduction. Please refer to pages 5-6 of pub 504.  https://www.irs.gov/pub/irs-pdf/p504.pdf

If you file separately, and you live in a community property state, there are special rules about how you have to report income and expenses on your tax return.  Please refer to pages 24- 26 of pub 504, under the heading, "community property" for additional information if this applies to you. 

Please refer to the following FAQ for information on how you can compare your filing status optionshttps://ttlc.intuit.com/replies/4775330

View solution in original post

v
Privacy Settings