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Redskins8588 01-27-2007 12:41 AM

Any Tax guys here???
 
Last year I did my own taxes using turbotax. I am leaning that way again this year, but I was wondering how do you know if you should file jointly or married/filing separately?

saden1 01-27-2007 11:52 AM

Re: Any Tax guys here???
 
[QUOTE=Redskins8588;272958][H]ow do you know if you should file jointly or married/filing separately?[/QUOTE]

It [URL="http://www.fool.com/taxes/2000/taxes000526.htm"]depends[/URL]. If you get the software spend the extra time with it and see if filing separately saves you money.

Schneed10 01-27-2007 01:59 PM

Re: Any Tax guys here???
 
Usually filing jointly is best. If you make the same amount of money as your wife, filing jointly doesn't save you very much, if anything at all, but it's just easier for recordkeeping purposes. If you make very different amounts of money, then filing jointly saves you money.

Filing separately typically only makes sense when one spouse had to pay crazy medical bills out of pocket, or had mad casualty losses or something (itemized deductions).

But there are exceptions to everything. Doesn't turbotax have a way to determine which is the best way for you to file?

gusbus 01-28-2007 09:02 AM

Re: Any Tax guys here???
 
usually at the end you can do a compare of the two to see which one was best. At least that is what Tax Act does.


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