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Hi, Married filing jointly is almost always the best, XXXXX XXXXX of higher standard deduction and allowing for a much higher amount of total income to be taxed at lower brackets
Here's a great overview of some of the basics of the filing statuses available and how they work, from IRS (I WILL say thi quickly, married filing separately almost never maximizes things financially)
IRS Tax Tip 2011-09, January 13, 2011
The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.
Here are eight facts about the five filing status options the IRS wants you to know so that you can choose the best option for your situation.
My problem is that it "seems" like I have access to a lot of $ by filing jointly, but in reality, I make very little money and am raising 3 kids on my own. I do not qualify for any scholarships or low income housing because of my husband's income, which we do not have access to!
Yes, that is definitely what things turn on ... When you file jointly that will DEFINITELY be the least amount of tax .. allow for all dependency exemptions to be take without any complications tax the TOTAL joint income at a much lower rate ,,, BUT you have to get him to agree to share in some of that savings ... ANY REUND CHECK WILL come to both of you
we are most likely going to divorce. Will married filing single protect me?
Yes the ONE good reason I can think of for married filing separately is to truly keep things separate ... you'l lose the ability for some of the credits out there, but it definitely keeps things separate... If there's a lack of trust there, this IS when you might want to consider Married filin Separate
ok thank you.
You're very welcome]Good luck with everything
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