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So Im just now filing my 2011 taxes. I made a significant

So I'm just now filing...
So I'm just now filing my 2011 taxes. I made a significant amount of $ online last year so I will file a Schedule C for that income, my husband had wages and had all his taxes taken out. I ran the #'s as married filing jointly and we owe around $12K, that's before penalties which I assume will be hefty.

I'm wondering if there would be any advantage to trying to run the numbers as married filing seperately. We are in a community property State so I'm thinking it's not worth it but I'm curious about it. In the past before my "self employment" we would get a refund of $7K because we have an interest-only loan. We also made too much combined and it reduced our child tax credit to $300. Just wondering if it's worth the effort of going back through the process again or not?
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Answered in 9 minutes by:
8/1/2012
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D :

Hello and thank you for using Just Answer,
As you would have to split the income it may not benefit you at all. You would have to show half of his and he would be rewuired to report half of yours. If you did not make any estaimated paymenst for 2011, I cannot see where this would benefit you. You would also both need to itemize or use the standard deduction. Yu can always run the numbers to see but I cannot see where filing separately would benefit you based on the informationyou supplied.
I wish I could advise other wise.

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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,880
Experience: 15years with H & R Block. Divisional leader, Instructor
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