When filing jointly, do you get more on your refund or less?
i've heard that you get better tax deductions, etc.. so you get more refund :)
It depends on your income. I am a teacher so I am in a low tax bracket, and I got a ton of credits for my student loans and such, so I always got a ton back. But with my FI we will be a higher one so we won't qualify for the credits anymore so we will end up paying a higher percentage on my income.
This is what I've heard.
If you both have jobs, you end up getting more back because you get more deductions and its like filing seperate but plus that extra marriage benefit in there.
If only one of you has a job then you will end up getting a lot less and possible owing.
This is what my dad said. My mom never had a job and he ALWAYS owed about 2K-5K every year.
I think it depends on your income situation ... if you & FI make relatively the same now, then I don't think the diff will be that drastic. But if one of you makes considerably more than the other, then you will end up paying more.
I guess I'm sh*t out of luck! Even if we own a home together?
we got a pretty good deduction.
but, DH is 1099d and wasn't putting taxes away so we're going to owe :(
I think so. My parents owned a home together. Does one of you make a lot more than the other?
Depends on what you do...Fi is studying for his CPA now and he told me, this will be my last year for a refund...so I guess could not come at a better time, cause it is going to pay my venue off....
Well I was working until the end of August and we had a civil ceremony in September. Also FI is working full time and going to school so he has student loans. We also own a house together but has always been filed under his name since he use to be a realtor.
Jojo - if you own a home, it'll help because you'll get to deduct your interest & property taxes. But, just think about it this way ... if you and FI each make $60K, once you're married, your combined income is $120K, which will push you into a higher tax bracket that the 2 single incomes would be taxed at. make sense?
I am kind of weird in that I love filling out forms and so naturally I love doing our taxes. At the end of the year last year I used the tax tables from the prior year and figured out what our taxes would be if we were married (cause if it was way less we totally would have had a civil ceremony) but we would have owed a couple thousand more. Soo.... I am not looking forward to next years taxes. Hopefully I will be pregnant and will stop working so we won't have much of my income to pay taxes on, hahaha.
I work in payroll...it depends on your tax bracket...but you are claiming more allowances. It should be to your benefit....
However, I am in the same situation as Kristeen...FI is self-employed so he pays when he files.
My DH and I own our home together, and we got like $7k back last year. This year we expect to get like $10k. So I think you have better chances at getting more back by filing jointly and owning a home together. It also depends on what you claim, and what tax bracket you are in.
Here is a FABULOUS article that explains how to get the most bang for your buck...
We owe every freaking year and it drives me nuttso!!!!!
I hope we don't owe this year! We own a home so hopefully we will get some $$ this year!
I've never had to pay, but DH has always paid. Since we own a home now and have some special tricks up our sleeve we will hopefully, in a round about way, end up making money. By filing together we're bumped into a higher tax bracket, so I get more decutions from my paycheck.
I use HRBlock.com online and you can run the numbers both ways to see which is more advantageous. My understanding is that married filing separately is an advantage if one partner WAY outearns the other. My DH and earn about the same so we filed jointly.
just dont file jointly if one of you owes student loans or back taxes, they will take anything you get back and apply it to what you owe!