joint or separate taxes

lucik262 · January 2014

Hi all,

This is our first year filling taxes as a married couple and we're trying to decide whether we should keep it separate or file a joint tax claim. We do have a house and a joint account but we also have separate bank accounts. I still haven't switched my name on our house info or for my bank accounts. What did you guys do?

hoffse · January 2014

9 times out of 10 joint is better. There are a lot of random tax breaks that the gov takes away if you file separately. It's largely administrative because joint returns cuts the number of returns the IRS has to review in half. So they tend to incentive joint filing.

I guess it's sort of like having joint bank accounts.... but it's more complicated than that with taxes. There are reasons why one couple might file jointly and another might file separately. You need to do whichever gives you the better refund, and if they are equal, then I would file jointly out of convenience.

That said, just make sure you both look at it before signing it and sending it in. And if you owe, make sure it gets paid. When you file jointly you will both be on the hook for any tax liability.

smerka · January 2014

Probably 99 out of 100 times it's better to file MFJ.

Erikan73 · January 2014

I suggest trying both ways, only way to know for sure which way you are better. We just had our taxes done last night, by filing joint we got a little bit bit larger of a Federal Tax return but the almost nothing on state. When we did it seperate, the federal dropped a little but our state went up a lot which offset the decrease in federal. It end up at least $300 ahead filing seperate when all the figures are added up. My CPA said in Ohio the tax laws are actually set up better for single compared to married. I don't know why but I'll gladly file seperate if it means in the end we end up with $300 more in our bank account.

Mom987 · February 2014

We've never thought much about it but everything is joint (bank accounts) so every year we file jointly.

crystaldbl · February 2014

This is our first year being married as well. I did ours both ways & we ended up doing better by filing married filing separately. It was a pretty big difference ($1000+). We still didn't do as well as when we filed single but what are you gonna do. Figure it out both ways & do which ever works out best.

moonprincessd · February 2014

The first year we didn't file joint because my parents claimed me in order to get the school tuition money back. This year we filed jointly. You get a lot more back jointly. Do you do your own taxes or do you go see someone? I would suggest going to a tax professional and have him or her see how much you could get back either way. (try to find a local one, H&R Block and companies like that overcharge)

joint or separate taxes

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