Money Matters
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How to split tax refund
My new spouse and I filed our taxes as married filing jointly. We would like to split our refund so that each of us get the correct amount based on our income (as opposed to just spliting it down the middle) but I'm not sure how to figure out how much each of us get. Does anyone have any suggestions on how to do this? Thanks!
Re: How to split tax refund
Our wedding on Wilson Island!
If you intended on splitting it, why didn't you just file "married filing separately"?
The complexity of splitting it proportionately depends on the deductions and credits you took. In the simplest sense, follow the tax equation: http://kimbrewaa.hubpages.com/hub/Individual-Income-Tax-Fundamentals
"Pretend" like you were filing separately and the number should be close enough.
Good luck to you, and in the future, ask your tax professional (if you used one) to do this painful task for you.
Maybe I'm oversimplifying this, but wouldn't the easiest way be to determine simply on income percentage?
It seems silly to write it out, but here you go with made up numbers:
your salary + DH's salary = total
$20,000 + 10,000 = 30,000
so your ratio would be 2/3 and DH would be 1/3. So you'd just take the tax return and multiple by the ratio.
So if your tax return was $2,000, you'd get 2/3 (2,000*.667) and he'd get 1/3 (2,000*.333)
Me: 29 DH: 32
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I agree, if you wanted to keep your finances separate, you shouldn't have filed together. I was actually going to say the same thing, that you can look at your refund amount if you had filed separately, and go off of that.
FTR, DH and I keep our finances mostly separated, and only have a joint account for household bills. We shared our tax return, and used the money for mutual things, like a new appliance for the house and a trip. We're married, not roommates.
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If you are really bent on splitting it based on income.....Take your income divided by the combined income and get a decimal (percent). Take the tax return amount and multiply it by that decimal (3 place values after the decimal).
Signed: A HS math teacher.