Saturday, January 23, 2010

Can you file for taxes individually if youre married so you dont hit the next tax bracket?

If each spouse individually makes under the next tax bracket (250,000 for example) but together they make over it (500,000 for example) can you choose to file jointly or individually to fit your needs? Or why would you get married?Can you file for taxes individually if youre married so you dont hit the next tax bracket?
Something else you should consider is the impact of your state income taxes.





My wife and I just finished completing our taxes. As the other people indicated in their responses, we found our federal taxes to be pretty much the same, whether we calculated them jointly or separately.





However, there was a significant difference in our state (Ohio) taxes for the very reason you mentioned. Ohio has just one tax table to use so, filing jointly can bump you into a higher tax bracket. (It did for us.) (Ohio does give couples a joint filing credit but, it's not enough to make up for the impact of how the tax brackets are laid out.)





Here's how the math for our state returns worked out: Filing separately, I get a $473 refund and she gets a $97 refund. (Total refund of $570.) However, if we file jointly, we owe $648!





So, if your state has an income tax, consider the impact in your filing decision.Can you file for taxes individually if youre married so you dont hit the next tax bracket?
A married couple under most circumstances are only able to file MFJ or MFS and the return would come out the same if they each had the same income and deduction circumstances. If the income levels and deduction circumstances are different there may be good reason to file MFS. Otherwise it just causes you to file two returns. If you are paying to file that will double your fees.
yes,you can file married/separate if it benefits you most,it's your choice.you can't file as single if that's what you mean by individually,it's either married/joint or married/separate,not single.
You always have the right to both file as married filing separately rather than a joint return. But calculate it both ways. Since the rates are higher for MFS than for joint, you'll almost surely end up paying more by filing separately.
It would pay you have a professional filing out your income tax papers. I would have a CPA to fill out your income tax papers, they know all of the latest laws and loop holes to help you come out ahead of the game.
The tax brackets are doubled for married filing jointly vs. married filing separately. You get married so you can produce some beautiful 'deductions'.
won't work





married filing separate has lower brackets and single to prevent just this sort of thing. Congress wants your money.
It won't work. The tax bracket for two separate $250,000 incomes is the same as for one $500,000 income.
that's the infamous ';marriage tax'; no way around it.

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