I currently owe the IRS a substancial amount of back Taxes. I am trying to file separate from my wife so she won't be liable for my past debt. We just bought a new home in June. How do I file without her losing her refund this year for my back taxes??What is the best way to file separate if married?
The BEST way is to file married filing jointly. Have your wife complete the ';Injured Spouse Agreement'; and attach it to your income tax return. She will get her portion of the refund. That will still be more than if you both file married-filing separately. Especially if you own a home.What is the best way to file separate if married?
Married filing separate but you lose alot of deductions and credits. For instance if one of you itemize the other must itemize also because their standard deduction would be zero.
You could file jointly and she could file an injured spouse form and the IRS will figure out how much of the deductions and credits she gets to use and send her a refund if there is one. You should talk to a tax preparer to let them run it through and see what is best in your situation
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment