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married filing seperately or jointly

Joyce

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We both make about the same income and all other deductions are about the same so we split them. One of us has about $2000 more health deductions than the other. That is the only difference. How should we file. Can we change our filing status year to year.
 

artringwald

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DRI: The Point at Poipu, 3 deeded weeks, 1 of which is in The Club.

Rob&Carol Q

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When we sold our Rental home, that was the first year my Bride and I EVER filed anything but Joint. Given the complexities of selling a house out of state and the size of the CapGain, we went with a Professional for the first time as well.

It was a very good decision (on my Dear Sweet Bride's part) as we have very different incomes and she (the accountant) could place all of the CG against my Bride's income.

There is zero doubt in my mind that I would have blown it once I saw the complete package the gal created. She even handled the one IRS question letter that came in.

Bottom line? If you are feeling squishy and think your return is too complex, JUMP! If it's not too complex, play with the numbers and see what you get...the tax programs really facilitate testing scenarios now.

Good Luck! Tax time is the one time I can honestly say I almost hate my government...:shrug:
 

Joyce

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I did not want to get too involved but we too have the sale of our summer home to contend with along with the filing jointly doubts. We are gay and this is the first time we have this decision to make, filing separately or married. We got married as soon as it was legal in Ct. but will celebrate our 50 years together next March.
 

geekette

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I did not want to get too involved but we too have the sale of our summer home to contend with along with the filing jointly doubts. We are gay and this is the first time we have this decision to make, filing separately or married. We got married as soon as it was legal in Ct. but will celebrate our 50 years together next March.

FIFTY YEARS? Big Congratulations, the big 5 oh just brought tears to my eyes, it's just so rare...

Sounds like the house was held jointly? Use TurboTax, it's very good at determining best way for you to file and should walk you thru all you need for sale of home. If it becomes a sticky-wicket, absolutely get thee to a pro!
 

Passepartout

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Joyce, a lot of the decision is about just how 'co-mingled' you and your spouse want to have your assets. After 50 years (MANY congratulations!!!), I'd think they are pretty well combined anyway, but that's up to you to decide. I'll second that you can run the numbers every which way on Turbo Tax.

In a personal level, My wife and I have just been together 15 years and married for 10 this year. Our assets were accumulated separately and we have families from 'before' to consider before any 'co-mingling'. As you can imagine, she, as an attorney, and I as a retired trucker have quite different incomes. We choose to keep our assets pretty well separate, and file Married filing Separately. It just makes the most sense to us.

Some of the decision is purely financial, and some of it is emotional. Run the numbers and have a heart-to-heart with your spouse. The decision you will make is the right decision for you.

Jim
 

Saintsfanfl

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It is rarely a good deal filing separately because you lose a handful of credits but when in doubt do the math both ways. No education, child/dependent care, earned income (phases out fast), or adoption credits.
 
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lamb

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I also concur on the use of TurboTax to assess the impact. Congrats on 50 years together!!
 

SMHarman

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If it is that simple TurboTax will do the math properly or you can ask an accountant for probably a couple of hundred bucks and they will run both scenarios.
 

Don

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jehb2

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We use to do TurboTax. One year our taxes were a little more complicated so we used an accountant. She subsequently refiled our taxes for the previous 3 years. We got an incredible refund back. With TurboTax we had actually paid money instead of getting a refund back for those years.

And Joyce, congratulations! That is so awesome.
 
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Joyce

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Thanks for all your comments and congrats on our union. I have called a tax accountant and will go to him next year. I hate not doing it myself but things change!!
 

vacationhopeful

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Thanks for all your comments and congrats on our union. I have called a tax accountant and will go to him next year. I hate not doing it myself but things change!!

That is what happens when you get married. :ignore:

Congratulations and best wishes for another 50 together!
 

SMHarman

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Thanks for all your comments and congrats on our union. I have called a tax accountant and will go to him next year. I hate not doing it myself but things change!!
One of those strange things about paying for service. You pay for a plumber or electrician or carpet fitter but paying someone to do your taxes...
 

nazclk

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Filing

I saw one year where a couple got divorced every year and filed as single.
 

Laurie

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We got married as soon as it was legal in Ct. but will celebrate our 50 years together next March.
Wow - big congratulations!!
 
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