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First time filing taxes as a married couple......married filing separately or married filing jointly?
It's tax time again. This will be the first year my husband and I will be filing after getting married. Which is better.....married filing separately or married filing jointly? I've never really understood the difference between the two. We don't have anything complicated.....just a condo, car, etc. No stocks, we don't own a business, etc. just wondering how we'd come out better.
6 Answers
- StephenWeinsteinLv 77 years ago
Jointly is usually better. As a whole, the couple comes out better filing jointly. However, it's theoretically possible for one person or the other to come out slightly better filing separately, but the other person would come out much worse.
- Anonymous7 years ago
Generally you'll come out better filing jointly, but not always. Try it both ways and see which way is best. One thing to consider is that if you itemize deductions, which you might do if you have a large mortgage, you both must itemize if you file separately.
- Anonymous7 years ago
FILE JOINTLY. It has the lowest rates and most benefits. Filing as married filing separately is the worst thing you could do.
- troLv 77 years ago
you can certainly prepare dummy returns both ways but generally without some mitigating conditions filing married jointly is better
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- Christin KLv 77 years ago
Do your taxes both ways and see which gives you the bigger advantage! You can fill out your forms with both filing statuses before you actually file them.
