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| *Loan,banking and credit>>>child tax |
What is the best way to file taxes when getting married, and we both have children from a previous marriage? |
My fiance and I have children from another relationship, I have 2 and he has 1. Im concerned when we get married we will have to file jointly and we will lose that extra money. When married can we still file seperate and claim our own children on our taxes. Neither one of us plan on adopting the others children. I get at lest 4-5 thousand and he gets $2000, will we get less back filling together? If you file separately neither of you will be eligible for the EIC and filing separately can also exclude or elimination other credits and deductions. Usually it is more beneficial to file Jointly, It's a story... of a lovely lady... dumm deee dumm de hair of gold... like their mother.... the youngest one in curls... dumm dee dah dumm. Work on the joint numbers versus separate filing and see which allows you for lesser tax payable. From my experience working with H&R Block, you will need to try both ways of filing, and use the method that gets you least taxes owed. In the vast majority of cases, married filing jointly works best. You both get so much money back now because you both file as Head of Household. You won't be able to do that if you are married, even if you file seperately. Next year when tax time rolls around, try it both ways -- married filing seperate, or married filing jointly. I think you will find that filing together will be better than filing seperately Once you're married, you lose the second "head of household" benefits, although there are still various benefits for married couples with dependent children (three between you). As several others said, you need to work out the taxes both ways. For instance, if one of you makes very little and qualifies for various low-income goodies, you could have a benefit to filing separately. However, if you make roughly the same amount (in the same tax bracket), it's probably better to file jointly. Still, work it out both ways this first year, so you know the issues you're facing. I've been there: dependent step-child, disparate income, and it was *still* better to file jointly. Your mileage may vary. Void where taxed, regulated, or bearing side effects of drowsiness. Do not take advice while standing in water or near electrical lines. Do not operate this advice while under the influence of PBS. Misuse of this advice may result in serious infamy, or even debt. You should file jointly. By filing separate you take a bigger hit because only one of you can itemize. On rare occasions filing separately make work, but it's doubtful. If your still not sure trry it both ways and see which one works better. I'm betting that joint will come out much better. |
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