Tax returns and being married:

We are filing married this year - what does that mean for our refund? Is it going to make a HUGE difference? I hope we don't lose out on a lot b/c we are planning on using part of our return to pay for our airfare to Paris (our Anniversary trip!!) I am hoping we still get a lot back.

Re: Tax returns and being married:

We got married in 2005 when we did our taxes in 2006 we asked our accountant to tell us what we would get back jointly vs single and we ended up getting a return that was 5 times more for filing jointly. we ended up filing jointly. From my experience it was much better and more beneficially.

Re: Tax returns and being married:

Dani, we got a lot more this year then last....

but we had two things....house & getting married but it does make a significant difference

Re: Tax returns and being married:

We got a lot LESS....but we don't own a house, but we did have a baby.

We got more last year when we filed separately (even though we were married).

Re: Tax returns and being married:

it all depends on your income. Dh makes a lot more than i do so by us filing together it helped him out.. So he wouldn't have to give back money

Re: Tax returns and being married:

we got less. we dont own anything and no kids. s*cked for us

Re: Tax returns and being married:

oh this is so confusing!

you know what? as long as i get back enough for the airfare to paris - at the very least - i'll be a happy camper!

Re: Tax returns and being married:

marriage doesn't = tax refund...

Re: Tax returns and being married:

We need to pay either way; accountant told us if we filed separately we would save 5 dollars - but having to pay extra for him doing a separate return nullifies that big time.

Re: Tax returns and being married:

everything in taxes, like with so many other things in life... IT DEPENDS.

sorry it's not clear cut, but that's the best and truthful answer without asking a lot of specifics.

if you don't mind sharing some info, i can give you a ball-park number via FM

Re: Tax returns and being married:

If the only thing that changed this year was your filing status (single/married) and you earn similar incomes, you will likely get back less this year. I used to get some money back, but the year DH and I got married, we owed money.

You should have an accountant run the numbers to see whether it's better for you to file married joint or married separate. In most cases, it's better to file married joint, but you may want to compare the numbers.

Re: Tax returns and being married:

Re: Tax returns and being married:

if you kept your status as single with your job but file married jointly, chances are you will get back more. but as OPs mentioned, it definitely depends on your DH's income, deductions, etc.

ask your accountant to run it both ways (separately and jointly). my accountant told me that like 95% of time, you get a larger refund when you file jointly.

Message edited 2/22/2008 8:54:29 AM.

Re: Tax returns and being married:

Posted by headoverheels

Posted by BabyBoy

marriage doesn't = tax refund...

she was asking a valid question.

dani, DH and i are filing separately this year, but i am pretty sure you can choose to file either way - just have your accountant figure it out both ways and file the way that is most beneficial for you.

Re: Tax returns and being married:

Posted by headoverheels

Posted by BabyBoy

marriage doesn't = tax refund...

she was asking a valid question.

dani, DH and i are filing separately this year, but i am pretty sure you can choose to file either way - just have your accountant figure it out both ways and file the way that is most beneficial for you.

Re: Tax returns and being married:

C'mon tax refund! Momma needs to go to Paris!!!
Good luck!

Re: Tax returns and being married:

We got A LOT less this year. Our combined income bumped us into the next tax bracket and we really didn't have any deductions. (No house or kids)

It was pretty disappointing b/c we were going to put our return towards our down payment for a house.

Re: Tax returns and being married:

It's really simple to guesstimate this. This is how I do it:

Assuming you don't have many deductions... the standard deduction for married joint is more or less twice that what the standard is for single. So that cancells itself out.

The biggest problem you will have is if one spouse makes significantly more than the other.

If one spouse makes 100k for instance. He/She is taxed pretty well and her company withholds plenty from her check based on her salary.

If the other spouse is only making say 40k, that person's job is probably only withholding for somebody that makes 40k. Assuming that person was single it wouldn't be an issue.

However that person's 40k pretty much adds on to the other's 100k salary so that 40k should be taxed in the bracket for people between 100k and 140k. But in reality he/she isn't. AND if that person is claiming married and not single or married at the single rate then it will be even worse as that person's withholding is way less than it should be.

With this scenario... the couple will most likely get less back than that person would if they were single.

If you are going to get the same back or maybe more, the scenario for that to happen is if both people make more or less the same salary because both of their jobs are withholding the correct amount for a couple that has a household income of double of each spouse.

If there is a big discrepency between the two salaries, I would have the person that's making much less claim married at the single rate so they withhold the most taxes. The increased withholding won't make too much of a difference on that person's salary, but it will make a difference on what you owe at the end of the year. The person with the big salary can claim the proper married with dependents.

This is just my two cents and opinion on this subject.

Of course the best way to always approach taxes is to not give the government an interest-free loan. Take home as much pay as you can, and avoid getting those big refunds at the end of the year.

Message edited 2/22/2008 9:34:56 AM.

Re: Tax returns and being married:

Re: Tax returns and being married:

Re: Tax returns and being married:

The last 2 years (our first 2 married) we got an impressive refund.....

We purchased an investment property and had a baby, so this year should be ineteresting.......

Re: Tax returns and being married:

We got married in 2006 and filed jointly in 2007 for 2006. We only got a little bit more than we did as singles.

Re: Tax returns and being married:

We owed less on our 2006 taxes by filing married jointly instead of married separate.

We get screwed b/c we don't own anything and have very little deductions.

Re: Tax returns and being married:

we got married in 06 and filed married separate for that first year and got back our standard refunds.

this year we filed married joint and got back ALOT more. but its because DH makes alot more than i do and i'm also an independent contractor and can right off a whole bunch of stuff and we own investment property.

Re: Tax returns and being married:

We got married this year too and we are getting back A LOT less than we both did last year. It's kinda dissapointing because people told us now that we were married we would get a lot back. Since we make a lot now that we are combined, it kinda screwed us.