Married and Filing Jointly for the First Time | H&R Block

Editor’s Note: here ’ s a few department of state and don ’ t on filing jointly for the first gear fourth dimension after marriage that you might want to get squared away ASAP !
You ’ ve said “ I do ” to the sexual love of your life, and, now, for better or worse, you have to file your taxes married for the beginning time !
Deciding how to file taxes as a couple can be unmanageable – as is the first base time you do anything newfangled .
The first footstep is figuring out your filing status as a copulate. Your options are :

“ Married Filing jointly ” or “ Married Filing Separately. ”

Benefits of Using Joint Filing Status

Most couples find it best to file jointly for a few reasons :

  1. The tax rate is usually lower.
  2. You can claim a higher standard deduction.
  3. You can claim education tax credits if you were a student.
  4. You can deduct student loan interest.
  5. You can claim deductions for children and childcare expenses.
  6. You can file for the Earned Income Tax Credit (if you qualify).
  7. Some deductions (like medical expenses) are based on whether your expenses exceed a certain percentage of your income. By filing jointly, you may be able to meet that deduction requirement.

Should Every Couple File Taxes Jointly?

Every person ’ s tax situation is alone, and there may be many reasons to file taxes jointly and some to file individually ( like if your fresh spouse owes child documentation or rear taxes ) .
talk to a modify tax pro to see what choice is best for your new syndicate ’ second situation.

Questions to Review with Your New Spouse Before Filing

away from the adult “ how to file ” question, you ’ ll fall upon there are many questions you haven ’ metric ton considered when it comes to your newlywed status and taxes. Some questions are things you should know about your spouse before you ’ ra married. But there are some things you will want to discuss before you have an awkward argument with your spouse in front of your tax preparer .

  1. Did you sell or buy a home?
  2. Did you add any dependents when you married?
  3. Do you or your spouse have unpaid tax debts or student loan defaults?
  4. Does your spouse owe or pay alimony or child support?
  5. Did your spouse have gambling wins or losses?
  6. Did you contribute to political campaigns?
  7. Did you have any capital gains/losses?

You ’ ll besides want to discuss how you ’ ll receive a tax refund if you ’ ll be getting one and what to do with it .

Paperwork Adds Up When Filing Together for the First Time

When you ’ re filing taxes married, there is doubly arsenic a lot paperwork, so be sure to get it all – W-2s, 1099s, medical and child worry expenses, charitable contributions, business expenses, capital gains/losses and more. Gather all your information early in tax season so you ’ re completely ready to file .
After you ’ ve filed, take some fourth dimension to evaluate where the march was a act rocky and establish good money habits for the pillow of the year .
For exemplar, if your tax refund was large, you may want to think about adjusting your tax withholding tax to keep more money in your wallet. If you had to pay in, you should make adjustments to ensure it doesn ’ thymine happen again.

Establish a file system for all your authoritative fiscal and tax documents. And make certain you both know where that information is kept .
lecture with with your spouse about monetary decisions that can affect your tax indebtedness for adjacent class. Will you have a pamper ? Go back and finish your college degree ? Pay off debt ? Start investing ? What charities will you support ? Will you be moving or buying a sign of the zodiac ?
Knowing the answers to how to file taxes after marriage will help you avoid any surprises at tax time adjacent year .

generator : https://bethelculturalcenter.com
Category : Finance

Related Posts