Posted: 2/9/2008 6:25:50 PM EDT
|
OK someone explain this to me, I don't understand it what so every. I am trying to do my taxes using turbo tax. when I put both my wife's income and my income in I end up owning over $2k. that is filing Married jointly. but when I put my info in and leave my wife's out with no deductions I am supposed to get back almost $2k. same with my wife's put just her info in with no deductions and she get's back alot too. how does that figure? can I file separately and not list the income of my wife? why does it ask for her info if I am going to file separately? If I just take all the deductions in my name and none in her name is that allowed? the house and the cars are all in my name anyway. I am so confused. should I just take this to a CPA? I doubt they will be able to find any more deductions and definitely not enough to drop $2k. Seth |
Ive only been in my income tax class for 4 weeks now.... give me another 12 weeks and ill be able to do your form 1040  but what i can help you with is: gross income -adjustments for adjusted gross income your agi -standard deductions(10,700 for filing jointly, 5,450 filing separetly) or TAID, which ever is greater personal deductions (3400x# of independents) taxable income
|
|
double check all your figures, exemptions, dependents etc. those separate when filing separate more here: IRS PUB 501 (section: Married Filing Separately) |
| Something sure sounds wrong, but hard to know what. Just doesn't seem like you'd go from a combined negative $2k to a $2k refund for you and a refund for your wife. As was suggested, double-check your deductions, exemptions, etc. Both of you can't claim the same excemptions and deductions, that's for sure. For example, if you're writing off mortgage interest, only one can claim it, or you'd have to split it. Same with other deductions. |
You are doing something terribly wrong. Married filing jointly has the lowest tax rates for all income brackets. Delete your current file in turbotax and start over. Accountant |
It's certainly easier to swallow, than when a lawyer tells you that! {Lawyer} Boy, you done fucked up. How does 10-20 sound?  Back to the origional question: The only time I can think of that MFJ is not the best way to file, is when husband and wife make about the same amount of money. All other times, MFJ is preferrable. Accountant |