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Quick tax question

Any thoughts on if it's better to file jointly or do seperate tax returns?  I just got my forms in the mail and printed out my W2 so I'm ready to go just not sure which will give us the most money back.

Re: Quick tax question

  • I'm an accountant and total numbers geek, so I actually ran our taxes trying both ways the first year we were married and saw which one gave us the lowest tax and highest refund.  Married filing jointly was our ticket.  I think it would depend on your financial situation, really (potential deductions, do you or spouse own a house jointly or individually, are there dependents and if so who would claim them, do you itemize or take standard deductions, etc.).
    ~DD born 3-25-10~DS born 6-5-12~
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  • I figured we would run the numbers both ways to see which would work better for us. We don't own a home, we rent so  we don't even get that back, so who knows how it's going to work.

  • I was just trying to figure this out too. According to Turbo tax if you are filing separately you can't claim interest on student loans for a deduction. That settled it for us!
  • We don't own a home yet and don't have any loans out currently. I'm thinking I'll do the numbers both ways and see what happens. 
  • Hmm..I'm really glad you asked this because I have been thinking about it..we don't own a home together, we rent.  MH has 2 kids, I have none.  I was a full time student in 2009...I'm thinking I should file seperately..WDYT?

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