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Married filing jointly vs seperately?

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Soph

Junior Member
What is the name of your state?What is the name of your state? NY

Hi,
I'm sure this is a very common question but what are the advantages/disadvantages of the 2 options for a married couple? ie filing jointly/seperately.

My husband worked all year last year. For my part,I just had a temp job for a few days in 2004. We got married in July. Can he claim me as a dependent since our marriage or for the full year?
If he does, can he get an allowance and how much would that be?

Thank you for your time.
 


Snipes5

Senior Member
He doesn't claim you as a dependent, you file a joint return with him, on which there will be two exemptions. Some of the advantages of Married Filing Jointly vs. Married Filing Separately are: lower tax brackets, MFS is "penalized" by the IRS not allowing certain credits...

Neither of you has the option of filing "single", because as of 12/31/04 you were married.

Snipes
 

abezon

Senior Member
MFJ: Pros: lower total tax, more credits available
Cons: you're liable for all taxes that should have been paid if you sign the return, whether the income was yours or his

MFS: Pros: you're not liable for his taxes
Cons: Higher tax for the person with most of the income, very few credits allowed for MFS.
 

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