Tax help

[ecmst12]

We live in PA.

As many know, I'm engaged and getting married next fall but fiance and I are now looking at getting legally married sooner (as in the next couple of weeks) so that I can go on his insurance (his company requires that hetero couples be married to get on the policy). I am SERIOUSLY confused about how to figure out what the differences in taxes will be married vs single. I did find a site stating that even if we get married on the last day of the year, the govt will consider us married for the whole year, so the answers will determine whether we make it legal before or after 1/1.

I know it will be SIMPLER to wait until after the new year and just file single this year (I know what to expect for that at least) and maybe it won't make a big difference either way, but I really don't want to end up screwing myself if filing jointly will be a big advantage for us at a time when money is really tight, since I was out of work for 2 months and we are trying to plan and pay for a wedding.

Can anyone please point me in the right direction, give a few examples of situations where a joint married return would give a much bigger refund then 2 single returns maybe? Or a couple of good sites to research? I don't even know where to start googling.

 

[TinkerBelleLuvr]

try here to see what it'll do to you

http://www.irs.gov/individuals/article/0,,id=96196,00.html

you may also want to consider seeing a tax office right quick where they could estimate your tax bill both ways. many times, they have beta versions of the tax software that can give you a pretty good idea of what you are facing by getting married in 2009 versus 2010.

And, yes, your marriage status on 12/31 is all that counts.

 

[LdiJ]

http://www.irs.gov/individuals/article/0,,id=96196,00.html

you may also want to consider seeing a tax office right quick where they could estimate your tax bill both ways. many times, they have beta versions of the tax software that can give you a pretty good idea of what you are facing by getting married in 2009 versus 2010.

And, yes, your marriage status on 12/31 is all that counts.

Some offices already have the "real" version of the software in by now. We do. I also agree with Tink that checking it out through a local tax office is the better way to go. There are so many new things for 2009 that it would be difficult to estimate them out without the new software.

 

[ecmst12]

I can't use the calculator unless I know what my income will be....I've worked at 3 different companies this year and collected unemployment for 2 months, which I had 10% withheld from even though I found out later most of it isn't taxable, so I have NO idea what my numbers will be at the end of the year. I also bought a new car which is eligible for the $1300 fuel-efficient tax credit. This is definitely the most complicated year I've ever had for taxes ALREADY, now there's another variable to figure out and I only have 2 weeks to figure it out...sigh.

 

[LdiJ]

I can't use the calculator unless I know what my income will be....I've worked at 3 different companies this year and collected unemployment for 2 months, which I had 10% withheld from even though I found out later most of it isn't taxable, so I have NO idea what my numbers will be at the end of the year. I also bought a new car which is eligible for the $1300 fuel-efficient tax credit. This is definitely the most complicated year I've ever had for taxes ALREADY, now there's another variable to figure out and I only have 2 weeks to figure it out...sigh.

There is also an additional standard deduction for sales tax on a new car as well.

If you go through your bank statements for the year you can estimate your income, but unfortunately that won't tell you what you had in withholdings. You don't have any paystubs available?

 

[ecmst12]

Well I haven't gotten paid at the new job and I don't have any from the first job I had this year, I do the one from the 2nd job. But that's not really all that helpful

Something tells me I should go to a professional for my taxes this year anyway, I usually file myself online using the easy form.

 

[LdiJ]

Well I haven't gotten paid at the new job and I don't have any from the first job I had this year, I do the one from the 2nd job. But that's not really all that helpful

Something tells me I should go to a professional for my taxes this year anyway, I usually file myself online using the easy form.

You definitely are not going to be able to us the EZ form this year. Not based on what you have said. Looks to me like you will need the standard 1040.

 

[ecmst12]

Just to update, we talked to more people and the consensus was that *most of the time* it's better to file married jointly, unless one makes a lot more money then the other, which isn't the case. It may not make a huge difference but it shouldn't make us WORSE off. Plus, I really need to have health insurance on Jan 1st to keep my continuous coverage (less then 63 day gap). So we signed the papers on 12/27 and I'm getting used to the idea of being someone's wife even though we're not telling many people about it yet

 

[LdiJ]

Just to update, we talked to more people and the consensus was that *most of the time* it's better to file married jointly, unless one makes a lot more money then the other, which isn't the case. It may not make a huge difference but it shouldn't make us WORSE off. Plus, I really need to have health insurance on Jan 1st to keep my continuous coverage (less then 63 day gap). So we signed the papers on 12/27 and I'm getting used to the idea of being someone's wife even though we're not telling many people about it yet

Congrats to you both!

 

[Mass_Shyster]

Just to update, we talked to more people and the consensus was that *most of the time* it's better to file married jointly, unless one makes a lot more money then the other, which isn't the case. It may not make a huge difference but it shouldn't make us WORSE off. Plus, I really need to have health insurance on Jan 1st to keep my continuous coverage (less then 63 day gap). So we signed the papers on 12/27 and I'm getting used to the idea of being someone's wife even though we're not telling many people about it yet

Liberty Tax (and I'm sure others) have free online tax preparation software. Enter your numbers, and it will calculate your tax.

Note: I would not use my real name, address, ssn, dob, or anything else. You probably want to use your real city, and month/year of birth if there are any age related calculations.

Come up with some rough numbers, enter them in as both married and single, and check the results.

 

[LdiJ]

Liberty Tax (and I'm sure others) have free online tax preparation software. Enter your numbers, and it will calculate your tax.

Note: I would not use my real name, address, ssn, dob, or anything else. You probably want to use your real city, and month/year of birth if there are any age related calculations.

Come up with some rough numbers, enter them in as both married and single, and check the results.

Too late...they are already married, single is no longer an option.

 

[Mass_Shyster]

Too late...they are already married, single is no longer an option.

WOW! My internal calendar is off by about a week. When I saw the papers were dated the 27th, I thought that was a planned date in the future.

Congratulations !

 

[Rushia]

Congrats to you and hubby!

 

[Banned_Princess]

Congrats!!!

Enjoy your new year, and your new Husby!!!


Next we will be happy to hear of a new baby on the wayy!!

Congradulations again!!

 

[ecmst12]

Definitely want to wait until after the official/unofficial wedding before there will be any babies...my dress needs to fit! But hopefully soon after