Should I file jointly or seperatly this year?

[IHateMyJob2004]

This year, my wife made aobut $20K. I made $65K.

We have been married hte full year. Had a baby in November, but that's realy irrelevant here.

Is it better t ofile jointly or seperately?

Note:I did jointly last year.

Thanks

 

[IHateMyJob2004]

Thank You google

Sounds like jointly is the way to go unless incomes are very similar in whcih case you have to look at tax brackets. Link expains this.

With hte differential in incomes between my wife and I, jointly definitely makes the most sense.

 

[Banana]

In past years, I tried both joint and separate and the tax liability was the same. If you use tax software like TaxCut, the program will tell you which is better.

Isn't there a CPA in the house? I think his username is CPA!

 

[Drakkon]

http://www.dinkytown.net/java/Tax1040.html I like that calculator just to kinda get an idea

jointly usually the way to go though. if u do jointly last and dont do it this and no divorce papers are around u might get tagged as a "potential" for the irs to investigate

 

[amish]

he got a new job with tons of exposure so he may not have time during the day now.

EDIT: CPA that is

 

[DrPizza]

You use tax software. It will calculate it both ways for you, and you file the way that's to your advantage.
(I thought everyone knew that)


AFAIK, it hardly makes a difference for the average married couple... they've got those tables mastered so it works out to about the same either way.

 

[jimikim]

Calculate both then choose whichever is lower. But most likely the liability will be the same.