 First job. Am I on right TAX code? Can I earn £5k TAX free? |
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something to think about.
Additional Details
Don't read too much into this question. I'm 25 years old. It's just something to think about.... |
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jd ma | Do I have to file if I haven't worked since May? |
My husband works out of state and made about $35,000. We have a 5 year old son who has Autism. I only made a little over $1000. Do I need to file? |
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nyssa
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With your income alone, you don't need to file, but your husband does. The best way to file is married filing jointly, which you can do regardless of whether you lived together or not. Your standard deductions and exemptions will be higher, and therefore your taxable income and tax liability will be lower. Based on what you've disclosed about your situation you could have over $5000 less in taxable income if you file jointly. In addition, even though you have to file taxes for 2 different states (assuming that both states have income taxes) you can also file those returns jointly to lower your tax liability, regardless of whether you both had income in that state or not.
The IRS discourages married couples from filing separately, and therefore they give benefits to those who file jointly. You will get a larger refund or have a smaller balance due if you file together.
Also, if you want to get the stimulus payment in May then you will get the most if you file together. If you do that you will get $1500, if he files and claims your son but you don't file then he'll get $900 and you'll get nothing. |
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Judy1
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You 'd be ahead to file a joint return with your husband - it will almost surely result in lower taxes overall, between you, plus eligibility for you for the stimulus rebate which you won't get if you file separately with under $3000 income. But if he is filing as married filing separately, no you wouldn't be required to file if your income was on a W-2 - if it was from self-employment, yes you'd need to file. |
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Russ B
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There are a lot of questions here!
Generally, it is better to file jointly; unless you have a reason not to (these are usually matters of trust).
I am going to make some assumptions that might or might not be right. First, you said that your husband "works" out of state (you didn't say he lived out of state). This I assume you still live together.
If this is the case, then by filing separate returns you will lose most of the credits. Assuming that your child lived with you, then you would be giving up a $1000 credit. And, you will also be giving up $600 in the Tax Stimulus program. You will also be giving up deductions of around $4350 or about another $654.
That is more than $2200 right off the top of my head.
Hope this helps |
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Monica
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yes |
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kay
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yes but need more info...do you file jointly with your husband? becaue u definately want all the income reported as it will b reported to the irs and u dont want it biting u n the butt later down the road...also by filing u get on the big stimulus/ advance payment on next years |
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WebXen
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You should file... that's the only way you'll be guaranteed a rebate check. The President's Economic Stimulus program. Check out the link below: |
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white gravy
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If you file together (jointly) you should tell them the amount you made. But if you are going at it seperately, you wouldn't have to file. But remember you get that next round of rebates in May! I am sure you guys could use the extra cash its about $1500 for parents with children. |
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nettiebear30
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anything you make over I think $500 you have to file your taxes. You will or should be able to get earned income credit for your son so that will make it a little better. |
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