|
Posted by sparksals on April 15, 2007, 1:42 pm
Please log in for more thread options
I finished our taxes last week and delayed filing because I
couldn't find a 1099 for interest and had to contact the
bank. I was a bit ticked because every year in the past,
married filing jointly, we got a refund. However, this year
we have to pay, albeit a small amount.
After everything was complete and entered, I thought of
something that I didn't think of prior to entering
everything into TT. I worked a long term temp assignment
last year that brought our income up to the next bracket,
but my income was considerably less than my husband's and
was more pocket money for me. With my husband's income
alone, we would have received a decent refund.
When I input everything, I put all medical expenses under
his income as well as charitable contributions. I am the
one who had all the medical expenses for the year. Would it
make a difference in the bottom line if the deductions were
taken off my much smaller income even though we're filing
married/joint?
I realize we file married/jointly, but does it matter who
takes the deductions in this regard or is it all lumped into
one pot? I'm thinking the medical expenses allowable
deduction percentage would be beneficial if it were off my
income instead of his as well as the charity items we
donated which include furniture and many household goods,
thus possibly negating the amount owing and possibly giving
a refund.
Or is this the type of differentiation that married filing
separate is for? I checked and with everything input as is,
we would owe more money filing separately. However, would
changing the medical expenses and taking into consideration
they are more than the income percentage for my income alone
be a solution? With my husband's income alone we would have
received a significant refund even without the medical that
I claimed on his end instead of mine.
I am from Canada and new to US taxes. This is the first
year where I have also had an income, so I'm not sure how
this works. We always filed married/joint in the past.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | deductions and AMT | December 28, 2006, 8:15 pm |
| Missed deductions | February 13, 2007, 1:49 am |
| Top Ten Oddball Tax Deductions | March 25, 2007, 12:26 pm |
| Two questions on deductions | April 15, 2007, 1:42 pm |
| Deductions for 501(c)(3) volunteers | June 5, 2007, 3:19 pm |
| Will there be tax deductions for my LLC business? | July 12, 2007, 7:34 pm |
| Re: Will there be tax deductions for my LLC business? | August 27, 2007, 2:12 am |
| Oil/Gas Drilling Deductions | September 12, 2007, 10:05 pm |
| complicated deductions qs | March 8, 2008, 7:14 pm |
| Schedule C deductions | April 1, 2008, 6:43 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap