Another reason to file separately is if you are a U.S. citizen living outside the U.S. and your spouse is a non-resident alien (non-U.S. citizen or green card holder). This keeps your foreign spouse out of the U.S. tax system.
Thanks for this! My long term partner and I were weary about getting married because of her 100k of student loan debt based on income repayments. It seems we'll be fine getting married as long as we just file separately.
@sov19871987 who wants to take on someone else's debt? Unless you are going to school to be a doctor or lawyer, $100,000 in student debt is extremely financially irresponsible.
Glad Saunders mentioned the Roth IRA. We are being told that we should file separately, but I want to be able to contribute to our Roth IRA without having to find loopholes. My retirement savings is more important than saving a few dollars now.
My expouse filed single for 2022 and we were divorced in Jan of 2023. I didn't know and filed married filing separately and now I owe because I recieved a tax credit with health coverage. Can I ammend my taxes since we had already filed for the divorce in September of 2022. I have lived in another state since Feb of 2022.
Why even bother with the married filing jointly option? Why not streamline the tax code to remove it altogether and not have people try to guess or do two trial tax returns to see which way is better?
It’s very common to file tax separately. Marriage has got nothing do with Tax. It’s completely a different set of document with the respective city authority where the marriage had been registered. There are apparently no benefits filing jointly or separately. 1) More parties one brings out in one return, more difficult it becomes. 2) Filing separately also has other benefits, like one may heave a free-riding of the basics, without spending a single penny. 3) Tax return benefits ( if any ) can be assigned to a nominated person in your filing. This may not be the spouse. 4) Joint Retunes makes it easier to joint endeavours ( if any ), like mortgage payments ( if any ). The underlying rationale is simple; bigger income, lesser repayment instalments; provided both have excellent repayment records history.
Whether you’re doing jointly or separate, go through the process together so you are on the same page about finances
Another reason to file separately is if you are a U.S. citizen living outside the U.S. and your spouse is a non-resident alien (non-U.S. citizen or green card holder). This keeps your foreign spouse out of the U.S. tax system.
Excellent thinking
Leave
Thanks for this! My long term partner and I were weary about getting married because of her 100k of student loan debt based on income repayments. It seems we'll be fine getting married as long as we just file separately.
I think you were worried more, not her 😂.
@sov19871987 who wants to take on someone else's debt? Unless you are going to school to be a doctor or lawyer, $100,000 in student debt is extremely financially irresponsible.
Marriage penalty returns when Trump tax cuts expire in 2026. You will be paying more taxes if your incomes aren't equal.
@@domdrty I don't know, my definition of love probably different
Ask an accountant
They cost a bit but it's worth it to know you won't screw up and get the IRS on your back
Glad Saunders mentioned the Roth IRA. We are being told that we should file separately, but I want to be able to contribute to our Roth IRA without having to find loopholes. My retirement savings is more important than saving a few dollars now.
Backdoor IRA isn't complicated as long as you don't have a traditional IRA (roll into a 401K or convert it to Roth and pay the taxes).
How may one file if you are legally separated and living apart in different states?
My expouse filed single for 2022 and we were divorced in Jan of 2023. I didn't know and filed married filing separately and now I owe because I recieved a tax credit with health coverage. Can I ammend my taxes since we had already filed for the divorce in September of 2022. I have lived in another state since Feb of 2022.
It’s to do with tax breaks right? Or just keeping separate finances I guess.
Why even bother with the married filing jointly option? Why not streamline the tax code to remove it altogether and not have people try to guess or do two trial tax returns to see which way is better?
It’s very common to file tax separately. Marriage has got nothing do with Tax. It’s completely a different set of document with the respective city authority where the marriage had been registered. There are apparently no benefits filing jointly or separately.
1) More parties one brings out in one return, more difficult it becomes.
2) Filing separately also has other benefits, like one may heave a free-riding of the basics, without spending a single penny.
3) Tax return benefits ( if any ) can be assigned to a nominated person in your filing. This may not be the spouse.
4) Joint Retunes makes it easier to joint endeavours ( if any ), like mortgage payments ( if any ). The underlying rationale is simple; bigger income, lesser repayment instalments; provided both have excellent repayment records history.
Great! Thank you!
1:20 "...CONGRESS MAKES THE TAX LAW. THE IRS ENFORCES IT!..."
why? if they file together then more tax to be paid
Tax breaks for married people is a tax increase on single people.
Doesn’t work that way fool, you probably think rich people don’t pay taxes either lol
@@ev7640 out of all the opinions out there that is one of them
Hoping ai simplifies all this bs someday soon
Sigma rule #1: never share a bank account with your girlfriend
@@AncientRe if it’s your girlfriend it’s YOUR money. It’s only YOU BOTH’s money when you get married
@@AncientReAs a lawyer who specialised in sigma and masculine law, I can tell you that sigma law exceeds every other law.
@@AncientRe Human rule #1: don't partner up, married or not, with anyone.
❤
Just don’t get married 🙄
look i was with this girl 18 months and thats together so she can not claim anything in my name
I dont think so pal