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#1788932 - 02/25/13 07:18 PM I hope a simple tax question
Orrsislander 100 Club Joined: Jan 2002 Posts: 112	My 22 year old son lives at home and goes to college full-time; I still claim him as a dependent on my taxes. For the first time EVER, he worked last year and got his W2 in the mail. Can he file his own return, too, to get a refund of the taxes withheld (about $400.) Or can he not file since I claim him?
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#1788936 - 02/25/13 07:22 PM Re: I hope a simple tax question Orrsislander
Dip Power Poster Joined: Mar 2005 Posts: 6,298 San Diego, CA	He has to file since he earned income but he will mark that someone claims him as a dependant. He files for his income. You don't report his income on your formm, just claim him as a dependant and increase your deduction. That said, anyone knwo the benefits of married filing single or married filing joint? I don't even knwo why there is a option but this year I need to pick, and fast, btu dont knwo what is better, if there even is a difference. _________________________ Dabbling in banking, law, accounting...the life of a trustee.
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#1788937 - 02/25/13 07:23 PM Re: I hope a simple tax question Orrsislander
Dani York, CRCM Power Poster Joined: Apr 2005 Posts: 3,663 TN	I don't really know what the difference is, but I run my taxes both ways and pick whichever gives me the biggest refund. To date it has always been married filing jointly. _________________________ I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.
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#1788940 - 02/25/13 07:24 PM Re: I hope a simple tax question Orrsislander
manimal Diamond Poster Joined: Feb 2008 Posts: 2,207 Deleted	What she said ^^^^ _________________________ We're all here 'cause we've lost control. Innerpartysystem
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#1788943 - 02/25/13 07:28 PM Re: I hope a simple tax question Orrsislander
Dip Power Poster Joined: Mar 2005 Posts: 6,298 San Diego, CA	http://www.bankrate.com/finance/money-guides/tax-filing-for-couples.aspx The hubby doesnt have any itemized deductions, so mayeb this year we shoudl do it separately, based on the article above. I use TurboTax...anyoen knwo if it is easy to pick filing status on turbotax after your info is entered? I only used it once before last year when i was still single. _________________________ Dabbling in banking, law, accounting...the life of a trustee.
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#1788948 - 02/25/13 07:37 PM Re: I hope a simple tax question Orrsislander
Matt_B Diamond Poster Joined: Sep 2011 Posts: 1,651 A CU, Where Regs Don't Apply	You can change it easily in TurboTax, just go in and edit your personal information. It should also suggest what your optimal way of filing is, but I suppose it depends on if you want to trust it or not. I had the same issue to resolve this year, we ended up paying someone to do it. First time I've ever paid someone to do my taxes, I was sad. _________________________ Someone's about to get horned!
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#1788964 - 02/25/13 07:55 PM Re: I hope a simple tax question Orrsislander
Pale Rider 10K Club Joined: Aug 2002 Posts: 34,318 under the Lone Star	I can't imagine the unusual circumstances that would have to exist for filing single versus filing jointly resulting in lower taxes on a federal return. You could lose a lot of credits and deductions. Turbotax can quickly allow you to run both ways. _________________________ Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1788967 - 02/25/13 08:09 PM Re: I hope a simple tax question Orrsislander
cheekEE Power Poster Joined: Jun 2005 Posts: 4,594 Easy Street	Simple tax question...Oh I remember those days. I wish you Tax luck, Dip. We will need it too. _________________________ Some days good karma isn't worth the hassle.
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#1788976 - 02/25/13 08:31 PM Re: I hope a simple tax question Orrsislander
HappyGilmore 10K Club Joined: Jun 2004 Posts: 19,980 Pulling people out of the ditc...	yeah, but you have moving exoenses for a new job outside of your normal state, Cheekee...you may be able to claim those! but consult a tax professional to be sure _________________________ Providing alternative truths since the invention of time
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#1788984 - 02/25/13 08:40 PM Re: I hope a simple tax question Pale Rider
VWgirl21 100 Club Joined: Jan 2008 Posts: 199 The Bluegrass	Originally Posted By: Pale Rider I can't imagine the unusual circumstances that would have to exist for filing single versus filing jointly resulting in lower taxes on a federal return. You could lose a lot of credits and deductions. Turbotax can quickly allow you to run both ways. The first year my husband and I were married we filed married filling separately. It worked for us because I made almost double what he did that year. We also bought a house and I got the first time home buyers credit. He is accountant so thankfully I don't have to pay anyone to prepare my taxes. _________________________ CRCM
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#1788991 - 02/25/13 08:53 PM Re: I hope a simple tax question HappyGilmore
cheekEE Power Poster Joined: Jun 2005 Posts: 4,594 Easy Street	Originally Posted By: HappyGilmore yeah, but you have moving exoenses for a new job outside of your normal state, Cheekee...you may be able to claim those! but consult a tax professional to be sure I will attach a note to my taxes that says per Happy I get lots of $$ back you sons of ____. _________________________ Some days good karma isn't worth the hassle.
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#1789003 - 02/25/13 09:20 PM Re: I hope a simple tax question Orrsislander
chenin Diamond Poster Joined: Jul 2007 Posts: 2,120	If one spouse or the other owes back taxes, child support, etc one may want to file seperately.
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#1789004 - 02/25/13 09:21 PM Re: I hope a simple tax question chenin
Dani York, CRCM Power Poster Joined: Apr 2005 Posts: 3,663 TN	Originally Posted By: chenin If one spouse or the other owes back taxes, child support, etc one may want to file seperately. Or an injured spouse claim....though the injured spouse claim will delay your refund by several weeks (like 12!). _________________________ I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.
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#1789005 - 02/25/13 09:23 PM Re: I hope a simple tax question Orrsislander
manimal Diamond Poster Joined: Feb 2008 Posts: 2,207 Deleted	Can you switch back and forth year to year? For some reason I thought once you filed jointly, you had to keep filing jointly. _________________________ We're all here 'cause we've lost control. Innerpartysystem
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#1789012 - 02/25/13 09:37 PM Re: I hope a simple tax question Orrsislander
Dip Power Poster Joined: Mar 2005 Posts: 6,298 San Diego, CA	I heardx that too Mani but from what I saw online, seems you can make the choice each year... Hubby and I make about the saem but he puts much more away to his 401K than I do. Also, he has nothign to deduct that I am aware of, but I have plenty with the house (house and mortgage are in my name only and will stay that way). I saw online that if you fiel jointly you muct both itemize, but i think the hubby's standar deduction is more than if he itemized...almost positive on that. We dont have kids or earned income credits or anything liek that so we might be filing separately. Will see what turbotax concludes though... _________________________ Dabbling in banking, law, accounting...the life of a trustee.
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#1789018 - 02/25/13 09:50 PM Re: I hope a simple tax question Dani York, CRCM
chenin Diamond Poster Joined: Jul 2007 Posts: 2,120	Originally Posted By: Dani York, CRCM Originally Posted By: chenin If one spouse or the other owes back taxes, child support, etc one may want to file seperately. Or an injured spouse claim....though the injured spouse claim will delay your refund by several weeks (like 12!). I thought about that after I posted.
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#1789045 - 02/25/13 10:28 PM Re: I hope a simple tax question Orrsislander
Princess Romeo Power Poster Joined: Jun 2001 Posts: 8,272 Where the heart is	Quote: simple tax question ^^One of the definitions you will find under the term: Oxymoron _________________________ CRCM,CAMS Regulations are a poor substitute for ethics. Just sayin'
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#1789048 - 02/25/13 10:34 PM Re: I hope a simple tax question Orrsislander
Pale Rider 10K Club Joined: Aug 2002 Posts: 34,318 under the Lone Star	OK, so the hubby is socking away his earned income into pre-tax retirement and has no ownership in the house and its tax benefits. Is Cali a community property state? I wouldn't want to be the hubby in that scenario. He may be worth more dead than alive. _________________________ Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1789060 - 02/25/13 11:15 PM Re: I hope a simple tax question Orrsislander
Dip Power Poster Joined: Mar 2005 Posts: 6,298 San Diego, CA	CA is community property. _________________________ Dabbling in banking, law, accounting...the life of a trustee.
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#1789070 - 02/26/13 12:02 AM Re: I hope a simple tax question Orrsislander
RebekahL CRCM Platinum Poster Joined: Feb 2003 Posts: 879 Big Sky Country	Orrsislander, is it just you filing? i.e. filing "single", not "joint" with a spouse? If so, you will likely qualify as head of household too. Look into it! Ka-ching! Oh, and your son won't be harmed by you taking his dependent exemption. Like Dip said, he cannot claim himself as a dependent (since you are) but it sounds like his income is low enough that the standard deduction will wipe out his taxable income anyway, giving him a full refund of whatever withholding his employer made. _________________________ Me, Type A? Maybe - I'm not done analyzing it yet.
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#1789101 - 02/26/13 02:49 AM Re: I hope a simple tax question Dip
Dani York, CRCM Power Poster Joined: Apr 2005 Posts: 3,663 TN	Originally Posted By: Dip I heardx that too Mani but from what I saw online, seems you can make the choice each year... Hubby and I make about the saem but he puts much more away to his 401K than I do. Also, he has nothign to deduct that I am aware of, but I have plenty with the house (house and mortgage are in my name only and will stay that way). I saw online that if you fiel jointly you muct both itemize, but i think the hubby's standar deduction is more than if he itemized...almost positive on that. We dont have kids or earned income credits or anything liek that so we might be filing separately. Will see what turbotax concludes though... It was my understanding that if you file married filing separately, you both have to itemize or you both take the standard deduction. You cannot have it both ways (ie one itemizes and one doesn't). Check on that, but that has always been my understanding. ETA: In fact from the link you posted earlier: Deduction flexibility also is sacrificed. If one spouse itemizes, both must itemize, splitting the items to be listed on a separate Schedule A for each. That means a partner with few deductions couldn't use the standard amount and might get cheated when it comes to reducing taxable income. Last edited by Dani York, CRCM; 02/26/13 02:51 AM. _________________________ I can't herd the cats anymore, so I just set up the electric fences and let them fry when they stray out of bounds.
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#1789180 - 02/26/13 03:04 PM Re: I hope a simple tax question Orrsislander
Pale Rider 10K Club Joined: Aug 2002 Posts: 34,318 under the Lone Star	Y'all sound like a bunch of 1 percenters. Pay your fair share! Don't be greedy! _________________________ Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1789227 - 02/26/13 04:05 PM Re: I hope a simple tax question Orrsislander
manimal Diamond Poster Joined: Feb 2008 Posts: 2,207 Deleted	_________________________ We're all here 'cause we've lost control. Innerpartysystem
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#1789233 - 02/26/13 04:20 PM Re: I hope a simple tax question Orrsislander
Matt_B Diamond Poster Joined: Sep 2011 Posts: 1,651 A CU, Where Regs Don't Apply	We have to pay to support all the old people Not having kids or a house or anything exciting, and not having to itemize makes things really easy. Unfortunately with forms not being ready on time, ours are done and waiting for the IRS to finalize things so they can be submitted! (At least, last I knew they were still waiting) Me and my education credits complicated everything. _________________________ Someone's about to get horned!
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#1789286 - 02/26/13 05:40 PM Re: I hope a simple tax question Dani York, CRCM
Dip Power Poster Joined: Mar 2005 Posts: 6,298 San Diego, CA	Originally Posted By: Dani York, CRCM Originally Posted By: Dip I heardx that too Mani but from what I saw online, seems you can make the choice each year... Hubby and I make about the saem but he puts much more away to his 401K than I do. Also, he has nothign to deduct that I am aware of, but I have plenty with the house (house and mortgage are in my name only and will stay that way). I saw online that if you fiel jointly you muct both itemize, but i think the hubby's standar deduction is more than if he itemized...almost positive on that. We dont have kids or earned income credits or anything liek that so we might be filing separately. Will see what turbotax concludes though... It was my understanding that if you file married filing separately, you both have to itemize or you both take the standard deduction. You cannot have it both ways (ie one itemizes and one doesn't). Check on that, but that has always been my understanding. ETA: In fact from the link you posted earlier: Deduction flexibility also is sacrificed. If one spouse itemizes, both must itemize, splitting the items to be listed on a separate Schedule A for each. That means a partner with few deductions couldn't use the standard amount and might get cheated when it comes to reducing taxable income. Oh man, I read that wrong...thought it meant filing jointly you both have to do it the same. Thsi is so stupid. Who makes up these ridiculous rules??? _________________________ Dabbling in banking, law, accounting...the life of a trustee.
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