What happens when you file single when you are really married to get a larger tax return, is this possible?

What happens when you file single when you are really married to get a larger tax return, is this possible?

Postby cornal32 » Sun Feb 06, 2011 1:03 pm

My husband and I were married last year, so I wanted to file a joint return. I was curious and wanted to see how much we would get back if we had not got married, so I did it both ways through turbo tax just to see. I always thought if you were married & filed jointly , you would get a lot more money back. This does not seem to be the case. What happens when you are married but file your returns separate?
cornal32
 
Posts: 91
Joined: Sat Jan 22, 2011 4:06 pm



What happens when you file single when you are really married to get a larger tax return, is this possible?

Postby hotah » Sun Feb 06, 2011 1:04 pm

It depends on your situation really. Try it MFJ and MFS

I have found though that the real money is in having dependants. One year it was out first time MFJ and we were only getting $1,300. Then we we added my daughter into it...we were getting $5,300.
I'm not saying have kids for tax purposes lol. I'm just saying MFJ hasn't really done a whole lot for me...but MFS was worse.
hotah
 
Posts: 85
Joined: Mon Jan 17, 2011 6:55 am



What happens when you file single when you are really married to get a larger tax return, is this possible?

Postby bradly29 » Sun Feb 06, 2011 1:06 pm

You cannot legally file using single status. That's tax fraud and should be worth about 3 years in Club Fed. Married Filing Separately is almost always more costly than Married Filing Jointly.

As a married couple, you have major financial and tax advantages. For example, a married couple has at least double the earning capacity of a single, yet a married couple's basic expenses increase less than 20% of a single's actual essential costs of living. Financially, you are so much better off being married that it is silly to bristle over this year's taxes.
bradly29
 
Posts: 94
Joined: Sun Jan 23, 2011 3:14 pm



What happens when you file single when you are really married to get a larger tax return, is this possible?

Postby evyn » Sun Feb 06, 2011 1:07 pm

You cannot legally file using single status. That's tax fraud and should be worth about 3 years in Club Fed. Married Filing Separately is almost always more costly than Married Filing Jointly.

As a married couple, you have major financial and tax advantages. For example, a married couple has at least double the earning capacity of a single, yet a married couple's basic expenses increase less than 20% of a single's actual essential costs of living. Financially, you are so much better off being married that it is silly to bristle over this year's taxes.
You don't "get a larger tax return." You FILE a tax return. A tax return is the forms and schedules that you file with the IRS.

If you are married, your only options are Married Filing Jointly and Married Filing Separately. You cannot file as Single so it's irrelevant how much tax you'd owe or refund that you'd get if you filed Single. Filing as Single when you are married constitutes tax fraud. While the IRS would usually treat it as an innocent mistake, you would be forced to amend the returns and correct the error in fairly short order.

You don't automatically "get a lot more money back" once you marry. In truth, unless your incomes are modest and you each had children going in to the marriage, your total tax liability (and therefore any refunds) will not likely change much at all.

In reality it's pretty common to see much smaller refunds and even tax debts with newlyweds as they tend to run out and change their W-4s at their jobs to Married and typically claim 1 or 2 allowances on top of that. That results in their being severely under-withheld at tax time. If both had children going in to the marriage and both were nearly maxing out on the EIC, it's entirely possible to see a $10,000 plus reduction in tax refunds.

If children are not involved and your incomes are similar, filing MFS may not make much difference at all. As the disparity between your incomes increases, the advantage tilts slightly towards MFJ. If only one works and has income, MFJ is always preferable. When kids are involved, MFJ is virtually always preferable.
evyn
 
Posts: 76
Joined: Sat Feb 05, 2011 12:54 pm



What happens when you file single when you are really married to get a larger tax return, is this possible?

Postby chauncy45 » Sun Feb 06, 2011 1:08 pm

It's legal to file as married filing separately, not as single.
chauncy45
 
Posts: 111
Joined: Wed Jan 12, 2011 2:15 am




Return to Taxes



 


  • Related topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: No registered users and 0 guests