any tax gurus?

[Sfla80]

Ok so it's coming to that time again. And have been researching the best way to go about my (our) taxes this year. I know I'm early but I'm a planner lol.

Last year my wife and I filed separately. Each got back roughly 2k each. Using turbo tax.

We don't have much to claim. She has her student loans, I have some stocks and not sure if can claim 401 or not. But that's about it.

This year we will have the baby (hopefully lol).

So questions are....

Is it better to file married with the baby?

Or is it better to continue to file separately and one of us claim the baby?

If we do separately now....which one of us should claim the baby. I make more then double what she makes. So which would be better off claiming?

I sent my info to my dad's accountant but would like multiple opinions on this.

[Euroholic]

Whens your tax year? Ours is july 1-june 30

[Sfla80]

Whens your tax year? Ours is july 1-june 30

Can start filing second week January. ...like I said I'm a planner and thinking things through first.

[novastepp]

Ok so it's coming to that time again. And have been researching the best way to go about my (our) taxes this year. I know I'm early but I'm a planner lol. Last year my wife and I filed separately. Each got back roughly 2k each. Using turbo tax. We don't have much to claim. She has her student loans, I have some stocks and not sure if can claim 401 or not. But that's about it. This year we will have the baby (hopefully lol). So questions are.... Is it better to file married with the baby? Or is it better to continue to file separately and one of us claim the baby? If we do separately now....which one of us should claim the baby. I make more then double what she makes. So which would be better off claiming? I sent my info to my dad's accountant but would like multiple opinions on this.

It's really going to come down to individual income and if one of you may meet the cut off for child tax credits (there are a few).

[Sfla80]

It's really going to come down to individual income and if one of you may meet the cut off for child tax credits (there are a few).

Ty novastepp kinda figured individual basis. But just trying to get ideas.

[novastepp]

Ty novastepp kinda figured individual basis. But just trying to get ideas.

Just so I am clear, it will depend on your individual incomes, meaning, yours versus hers. To be exact, it would be who made the least and will that AGI, adjusted gross income, meet the threshold for child tax credits and/or addtl child tax credits. I doubt child tax limits will change much from last year and you can find worksheets at its.gov, or simply by googling.

[bloodchoke]

If you don't mind taking the time, you can figure it both ways and then file the return(s) that best benefit your family.

[Sfla80]

Thank guys. I will start my own research and compare it to what my dad's accountant says.

[wmaousley]

Ok so it's coming to that time again. And have been researching the best way to go about my (our) taxes this year. I know I'm early but I'm a planner lol.

Last year my wife and I filed separately. Each got back roughly 2k each. Using turbo tax.

We don't have much to claim. She has her student loans, I have some stocks and not sure if can claim 401 or not. But that's about it.

This year we will have the baby (hopefully lol).

So questions are....

Is it better to file married with the baby?

Or is it better to continue to file separately and one of us claim the baby?

If we do separately now....which one of us should claim the baby. I make more then double what she makes. So which would be better off claiming?

I sent my info to my dad's accountant but would like multiple opinions on this.

If you guys will incur medical expenses from the birth of your baby (congratulations for that) then filing separately is the way forward and next year (2017) you should file jointly depending on the tax bracket you fit into. To make sure you save money, try filling out tax forms under both filing statuses and see which one triggers a lower tax payment.

However also be aware that The Internal Revenue Service phases out several tax credits and deductions when people choose married filing separately as their status. Among the tax benefits you forfeit are the Child and Dependent Care Credit, the College Tuition Deduction, the American Opportunity Tax Credit, any deduction of student loan interest paid and the Earned Income Tax Credit. In addition, the total amount of capital gains losses you can claim as a deduction is divided in half.

[lovbyts]

I was going to say the same as above, try both ways. It doesnt take all that long. I may do the same this year.

Do NOT forget a BIG tax deduction is your charitable contributions. Make sure to check the details because you are allowed a certain dollar amount as a one time donation and a different amount given over time such as tithes or cash to church, fire fighters, red cross, and also anything you give to the goodwill, salvation army or other places like that. You can give many many times a year without any receipts. Just keep that in mind.