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Joined: Oct 2002
Posts: 501
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Joined: Oct 2002
Posts: 501 |
I really don't want to see my WW. Are there any drawbacks to doing my taxes by myself
<small>[ March 13, 2003, 09:36 AM: Message edited by: Luki ]</small>
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Joined: Dec 2002
Posts: 684
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Joined: Dec 2002
Posts: 684 |
I think tax wise you can't take as big of a deduction. But I look at that as a small price to pay for piece of mind.
I am filing separetly.
STTSI
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Joined: Apr 1999
Posts: 8,016
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Joined: Apr 1999
Posts: 8,016 |
If you file separately and one itemizes, the other is REQUIRED BY LAW to itemize. So if you paid the house and itemize, your wife CANNOT take the standard deduction and she probably won't have a lot to itemize.
Married filing separate is the highest tax rate.
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Joined: Oct 2002
Posts: 501
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Joined: Oct 2002
Posts: 501 |
Maybe I will run it through on Turbo Tax to see what happens. I did not make a whole lot of money last year because I was part time but I had a lot taken out extra and my W did not. I also have to list my one-man business expenses, which isn't a whole lot.
I can't find any information that says if itemizing self owned business expenses is a trigger for the other spouse to itemize. I'll have to look at last years return to see what we did.
That's a funny word, "we"; at least these days it is.
-Luki
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Joined: Apr 1999
Posts: 8,016
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Joined: Apr 1999
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I can't find any information that says if itemizing self owned business expenses is a trigger for the other spouse to itemize.
Line 37b on the 1040, you must check if your spouse itemizes on a separate return. If Line 37b is checked, Line 38 standard deduction is a big fat ZERO!
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Joined: Oct 2002
Posts: 501
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Joined: Oct 2002
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Thanks Chris. You da man!
-Luki
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