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MFJ or MFS

by TaxMama on March 11, 2010

Today TaxMama hears from Madhu in Minnesota who needs help.  “I have a peculiar case and need your opinion here. I am living & working in MN and make a lot of money. My wife lives & studies in WI and she has an on-campus job, earning enough to cover her basic living expenses.  Our state of residence is different and so is our tax bracket. So I am not sure whether I should be filling jointly or separately. If I file jointly, I would end up paying a lot of state tax to WI. I am paying her tuition fees and I suppose that would be taken into account irrespective of whether we file jointly or separately.”  http://taxmama.com/forum/taxquips/should-i-be-filing-as-mfj-or-mfs/

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Ask TaxMama Issue 540 – A Long Weekend

February 12, 2010

Dear Family,
This week went by so quickly, I didn’t even have time to blink. Perhaps not so for some people. Working on an article, I called the IRS DC press office one morning, only to get the answering service message that the office was closed. So contacted a couple of those cool guys by email. [...]

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Do I have to File a Tax Return?

January 29, 2010

    Courtesy of IRS
[TaxMama note: ALWAYS file tax return, whether you need to or not. Once you file, you start the clock ticking on the 3 year statute of limitations for audit. If you never file, IRS or the state can come back and ask for a tax return for  that year, forever.]
You must file [...]

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Son’s Girlfriend’s Baby

November 12, 2009

Today TaxMama hears from Anthony in North Carolina with this story. “My son’s pregnant girlfriend moved in, back in May and the baby was just born. My question is, will I be able to claim both of them, girlfriend and baby, on my 2009 taxes? If so will I get the child tax credit for [...]

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Filing Separately Consequences

September 3, 2009

Today TaxMama hears from Greta in New York with this question. “I am thinking of filing a separate tax, without my husband. I pay most of the bills. Can I claim the house; or do we have to divide it?”

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Filing on Extension

September 1, 2009

Today TaxMama hears from Jaleh in Delaware with this concern. “When you file an extension with the IRS for your business and personal tax returns, and you owe taxes that year, do you have to pay penalty and interest on the money once it is paid? I received a bill and I’m not sure if [...]

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Claiming my Parents

August 12, 2009

Today TaxMama hears from April in California, who’s done some research. “I’d like to include my parents as qualifying dependents on my 2009 personal tax return (single). My father has been out of luck in the job market since late 2008, and has been collecting unemployment insurance. Their interest income plus unemployment would be over [...]

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Two Friends own House

March 11, 2009

Today TaxMama hears from Bill in New Jersey, with this story. “ I am living with my girlfriend. We both work and bought a house together in July of 2008. We can both use the mortgage interest write offs on our taxes. Is it possible to simply take the total interest we paid last year [...]

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