Tax season is upon us and the Herald's TaxSmart experts are here each Friday to help.
Today, Norwood CPA Robert Fineman discusses how married couples can cope with filing statuses.
I got married toward the end of 2012. My wife and I had already bought a house together the previous year. We don't have children.
Since we were only married for a short time in 2012, I'm confused as to how we should file. Am I single or married? Sort of married? Not quite single? Do I have to file differently for the different time periods? It all seems problematic.
— Mark Irving
I have good news. The answer to your complicated question is actually very simple.
Your filing status for the entire year is whatever your marital status is on the last day of the year. For example, if you get married on Dec. 31 at 11:59 p.m., you are considered married, for tax purposes, for the entire year.
Generally, "Married Filing Jointly" is the more favorable status as opposed to "Married Filing Separately." Couples filing separately reach the 28 percent, 33 percent and 35 percent tax brackets much sooner than those filing jointly.
Certain deductions and credits are not available to taxpayers who elect to file separately, such as student loan interest deductions, college tuition deductions, the American Opportunity Tax Credit of up to $2,500, the Child and Dependent Care Credit, and the Earned Income Tax Credit.
Also, taxpayers filing jointly can deduct capital losses of up to $3,000 per year, compared to $1,500 if filing separately.
Email tax questions to bizsmart@boston herald.com.
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