Income Tax question involving married couple

Question

I am getting married in May 2009. If we file seperately with the checks go in a joint account? If we file together will we get less back?

Answer 1

For 2008, you're still single.  For 2009, you'll need to file either married jointly or married separately.

If you file jointly, any refund would be provided via a single check.  If you opt for direct deposit, you can ask for different bank accounts.

If you file separately, you get different checks.

This is Federal.  Your state may have different rules.

Answer 2

Every married couple must decide each year how they will file.  Logically you try the returns both ways (one MFJ vs. two MFS returns) and decide what's best for you.

The IRS system is designed to reward joint returns with more credits, better tax rates and usually works out better if one of you have substantially more income than the other one does.  (If your income is about the same, the returns won't be much different.)

The downside of the joint return is if something is accidentally left off of the tax return (or one of you owes a debt).  Mistakes on the tax return that cause you to owe, cause both of you to owe.  Debts can cause the refund to go to the debt....even if it's your side of the refund.

As for the joint account, the bank may or may not accept one or both checks from separate returns.

Answer 3

Any refunds go into whatever account you put on your return, as long as your name is on the account.  You can have them deposited into a joint account if you want to.

If you file as married filing separately, you will almost surely pay more tax so get less back.