Wednesday, February 6, 2008

Relaxing much, huh?

True story: DH walks into the living room last night, looks right at me and goes "So, how's that CM coming along?" Oh, and he actually said "C.M."...because let's face it, who really wants to use the word mucus on a regular basis? Cracked me up...I told him I didn't know, and even if I did I wouldn't tell him to keep it spontaneous =P

On a tax related note (Em, if you are out there, answer this for me): Is there any sort of future (or present) penalty for filing "married but filing separately" if you have filed "married filing jointly" in the past and are planning on filing "married filling jointly" next year? See, if DH and I file jointly this year we will get back a nice little chunk of change. However, if we file separately I get back a bigger chunk of change (because of our mortgage interest amount) and DH owes a little bit BUT the overall net return is greater than filing jointly. Oh, and to get the whole picture....I am itemizing and he is using the standard deduction. I'm using Turbo Tax so I have each return ready to be filed depending on what is best; I just don't want any hidden surprises this year, or the next.

6 comments:

Duck said...

wow I know nothing about taxes, plus i live in the great white north, and our taxes are totally different.

cm eh?

MDShamrocks07 said...

I was thinking the same exact thing. If we file jointly, we'll most likely get absolutely nothing back because it'll all go towards debts that DH has made (i.e. child support, collections...) but if we file jointly, they can only take HIS part of the taxes (which only seems right to me anyways. I mean, I didn't make that kid and I didn't get a car repossessed) and we'll at least have my half of the taxes to go on.

But I don't know how that would work out next year if we filed jointly. I would definitely like to know too!

MDShamrocks07 said...

crap, I meant if we file seperately, not jointly. Jeez, I need to proofread. LOL

Jen said...

Doesn't the IRS have some kind of help line for tax questions?

I love that your husband is asking that. Hilarious and adorable.

Kelly said...

Your DH is too cute! Did you decide on a path for next month? I'd hate to see you return to Dr. JA but he did get you KU. That definitely counts for something! Good luck on that big decision!! i'll glad to hear you are thinking of PA school! I don't think you would ever regret it.

Mrslady said...

Hi Kat! There is no penalty for filing married filing joint one year and then married filing seperate the next. There are some years where it is beneficial to compare and file the tax return(s) that yield the highest refund. Usually, this is not the case when there are certain tax credits involoved. Hope this helps and feel free to message me if you have more generally questions.

LOL about the cm. DBF asks me that too.

Em