Jan 26, 2011

Taxes for the Newly Wed

J and I are beginning to get our finances in order in terms of accounts and taxes. Do we file jointly this year? And separately when he makes more money? It is confusing. I think we should file the 1040A jointly, but different websites say to fill out both forms (1040 and 1040A) and then submit the one that gets the most back. Yeah, but that means you have to do two tax forms anyway. Booooo.

And if we do file jointly but don't have a common bank account (yet), will that mess stuff up? One of our accumulated interests might be a lot while the other is skimpy. And I'm putting money post-tax into an IRA. How will that affect the bottom line?

I would go to H&R Block this year just so I can understand what we need to be on the lookout for next year, but I have an issue with handing over money to someone to do our taxes and taking some of the paltry return we will probably get back.

We don't have children yet so maybe this year we will wing it, so to speak. Thoughts? Experience?

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