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Is there a way to figure out what each spouse owes for income taxes for the year?

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LIfam1
LIF Infant

Member since 5/10

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Is there a way to figure out what each spouse owes for income taxes for the year?

Asking for a friend- Each spouse has their own bank account and pay their own bills. One spouse pays taxes through their paycheck and the other spouse is self employed (doesn't pay regularly throughout the year). They file taxes together so is it possible to find out how much each person owes in taxes to make sure the spouse that has money taken out of their paycheck isn't paying all the taxes for both parties.

Posted 3/12/18 3:52 PM
 
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PrettyEyes
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Member since 1/18

139 total posts

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Is there a way to figure out what each spouse owes for income taxes for the year?

Why don’t they file separately?

Posted 3/12/18 3:58 PM
 

MarathonKnitter
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Member since 2/07

17374 total posts

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EMBRACING CHANGE

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by PrettyEyes

Why don’t they file separately?



this.

unless you file separately, the irs considers a married couple to be one person.

Posted 3/12/18 4:03 PM
 

LIfam1
LIF Infant

Member since 5/10

231 total posts

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Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by MarathonKnitter

Posted by PrettyEyes

Why don’t they file separately?



this.

unless you file separately, the irs considers a married couple to be one person.



Won't 1 person then lose out on the deductions from mortgage interest and child credits, etc

Posted 3/12/18 4:12 PM
 

Eunyboo
<3

Member since 7/12

4376 total posts

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E

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Not really... I mean when we do a joint return it does let us know what the refund/payment would be if both taxpayers filed married & separately.

I guess technically you could plug in each taxpayer into a single tax return and see what it pops out at the end but they'd probably be in different tax brackets and lose deductions. What they could do is look at the effective tax rate the tax return gave them and multiply their net income by the tax rate and compare it to their payments made for federal tax payments. There's a lot of variables there though.

Posted 3/12/18 4:41 PM
 

Aries14
Can't plan life...

Member since 8/08

2860 total posts

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Is there a way to figure out what each spouse owes for income taxes for the year?

My husband and I file married but separate. Our accountant works the numbers both way - separate or joint. We usually make out better as separate. My husband has a self employed 2nd job so he always ends up owing but we just use the money I get back as a refund to pay it.

Posted 3/12/18 4:56 PM
 

haveaquestion
LIF Adult

Member since 11/09

918 total posts

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Re: Is there a way to figure out what each spouse owes for income taxes for the year?

If the self employed spouse isn’t prepaying and they don’t owe anything when they file, the other is essentially paying all the taxes. The self employment line on the 1040 would belong solely to the self employed spouse.

Posted 3/12/18 9:30 PM
 

alli3131
Peanut is here!!!!!!

Member since 5/09

18388 total posts

Name:
Allison

Is there a way to figure out what each spouse owes for income taxes for the year?

An account would be able to tell them which is better. I was a 1099 employee when I first got married. We had the accountant work out which was better. We filed together.

Posted 3/13/18 6:30 AM
 

PhyllisNJoe
My Box Is Broken

Member since 6/11

9145 total posts

Name:
Phyllis

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by haveaquestion

If the self employed spouse isn’t prepaying and they don’t owe anything when they file, the other is essentially paying all the taxes. The self employment line on the 1040 would belong solely to the self employed spouse.




This.

Posted 3/13/18 7:59 AM
 

MarathonKnitter
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Member since 2/07

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EMBRACING CHANGE

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by LIfam1

Posted by MarathonKnitter

Posted by PrettyEyes

Why don’t they file separately?



this.

unless you file separately, the irs considers a married couple to be one person.



Won't 1 person then lose out on the deductions from mortgage interest and child credits, etc



i don't want it to come across as harsh, but...

why bother getting married if what's mine is mine and what's yours is yours?

if you put in each person's info into a single return, your numbers will be very different than putting them in a married joint and a married separate return. ALL the numbers change on what you can and cannot do.

the only thing i can suggest if they are hell bent on diving it is to prorate it. add the two incomes together, then find out who brings in what percentage of that amount. have each person pay that percentage of the final tax bill.

Posted 3/13/18 10:36 AM
 

PrettyEyes
LIF Infant

Member since 1/18

139 total posts

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Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by MarathonKnitter

Posted by LIfam1

Posted by MarathonKnitter

Posted by PrettyEyes

Why don’t they file separately?



this.

unless you file separately, the irs considers a married couple to be one person.



Won't 1 person then lose out on the deductions from mortgage interest and child credits, etc



i don't want it to come across as harsh, but...

why bother getting married if what's mine is mine and what's yours is yours?

if you put in each person's info into a single return, your numbers will be very different than putting them in a married joint and a married separate return. ALL the numbers change on what you can and cannot do.

the only thing i can suggest if they are hell bent on diving it is to prorate it. add the two incomes together, then find out who brings in what percentage of that amount. have each person pay that percentage of the final tax bill.



ITA. Why bother getting married? Figuring out taxes like this to me seems ludicrous.

Posted 3/13/18 10:51 AM
 

pumpkinmom
LIF Adult

Member since 5/12

2911 total posts

Name:

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by Eunyboo

Not really... I mean when we do a joint return it does let us know what the refund/payment would be if both taxpayers filed married & separately.
.



Which software do you use? I usually try it both ways, but I have to create separate returns and change the selections and delete things.

Posted 3/13/18 11:09 AM
 

pumpkinmom
LIF Adult

Member since 5/12

2911 total posts

Name:

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

If we had to split it, I would probably just split it so we're both paying the same effective tax rate.
If they want to put more work into it, maybe they could try to figure out how much they would pay individually (if not married) and then split the marriage benefit or penalty.

Posted 3/13/18 11:22 AM
 

NYCGirl80
I love my kiddies!

Member since 5/11

10413 total posts

Name:

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by MarathonKnitter

Posted by LIfam1

Posted by MarathonKnitter

Posted by PrettyEyes

Why don’t they file separately?



this.

unless you file separately, the irs considers a married couple to be one person.



Won't 1 person then lose out on the deductions from mortgage interest and child credits, etc



i don't want it to come across as harsh, but...

why bother getting married if what's mine is mine and what's yours is yours?

if you put in each person's info into a single return, your numbers will be very different than putting them in a married joint and a married separate return. ALL the numbers change on what you can and cannot do.

the only thing i can suggest if they are hell bent on diving it is to prorate it. add the two incomes together, then find out who brings in what percentage of that amount. have each person pay that percentage of the final tax bill.



ITA. Do they split all their bills? Mortgage payments? Does one pay a higher portion of the water bill if they take longer showers? Do they set a timer when they have lights on to determine who uses more electricity? I mean, where do you draw the line if you want to keep everything separate?

Posted 3/13/18 11:28 AM
 

tourist

Member since 5/05

10425 total posts

Name:

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

I would split it evenly, but deduct the amount the 1 person already paid through there paycheck. That is listed on the W2.

So, using made up # if they owe 6,000, split it evenly-$3,000 each, but if person 1 already paid 2700, they would pay 300.

If they owe less that person 1 already paid, person 2 should just pay that.

Posted 3/13/18 4:25 PM
 

NervousNell
Just another chapter in life..

Member since 11/09

54919 total posts

Name:
..being a mommy and being a wife!

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by NYCGirl80

Posted by MarathonKnitter

Posted by LIfam1

Posted by MarathonKnitter

Posted by PrettyEyes

Why don’t they file separately?



this.

unless you file separately, the irs considers a married couple to be one person.



Won't 1 person then lose out on the deductions from mortgage interest and child credits, etc



i don't want it to come across as harsh, but...

why bother getting married if what's mine is mine and what's yours is yours?

if you put in each person's info into a single return, your numbers will be very different than putting them in a married joint and a married separate return. ALL the numbers change on what you can and cannot do.

the only thing i can suggest if they are hell bent on diving it is to prorate it. add the two incomes together, then find out who brings in what percentage of that amount. have each person pay that percentage of the final tax bill.



ITA. Do they split all their bills? Mortgage payments? Does one pay a higher portion of the water bill if they take longer showers? Do they set a timer when they have lights on to determine who uses more electricity? I mean, where do you draw the line if you want to keep everything separate?



LOL maybe separate homes right? You pay your rent, I pay mine.

Posted 3/13/18 5:00 PM
 

Eunyboo
<3

Member since 7/12

4376 total posts

Name:
E

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by pumpkinmom

Posted by Eunyboo

Not really... I mean when we do a joint return it does let us know what the refund/payment would be if both taxpayers filed married & separately.
.



Which software do you use? I usually try it both ways, but I have to create separate returns and change the selections and delete things.



I’m an accountant and use CCH Prosystem. If you know the info, you can FM and I’ll run it and see.

Posted 3/13/18 8:52 PM
 

pumpkinmom
LIF Adult

Member since 5/12

2911 total posts

Name:

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

Posted by Eunyboo

Posted by pumpkinmom

Posted by Eunyboo

Not really... I mean when we do a joint return it does let us know what the refund/payment would be if both taxpayers filed married & separately.
.



Which software do you use? I usually try it both ways, but I have to create separate returns and change the selections and delete things.



I’m an accountant and use CCH Prosystem. If you know the info, you can FM and I’ll run it and see.



Lol, thanks, but I should have said I used to check it both ways because I've been a SAHM for a few returns now...no chance we would file separately.

Posted 3/13/18 9:37 PM
 

Boobobunny
Live in the Present

Member since 5/05

3572 total posts

Name:
Dannielle

Re: Is there a way to figure out what each spouse owes for income taxes for the year?

There is a free Website called Paycheck City that will allow you to calculate your payroll taxes, either by pay period or annually.

https://www.paycheckcity.com/calculator/hourly/result

Posted 3/14/18 1:34 PM
 
 

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