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What is tax return and how it works?

Do I need to file a Tax Return if I only earned $700 last yr? I'm Married, Husband works full-time, 1 kid. TY?

  • hi! I am about to file our tax return BUT I am wondering If I have to. I have always been employed so we always file Joint but last year I didn't work at all and just started a VERY part-time job mid-November. As a matter of fact my W2 only shows a $700 income and none was withheld by Federal. Do I still need to file? If yes, should filing separately be better since my husband makes good enough to support us and me filing with him might lower our refund? If we file jointly, can I be claimed his dependent? Please help! Thanks!

  • Answer:

    You can file joint return even when a spouse did not have any income. File joint return. You must both report your income on the tax return. You can file as married filing jointly (MFJ) or married filing separately (MFS). In most cases, it is better to file as MFJ. If you file MFS, you will not get many credits and deductions including EIC. On the joint return the liabilities are joint. If one spouse owes tax, both spouses are equally responsible. You can file Form 8379.

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Without knowing your situation fully, it's hard to say. But if you don't have anything unusual going on financially, you should go ahead and file married, filing jointly. If you file married, filing separately you'll be hit with the so-called "marriage penalty", which is a net increase in your overall tax liability as opposed to married, filing jointly. If you file jointly, you count as a dependent on the joint return and contribute to the overall refund you may get. Also, filing separately eliminates several deductions that might assist you, such as the student loan interest deduction, among others. Not filing would probably be a bad idea. You may miss out on the earned income credit, the child credit, the standard deduction, and other credits that you may be entitled and would be money in your pocket... With all this being said, I would read carefully through the 2009 form 1040 instruction booklet to see if the law requires you to file, which should clear all doubt for you. If it's optional for you to file, run through the 1040 once with you and your husband on it, and then again with only your husband and see which benefits you more. Also, if you're financial situation is not straight-forward, I would consult a CPA for more info. Good luck, and here's hoping you get a nice big return check from Uncle Sam...

1. You do not have to file. 2. Filing jointly would bring up his refund. Filing separately would bring down his refund. 3. You cannot be claimed as his dependent. If no one else can claim you as a dependent, then you can be claimed as his spouse.

You file a joint return and include your wages. Social Security and Medicare taxes should have been withheld anyway. A spouse cannot be claimed as a dependent even if they had no income. You need to file a return to report the Social Security and Medicare taxes to the IRS so you can get working credits towards your retirement. Filing a joint return with your husband will do this and let you claim the child tax credit. Filing seperate returns causes you to have a higher tax burden and reduces or eliminates some of the tax advantages of a joint return.

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