I need income tax help from you smart, married people....

[SpursWoman]

Texas is a state that recognizes common law marriages, so if you consider yourselves as such you can file married filing jointly. The best way to figure out which is better is to try it both ways, married filing jointly, and then one as single and the other as head of household claiming the baby....or married filing seperately. Probably married filing jointly would be best if that whole "common law" thing doesn't freak you out.

[CharlieMac]

how many accountant students are in here?
imone

I'm an English nerd. Someone told me I'd never need math in life.

Thanks for the advice SW. I have it pretty much done, I just don't know what to do with this carryback for a Net Operating Loss in 2004.

[SpursWoman]

From a schedule C?

[CharlieMac]

Uhm....the form from last year just says Section 172. I think I signed the form to forego the carryback period for the NOL for 2004.

[leemajors]

thanks, the common law thing doesn't freak me out, but it freaks my gf out. we'll do what she's comfortable with.

[easjer]

eriks, thank you for asking that question. My husband and I are in pretty much the same situation (married in October), and were wondering what to do. I'm still waiting on my W2, so we hadn't gotten too far, but figured we'd try it both ways and see what got us the most.

Now we know.

[SpursWoman]

It all depends on your status at 12/31/05. You could have gotten married 12/31/05 at 11:45pm and filed Married/Joint.

Or, you could have been married all 364 days, and your divorce could have been final at 11:45pm on 12/31/05...and filed single or head of houshold (if you have kids).

[Jimcs50]

If we were smart, we would not be married.

[tsb2000]

i need some advice too. my girlfriend and i have been living together for a year, and our daughter was born last march. i know she gets a credit for having a child in the last year, and i have been claiming her this first year (the child). is it more advantageous for us to file together or separately?

If she's got a child, and makes less than you, I would consider filing separately. You would file single without the child, and she would file head of household with the child. She would then qualify for EIC (usually- again, I don't know what the two of you make), but it's usually the most advantageous way to work that scenario, even if the two of you live together.

[Ed Helicopter Jones]

It's too bad there aren't any CPAs/MBAs/Consultants who post in here. That guy could give you some great advice I'll bet.

More than likely he'd be amazingly hot, too.

[tsb2000]

It's too bad there aren't any CPAs/MBAs/Consultants who post in here. That guy could give you some great advice I'll bet.

That would be me.

More than likely he'd be amazingly hot, too.

Not so much.