"David Woods, EA, ChFC, CLU" <dwoods[at]woods-financial.com> wrote:
- quote -

Say what? The OP is not talking about amending a return,
just changing filing status for the following year. No
prohibition against doing that.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"David Woods, EA, ChFC, CLU" <dwoods[at]woods-financial.com> wrote:
- quote -

Different years, David.

Missy Doyle

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

David Woods, EA, ChFC, CLU <dwoods[at]woods-financial.com> wrote:
- quote -

This is correct if the question is: Can Last Year's return
be amended from MFJ to MFS?

But I read the question to mean for this year, 2004, can we
file MFS instead of MFJ? If so, the answer is yes.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"David Woods, EA, ChFC, CLU" <dwoods[at]woods-financial.com> wrote

- quote -

You read this differently than I did. It's right that you
can't amend a return to change filing status from MFJ to
MFS, but I think he was asking if they can file MFS this
year when they filed MFJ last year. And that certainly can
be done.

Vida Freeman, EA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

David, I think you read the question wrong - they don't want
to amend last year's, but file this year's.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

rvsw[at]hotmail.com (rvsw) posted:

- quote -

No. As long as you qualify for MFJ, you can elect either
method based on whatever results in a lower tax.

Bill

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

rvsw[at]hotmail.com (rvsw) writes:

- quote -

No. Each year stands alone.

Phil Marti
Clarksburg, MD

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

rvsw <rvsw[at]hotmail.com> wrote:

- quote -

No, there are no restrictions in changing filing status each
year.

In fact, I have quite a few clients who save by filing MFS
rather than MFJ (I live in Ohio)

If you are in a community property state, you will have to
adhere to those rules in listing income and expenses.

Otherwise, there are a few reasons why filing MFS can save
you on taxes, such as:

a) Your state income tax, e.g., Ohio, will be much lower

b) You can receive a child tax credit filing MFS but not MFJ

c) You can avoid AMT filing MFS but not MFJ

d) You have large Schedule A deductions subject to rduction
to a percentage of AGI, such as medical, casualty or
employee business expenses or other misc deductions.

If your tax savings come about due to reasons other than
these, such as one spouse using standard deduction while the
other uses itemized deductions, then there's a real good
chance you have made a mistake somewhere.

Some people file MFS because their spouse has a offset which
prevents a refund, but usually filing MFJ and also filing an
Injured Spouse Allocation and Refund form can take care of
this.

Others file MFS because they do not want to sign their
spouse's tax return for whatever reason. In that case
filing MFS is OK, but the tax situation might not be
optimal.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

As long as you qualify for the filing status, I know of no
reason you can't change.

Carol
It's a cats world. I'm just here to open the cans.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"rvsw" <rvsw[at]hotmail.com> wrote:

- quote -

It's not allowed.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

rvsw[at]hotmail.com (rvsw) wrote:

- quote -

No. Filing jointly one year and seperately the next is just
fine and vica-versa.. You *cannot* file jointly in one year
and go back and amend that same year to file seperately, but
you *can* file seperately for one year and amend to file
jointly for that same year. Be sure to check the state
income tax rates for filing jointly or seperately, if your
state has income tax.

Missy Doyle

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

No!!! Generally, it doesn't work out that way, but check
both ways to see which works to your greater advantage.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

rvsw[at]hotmail.com (rvsw) wrote:

- quote -

Each year's taxes are based on the facts and circumstances
of that year. If filing separate (not single) works out
better for you, then go for it. The rules are different, and
rather tricky, so do the calculations carefully.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"rvsw" <rvsw[at]hotmail.com> wrote

- quote -

None. Be sure to double check your numbers, both federal
AND state, as sometimes the federal savings get more than
offset by the state additions.

Also consider that if one of you is underpaid, there may be
a penalty.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

- quote -

No, just make sure of your figures. MFS is a cruddy filing
status for almost everyone (unless you live in Ohio).

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"rvsw" <rvsw[at]hotmail.com> wrote:

- quote -

You can file your 2004 return as married filing separately,
but cannot go back and amend and try to separate for 2003.
IRS will not accept that. You do need to realize, though,
some tax benefits are not allowable in a married filing
separate situation. At the same time, each of you would be
responsible for only your income and deductions on your
separate returns.

Wayne Brasch, CPA, M. S. Taxation

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

My spouse and I filed taxes married filing jointly last year
(one spouse's income substantially less than other). This
year - income of both spouses are comparable. Married filing
separately seems to produce a lower tax liablility. Are
there any repurcussions in changing the filing status?

Thanks

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->