Joint account

[blessed981 2]

Hi VJ comunity,

 

we don't know if we need to post this in the taxes forum or here.

Anw we are reading in many websites that it is a pain in ...  when filing for taxes if we have a joint account.

our question is for those that have a joint account and already filed their taxes. is it hard or worth it?

we can easily add each other's names on the accounts using the internet without opening a joint account.

do you think it is a better evidence to have a joint account even thought it can be hard to file taxes or simply giving some authority for the spouse would do it?

 

 

Thanks :-)

[Crazy Cat 39,224]

22 minutes ago, blessed981 said:

Hi VJ comunity,

 

we don't know if we need to post this in the taxes forum or here.

Anw we are reading in many websites that it is a pain in ...  when filing for taxes if we have a joint account.

our question is for those that have a joint account and already filed their taxes. is it hard or worth it?

we can easily add each other's names on the accounts using the internet without opening a joint account.

do you think it is a better evidence to have a joint account even thought it can be hard to file taxes or simply giving some authority for the spouse would do it?

 

 

Thanks 🙂

1. Having a joint bank account has no effect on your taxes. All world-wide income of a US citizen or a US resident must be reported.....I can tell you that filing taxes for any citizen or resident who has foreign  income and/or assets located outside the US can be complex.  Many people (including myself) have hired accountants to handle the extra filing and reporting requirements......good luck.

2.  Joint bank accounts are quality evidence of a bona fide relationship..it shows mingling of finances....but they have nothing to do with making taxes easier or more difficult.

Edited October 16, 2018 by missileman

[Keeley 67]

Second what @missileman said: having a joint bank account has no impact on tax filing status. 

 

I think what you may be reading relates more to whether you should file a joint tax return (Married Filing Jointly) or a single tax return (Married Filing Separately or Head of Household). If you are married as at the end of the tax year, you have to select one of those three statuses (i.e., don't file as Single). There are special rules you have to meet in order to qualify for Head of Household and those are all available on the IRS website. This has also been discussed elsewhere on VisaJourney if you do a search. The status that is most beneficial to you will be dependent on your own situation, so if you're not sure, I would consider consulting with a US tax accountant.

 

In my case, I'm a US Citizen and my husband is applying for a CR-1 visa. He doesn't have a SSN or ITIN and we didn't want to apply for one. We both live together overseas and have only foreign income. I opted to file as Married Filing Separately so I wouldn't have to bother reporting his income. As he doesn't yet have residency or citizenship in the US and he has no US income, there is no obligation for us to report his income under this filing status. The one limitation was that we had to file my return by paper because most tax software will not let you leave the SSN/ITIN field blank for a spouse. On paper, I just wrote "N/A" in that field when I filed. The return was accepted without issue.

 

Again, I would recommend you consult with a US tax accountant to see what is best for your situation. Depending on the complexity of your income/assets, you might be able to prepare and file the return yourself after a consultation, but you may opt to have a professional do it.

 

Hope that helps!