Jan 29, 2008

Married Filing Jointly? How well do you know your spouse?

Sometimes when you get married you can inadvertently inherit your new spouse's tax debt problems. You can further complicate the problem by filing a joint return with your spouse. In fact, if you file a joint return and receive a refund, the IRS can take this refund to pay the new spouse's former debt. It is necessary to file a Form to tell the IRS not to take your refund to pay your new spouse's taxes. This will delay your refund.

You can file for "injured spouse" and hope the IRS finds in your favor. You will receive your portion of your refund back. Sometimes, it is best just to file separately and keep matters separate. If you live in a community property state, the issue becomes even more complicated.

In any event, a tax professional is needed in the event of filing with tax debt issues.

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