Need advice about best way to file taxes... I'm in big trouble.?

Okay, here is the scoop. Last year (early 2008) I sold about $7000.00 worth of IRA holdings to help pay for my wedding/honeymoon. I did not realize the implications because I am very bad with money.





So now I am married. My wife has a good paying job and would probably be due a decent refund. I am laid-off, but was a commissioned outside salesman, with in-car travel mileage which I know I can deduct. My hope is my mileage will help off-set SOME of my mistake.





So I guess my question is, should my wife and I file married seperately, or married jointly. I'm thinking seperatly... she gets a little money back... I owe owe owe, but I will take the IRS to catch up with me.





BTW - we don't OWN anything... we rent, etc. Very little savings, IRA, 401K etc.





BTW - I am already in a settlement with the IRS because I did the same stupid thing in late 2007, and couldn't pay the entire tax bill.





Any advice would be greatly appriciated because I'm pertty much hateing life right now.





Thanks!Need advice about best way to file taxes... I'm in big trouble.?
Your three choices:





1 married filing joint, with injured spouse form. This would probably be the best, but run the numbers





2. married filing separate. Your wife may get a small refund, you would owe more and any agreements with the IRS may default.





3. married filing joint, no injured spouse form. Your wife would be helping pay off your mismanagement.





Your choice,.Need advice about best way to file taxes... I'm in big trouble.?
It would be best to do a rough calculation of your tax filing calculating one as married filing separately and one married filing jointly. The one that gives you the best overall result would be the one to use. However, if you are trying to protect your wife's refund, then you will use the married filing separately option. Submitting a married filing joint return will mean the IRS can use your wife's refund to offset your debt with the IRS. ~
You want to file married filing jointly for the best deduction, but you can file injured spouse so your tax problem is yours, not hers. Now is a good time to go see a professional because it is off peak and they are not too busy.


Make sure you have records of all of your deductions, you will need more than 10900 to file a schedule a, some deductions you can take on schedule c if you got a 1099.
You will receive a 1099-B For the sales of stocks or bonds for the shares that you sold in 2008. You need to file that info this year. If your wife doesn't have a debt she can file married filing separate or file married filing joint with your wife doing an injured spouse. That procedures take a while and you would have to wait for anything to be done.
Yep, if u file together, it WILL get taken to meet that there is disagreement.
There's no advantage to doing it one way or the other, you're married. Either you owe together, or you owe the same alone, but either way, it's not going away.





Don't get scared, you've seen how the IRS can actually be reasonable... I mean they'd rather you come to them than they have to chase you, and they know they can't get blood out of a turnip.





So get your taxes done (or correct last year's), call them, and explain the situation. Work out what's best for you, and get yourself back in black.