My fiancé and I just relocated and are looking into a joint banking account since we would have set one up next year at this time after we are married....we pay bills together, live together, and are financially compatible spending wise so I do not want nor do I need any lectures about how joint banking accounts are the devil and he will drain me for all I'm worth because we are not married, I think those are silly since its just as easy for someone who is married to do things like that as opposed to engaged....so onward and upward into my questions...
We are debating on a joint checking account (each of us will retain our separate savings accounts and other accounts which we contribute into monthly)....however my fiancés dad has him convinced that if we join bank accounts even though we will file separately that we will have to
"pay through the nose" on taxes and on our tax returns simply because of one shared account...and I want to know if there is any truth to this, I understand it could cause a small bump and I will pay more anyways since I just took a higher paying job. I should note the only reason my fiancé is considering not doing this is because he is now under the impression that we wont be able to afford to pay into taxes every year because of the joint account. I should also mention that my future father in law is not a tax professional he is a farmer who most of the time has no clue what he is talking about when it comes to these matters and is often rather gullible to what people tell him
thanks anyone who made it through this
if you don't want to read it...here is a synopsis-
If not married filling taxes separately does having 1 joint account (checking) cause an increase in taxes, and if so is it significant?