Assessable Spouse Election - help!

A

aburg

Guest
hi
I got married last year and I'm filling out the assessable spouse election form and although I have the reference booklet I'm very confused.
My husband should earn approx 42k this year and I earn approx 20k. Should we share the credits and the SRCOP? or should I just transfer everything to him? If sharing is the best option, how much should I assign to each of us? I expect to give up working after this year to look after the children so I'm not sue if this is something that I should factor in?
Thanks in advance!
 
It appears that the best option would be to allow the the married tax credit and SRCOP to him as he is the higher earner so any tax paid will be at 20%
 
My advice? leave it as it is until the end of the year then prepare a simple tax return and recalim what you are owed - this way it allows a little saving for a holiday or something.

Adrian
 
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