Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Some Married Couples File Taxes Separately · 7 Mar 2023 podcast

There are about 160 million tax returns, and there are about 4 million people, that's 2 million couples, who file separate tax returns, that is, use the married filing separately category. matched

So it's not many people, but it's the only one that's been growing, and it's gone up about 50% in the last decade. matched

Now, some of that in like 2019 and 20 had to do with people filing separately to qualify for pandemic benefits. matched

However, it had been going up before that. matched

Well, let's stop right there for a minute. matched

It's not up to the IRS. matched

I think we all need to remember... Oh, you always school me on this. matched

Yes, exactly, that Congress makes the tax law. matched

The IRS enforces it. matched

And so how does the tax law view... matched

married filing separately taxpayers? matched

Are they like two single people? matched

The answer is no. matched

It's a complicated status to choose, and it may cost you or it may bring you a benefit, and there are different reasons for doing it, but you remain married in the eyes of the law. matched

You're just filing separate tax returns. matched

Well, I think a lot of people don't know it's there, but other people see it on the return and they say, what is this? matched

And in fact, some CPAs say this is the most asked question. matched

And that's because married couples may not choose to file separately, but they want to know what it means. matched

No. matched

It's very available with many states, and you need to pay attention to the state tax implications because in some states, you cannot file separately for the state unless you filed separately for the feds. matched

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