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

And there's a lot there, especially if you live in community property states and things like that. matched

So you need to always pay attention to state tax implications as well as federal. matched

Well, the most important reason may be one that doesn't necessarily save you on your tax bill. matched

And it is that, and it's an old, longstanding reason. matched

Married filing separately, it severs joint liability for what's on the tax return. matched

Now, if you file jointly with your spouse, each person is completely liable for all that information. matched

So if your spouse is cheating or doing something illegal, you could be liable for taxes on that. matched

So, married filing separately severs that liability. matched

And for some people, that's so important, they don't care if it costs them money or not. matched

By the way, those are often people who are getting divorced, but it could be married people often in a second or third marriage that don't want responsibility for each other's finances. matched

Now, one couple I talked to for this story is in another situation. matched

They were very happily married, but one in particular has a lot of student debt. matched

He is a professional musician with a degree from a very prestigious school, and he is in an income-driven repayment program for his student debt. matched

And that is based on what his disposable income is. matched

And so if he and his wife file separately, then his... matched

Income is lower, so his debt repayment is lower. matched

And at some point, the debt will be forgiven. matched

But while he's paying it, it will be much lower. matched

And this, by the way, is a fully legal thing to do, to file separately when you're married if you're paying student debt based on income. matched

Well, you probably wouldn't want to do it unless it reduces your tax bill, absent these other situations. matched

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