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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Appearances
And, okay, let's say one reason that comes up is that, say, one spouse has very large medical expenses.
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And so they aren't deductible except to the extent they exceed 7.5% adjusted gross income.
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If you split the spouse's income, then you may get a much bigger deduction.
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So that would be a good example.
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Medicare has something called IRMA.
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These are where you make payments for Part B and Part D based on your income.
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And the rules for IRMA change if you're married filing separately.
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They're less generous.
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And so it still could work out well, but you need to pay very close attention to the numbers.
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Well, that could be a good reason to file separately.
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There's a wonderful deduction of 20% called qualified business income.
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It came in with the 2017 tax overhaul.
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And it's a straight off the top deduction from taxable income.
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But if you have, say, a business owner of a successful business married to someone who has maybe a corporate job, your income might be too high to qualify for this.
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So if you split the income, then maybe one partner in the couple, the business owner, could qualify for it.
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And that might be a good thing.
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Yes, there is.
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Of course, always with taxes.
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By law, married couples filing separately just don't get certain tax breaks.
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They can't deduct the interest on student loans.
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Showing 761–780 of 5,937 · page 39 of 297
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