Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (47) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: foo1bar Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Uncooperative, Signature Date: 3/29/2013 9:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
And with 1/2 of the income on two returns taxed with brackets that are 1/2 of the size of joint filing brackets, you end up with taxes that are roughly the same total on the two separate returns as they would be on a single joint return.

I live in CA, so community property state. I have run the MFS vs. MFJ scenario a few times on my own taxes (the software asks a few questions, and I get the comparison). And while it's "roughly" the same, it's still a non-trivial $ amount that it would cost us to do MFS. Not $8K, but not $10 either.

I was assuming he was calculating the MFS return correctly... That could be a bad assumption - it's certainly something he should look at.

With no income and no assets, that could become a significant problem for her. The IRS will generally not look to his income and assets to pay her taxes when they file separate returns.
Prior to divorce, can't they go after any jointly held assets?
After divorce, I would expect she would have assets and/or alimony from the divorce settlement...
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (47) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Apple

The Saddest Place on iPhone Day
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement