Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Sorry, Mosey..

The sentence should have read "only one spouse can itemize specific items." If one spouse itemizes, then the other should as well since the standard deduction is not allowed for the second spouse filing FS 3. On the other hand, some couples do itemize all under one spouse instead of splitting it up. Some couples itemize all under the spouse in the higher bracket since any itemized deductions on the lower income return translates to a lower credit as opposed to the resulting credit on the higher return. It all depends. That's why I suggested to prepare the returns various ways. Prepare using FS 2 and FS 3. Go even further and determine what amount of itemized benefits the couple the most under who's return.

Hope this clarifies... the FS 3 question...

Print the post  


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.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.