Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: L2J Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123151  
Subject: Re: Is filing Separately a good idea in this cas Date: 3/5/2001 1:41 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0

Filing jointly, we owe money, but I think we should file separate.

Very Foolish thought!

I teach and my salary is in the 28% bracket. However my wife paid estimates all year. My wife estimated working enough hours to earn approximately $16,000, therefore in the lower 15% tax bracket. The CPA figured the tax on this basis. Now that my wife and my income is added together, her taxes are figured at the higher rate, causing us to have not paid enough for her. Is this correct thinking? Could we file MFS and come out better?

Yes, on both counts, for many couples it is Foolish (I used to say wise before joining TMF) to take a look at both MFJ vs MFS. Its your money, go for it.


Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next


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.
Post of the Day:
Saul's Investing Discussions

Skyworks Mid-Quarter Review
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
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 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.