Friday, January 15, 2010

Should a married couple who each have annual income in excess of $100K , and have no kids file jointly?

Two houses are owned and are primary residences, in different states. One spouse now lives in one state and the other in a different state. Both spouses are employees. No independently owned business.Should a married couple who each have annual income in excess of $100K , and have no kids file jointly?
File jointly.Should a married couple who each have annual income in excess of $100K , and have no kids file jointly?
For two people who made the amount of money you each make I would have assumed you have an accountant and not have to be on Y/A asking questions about your tax returns.
Depends on whether or not one or both of your wants to itemize. If one of you itemizes, then the other cannot take itemize and can't even the standard deduction. With two house, I'm willing to bet that your deductible interest is enough to warrant itemizing - accordingly, you would want to file jointly. My husband and I have filed separately for the last three years and will finally file jointly this year.
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