- ORIGINAL NEWS
How to know when married filing separately makes sense, according to tax experts
- SUMMARY
Married couples have the choice of filing taxes jointly or separately.
Usually, joint returns are more advantageous due to wider tax brackets and a larger standard deduction.
However, filing separately can sometimes benefit spouses with income-driven student loan repayment plans or who want to maximize itemized deductions.
Nevertheless, filing separately has its drawbacks, including potential penalties and the loss of certain tax credits and deductions.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
““I would say 99% of the time, it’s better to file a joint return,” said Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.”
Negative
““You basically get penalized [by the tax code] for filing separately,” she said.”