Hello. To start my wife and I live in Wisconsin. I am retired for 2 years now and I am wondering if I should change my filing status between the two of us. We are currently filing jointly. The reason I ask is I no longer have earned income and I am receiving a pension of approximately $60,000 and I take approximately $12,000 out a year from my 457 account. My wife works part time and makes approximately $16,000. Neither of us are on Social Security. Due to the large gap between our incomes, I was wondering if it would be more beneficial for us to file separately as opposed to jointly? We take the standard deduction and the only additional income we report is the interest from our bank accounts. I have federal and state withholding from my retirement account and my wife also has the same from her part-time work. Our recent tax return showed that we owed money for the first time and that is the basis for my question. Thank you.
