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My wife and I are attempting to file jointly (for the first time) for 2020, and the incentives don't seem great so far. State taxes have gone way up.
We got married last year, and were told that, all things considered, filing jointly is usually better than separately. So far, the benefits are not clear. Apart, we usually get around $1500 apiece for federal refund, and $100-150 apiece for state refund. Filing jointly, we make slightly less than that for the federal refund, but state has gone far in the other direction, with us owing about $250 apiece.
What could be the reason for this? Should we file separately? Not much has changed for us, income wise. Her income from work went up slightly. I did a pittance of trading on an app. What gives? We're average folks!!
What could be the reason for this? Should we file separately? Not much has changed for us, income wise. Her income from work went up slightly. I did a pittance of trading on an app. What gives? We're average folks!!
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‎April 11, 2021
8:20 PM