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Deductions & credits
@blaze-wujek wrote:
We live in Wyoming. I make $100,000/year, she makes $60,000/year. Her out of pocket medical expenses were $67,000 so that would be much higher than the standard deduction. When I filled out everything jointly the return seemed extremely low considering the large deductions. I'm trying separately to see which is more beneficial.
Try it both ways.
The way I calculate quickly using rough figures with the information you provided - your tax would be about $15,000 and your spouse zero if filing separate. Filing jointly the joint tax would be about about $1,000 less.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎April 8, 2021
7:31 PM