two income marriage deduction

[12j11wn]

What type of income is considered for the two income marriage deduction?  My husband is working but I'm a stay at home parent.  I do pay into my kids 529 and came into the marriage with investments that earn interest.  Can I take this deduction for the portion I'm putting in or is it only if I'm getting a pay check from an employer?  Thanks!

[Vanessa A]

Are you asking about a state deduction?  If so, which state?

If it is Maryland then you just need to have income.  It does not specifically say wages from work, it says income. 

Is there a tax break if both spouses have income? 

"Yes, you can claim the two-income married couple subtraction on line 14 of Maryland Form 502. This is a state-only deduction that reduces your taxable income. Married couples filing a joint return, when both have taxable income, may subtract up to $1,200 or the income of the spouse with the lower income, whichever is less. A worksheet is included in Instruction 13 to help you calculate the subtraction."

[Hal_Al]

If Ohio:

To qualify for the Joint Filing Credit (JFC), you and your spouse must each have at least $500 of qualifying income and jointly file your return. "Qualifying income" is any amount included in Ohio adjusted gross income, other than the following:
●Interest;
●Dividends and distributions;
●Capital gains; AND
●Rents and royalties

But, then any schedule A deductions must be subtracted from each spouse’s income to see if you each still have $500. In addition any Federal adjustments must be subtracted. Common examples are an IRA deduction or student loan interest. Let's say the wife had $1500 of wages and paid and took a deduction for $1200 of student loan interest. She would only have $300 of net qualifying income and the couple would not get any JFC. 

[12j11wn]

Thanks so much, that answered my question.