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Level 1
posted Oct 25, 2023 3:25:02 PM

File jointly or separately?

My wife and I were married in September of this year. We wanted to know if it would be better for us to file jointly or separately. She makes about 60k per year and I will make about 35k on my W2, due to untaxed bonuses from the military. She has student loan repayments that total 60k as well. I have no student loans. 

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2 Replies
Level 3
Oct 25, 2023 3:37:18 PM

Saltpepper211 good afternoon!  In most cases Married Filing Jointly will produce the best results for a lower tax bill as the standard deduction  is larger and the tax rates are more favorable when you file jointly.   You did not indicate what state you live but state tax laws generally are more favorable when filing joint.

Level 1
Oct 25, 2023 4:13:41 PM

My wife would be filing in Nebraska and I’m a resident of North Carolina and would be filing with North Carolina. Would it cause issues if we filed jointly federally and are filing jointly with two different states?