3520582
I am trying to minimize my tax burden. One of us had no income, the other did. Is it legal to just report the investment income on the return for the one with no other income? I don't actually know if this will result in a lower tax burden yet - but, if we are forced to split the income between us then I will save the effort of figuring this out both ways. Our state is NOT a community property state.
You'll need to sign in or create an account to connect with an expert.
If you are legally married and living together and one of you had no income, why are you not filing as Married Filing Jointly?
The Standard Deduction for MFJ is $29,200 versus the Standard Deduction for Married Filing Separately of $14,600. Especially if you are trying to lower your tax burden. You also have the lowest tax brackets with filing as MFJ.
I did not understand how Capital Gains and Regular Income were treated. However, I did find a great tool on NerdWallet that helped me: https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bjoyner
New Member
shefqet1
New Member
c_tran2000
New Member
fineIlldoitmyself7
Level 1
maxweb69
New Member