Can anyone suggest a formula for fairly allocating federal taxes between spouses when one has more ordinary income than the other?
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You can determine the percentage of income for each spouse by calculating each spouse's income over the total income to come up with a percentage of income to apply to each return. Spouse A income/Total income Both Spouses = XX%
If you are filing a joint return all of your income is combined and the refund or tax due is in both names. Do you not have a marriage where you simply share with each other? Do you have to use a formula to work that out? After fifty-six years in a marriage---I suggest that as a formula.
Appreciate the reply but it's a legitimate question.... everyone's situation is different and others may have the same question.
You can determine the percentage of income for each spouse by calculating each spouse's income over the total income to come up with a percentage of income to apply to each return. Spouse A income/Total income Both Spouses = XX%
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