How much do you save when you file federal taxes jointly?

Answer 1

To determine the correct numbers you would have to fill the income tax return both ways married filing jointly and married filing separately correctly to determine any savings that might be possible.

If you are receiving social security benefits on your MFS tax return 85% of the SSB will be taxable income to you and would be added to all of your other gross worldwide income and taxed at your marginal tax rate.

Usually it is more beneficial to file as married filing joint than it is to file as married filing separate. To answer your question you will have to prepare a return both ways using the correct standard deduction for each filing status and if one itemizes the other should itemize also as the others standard deduction is -0-. If you do not itemize then the standard deduction for each is $5,700 for 2009.

For more information go to the IRS.gov website and use the search boxes for the publication and tax topic. Publication 501, Exemptions, Standard Deduction, and Filing Information Tax Topic 353, What is your filing status Publication 504 , Divorced or Separated Individuals

And if you live in a community property state you could have other considerations to think about.

You may be able to claim itemized deductions on a separate return for certain expenses that you paid separately or jointly with your spouse. Deductible expenses that are paid out of separate funds, such as medical expenses, are deductible by the spouse who pays them. If these expenses are paid from community funds, the deduction may depend on whether or not you live in a community property state. In a community property state, the deduction is, generally, divided equally between you and your spouse. For more information refer to Publication 555, Community Property.