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P
perriced
June 6, 2019
Question

If married filing separately do I simply halve all deductions, for example, simply enter 50% of bank interest as reported on Form 1098?

  • June 6, 2019
  • 1 reply
  • 0 views
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1 reply

M
Marketstar
Employee
June 6, 2019

You should deduct the expenses you actually paid

However, whatever expenses that were paid out of a joint account can be divided 50-50 or whatever division you agree on.

Married Filing Joint generally yields a better tax result than Married Filing Separate even if one spouse earns little or no taxable income

Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim a number of deductions and credits:

See Is it better for a married couple to file jointly or separately?

 


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