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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29799
Experience:  Taxes, Immigration, Labor Relations
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My wife is a teacher making $50M. I made only SS income last

Customer Question

My wife is a teacher making $50M. I made only SS income last year ($25M). Is it more beneficial to file separately rather than jointly
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
There are advantages and disadvantages...Advantage of filing separately is that smaller part of social security benefits will be taxableThe disadvantage that your wife's wages will be taxed at higher rate.Assuming you file jointly - standard deduction - no dependents - no other deductions or creditsYour Adjusted Gross Income (AGI) is expected to be $71,250 - means - $21250 out of $25000 of your social security benefits will be taxableand your regular tax is expected to be $6,675
Expert:  Lev replied 1 year ago.
.If you file separately as Married Filing SeparatelyYOU - will not have any tax liability on your benefitsbut your spouse will be taxed $5,719 on her wages..So it looks that filing separately might be more beneficial in your situation..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.