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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 687
Experience:  Business Consultant/Accounting Manager
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I’m 67 still working and own a townhouse in PA; my fiancé is

Customer Question

I’m 67 still working and own a townhouse in PA; my fiancé is already retired and owns a home in NC. I plan to continue working for the next 4 years before retiring; we are planning to get marry next year. What would be the best way to file our income taxes? Joint or separate since he has no other income but his SSI. Also we have not yet decided to sell either house since my job is in PA.
Submitted: 10 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 10 months ago.

Hi. Great Question.

Jointly, since separately will not cause the social security to not be taxed.

Here is a measurement:

  • Add one-half of the Social Security benefits you received to all your other income, including tax-exempt interest. Tax-exempt interest includes interest from state and municipal bonds.
  • Next, compare this total to the ‘base amount’ for your filing status. If the total is more than your base amount, then some of your benefits may be taxable.

    The three base amounts are:

    $25,000 for single, head of household, qualifying widow or widower with a dependent child or married individuals filing separately who did not live with their spouse at any time during the year;

    $32,000 for married couples filing jointly; and

    $0 for married persons filing separately who lived together at any time during the year.

Best Regards.

Expert:  ABC Accounting Group replied 10 months ago.

Hi. If you have any questions, let me know. If not, a positive rating is very much appreciated. Best Regards.