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In OHIO - file separate! (most of the time)
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WZ8A
Mar 8, 1999, 3:00:00 AM3/8/99
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If your wife had any significant income, or you have significant joint
investment income that can be claimed by your wife - file separtely in Ohio!
It's more work, but the difference in my federal income tax was a wash, and I
saved almost $600 on Ohio tax. No trick to it; Ohio's tax law is extremely
unfair to those who file jointly. Once you go through the pain of filing two
separate (balance the income split as much as possible) fed/OH reports, it
becomes simple the following year. Of course, a computer program for your taxes
makes the split approach even easier.
investment income that can be claimed by your wife - file separtely in Ohio!
It's more work, but the difference in my federal income tax was a wash, and I
saved almost $600 on Ohio tax. No trick to it; Ohio's tax law is extremely
unfair to those who file jointly. Once you go through the pain of filing two
separate (balance the income split as much as possible) fed/OH reports, it
becomes simple the following year. Of course, a computer program for your taxes
makes the split approach even easier.
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If only IRS were really a "service". AK
MYKWB
Mar 8, 1999, 3:00:00 AM3/8/99
to
one problem with that
If you you file separately you loose any EIC if eligible. And if one of you
itemized the other has to itemize too; which means one has "0" deduction.
Married filling separate also has the highest tax rate. You will generally
pay more combined tax on separate returns than you would on a joint return.
I suggest anyone who wants to file MFS to figure their tax both ways.
If you you file separately you loose any EIC if eligible. And if one of you
itemized the other has to itemize too; which means one has "0" deduction.
Married filling separate also has the highest tax rate. You will generally
pay more combined tax on separate returns than you would on a joint return.
I suggest anyone who wants to file MFS to figure their tax both ways.
WZ8A wrote in message <19990307190059...@ng60.aol.com>...
WZ8A
Mar 10, 1999, 3:00:00 AM3/10/99
to
<And if one of you
itemized the other has to itemize too; which means one has "0" deduction.>
itemized the other has to itemize too; which means one has "0" deduction.>
Absolutely not true, MYKWB. Joint income can be assigned to either taxpayer,
and so can deductions. You cannot claim a deduction but once, but different
deductions can be claimed on each return. Because of the lower tax bracket an
individual will be in, sometimes even the federal will be less filing separate.
Last year we save $4 on federal, and almost $600 on state tax. I simply tried
to split the income and deductions about 50/50 and it saved significantly.
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