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John and Jill, who are married, reported 2012 itemized deductions of $7,500 and $500 respectively. John suggests that they file their Federal income tax returns
John and Jill, who are married, reported 2012 itemized deductions of $7,500 and $500 respectively. John suggests that they file their Federal income tax returns separatelyhe will itemize his deductions from AGI, and she will claim the standard deduction. Explain why John suggested the taxes be prepared in such a way. What should the couple do? What is the best option? What are some tax planning considerations for John and Jill in future years?
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