Jane and Ben are married and usually file a joint return. They live in a separate property
Question:
Jane and Ben are married and usually file a joint return. They live in a separate property state (rather than a community property state). Jane is a partner in a law firm and typically generates income of $150,000. Ben is a grade school teacher with wage income of $75,000. The couple receives investment income that is less than their standard deduction. With enactment of the deduction for qualified business income, the couple is wondering if they should continue to file as married filing jointly or instead use the married filing separately status. What tax advice would you offer them?
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If each spouse files separately Janes income is close to the 157500 threshold relev...View the full answer
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Related Book For 
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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