Video instructions and help with filling out and completing Why Form 2220 Separately

Instructions and Help about Why Form 2220 Separately

And ask is there any benefit to a married couple actually filing separately and when would you do that there certainly are benefits of potentially for a married couple to file separate tax returns but those are very rare the bad news and filing separately is the way the IRS calculates the tax rate tables kind of ends up with a penalty not from a tax standpoint or any specific line item standpoint but just the rate standpoint and how deductions are calculated so almost always a married couple filing jointly will end up with a lower tax liability than filing separately certainly you can choose between those two so if you have time you can calculate the tax return both ways and then see which one works out the best for you a one scenario that could lead to a benefit for filing separately is if one spouse has a very low income but very high medical expenses in that rare scenario filing separately the spouse with low income and high medical expenses may get a larger itemized deduction that may offset all of their income whereas combining those incomes might provide a higher threshold of limits on those medical expenses which could be a detriment but again that's a pretty unique situation but there are those type of situations and Ryan's a good question if you find yourself in that situation great idea to spend a little extra time and calculate the return both ways and then you can file it whichever way works out the best for you so hopefully that's helpful to you Ryan you