Should You File Married Jointly in 2023? Tax Expert Weighs In
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- Опубликовано: 5 сен 2024
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#taxes #taxfreeliving #taxexpert #taxreduction #llc
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By far the best video I’ve seen about Taxes, very well explained and very neutral without pushing us to either side, just giving the facts and letting us decide. Thank you
You forgot to mention a very important point about filing separately. If the one spouse chooses to itemize their deductions with that $17k medical expense then the other spouse HAS TO itemize too. If they don't have any other deductions such as their own medical expenses, mortgage interest, property taxes, etc then their deduction is ZERO 😄. In other words, Married Filing Separate usually always screws at least one of them over.
Over the years I did literally 1000s of returns. Exactly twice did it make sense to file separately. One was high earner had huge medical, 2nd earner was pt clerk with 5000 in income. The other was a likely fraud situation that would have cost the aggrieved spouse more than filing separate cost in extra tax and didn’t want to be on the hook in case.
Lots credits lost filing separate too if memory serves, only do my own families now, so I have lost touch a bit.
Hi Karlton. Love all the information that you put out! Can you please do a part 2 to this video and talk about other reasons why people file Married Filing Separately such as spouses of deployed service members and expats? Can you also talk about who gets to file head of household and what those pros and cons look like? Thanks😁
Thank you so much for this information! 3 months into marriage and not living together with my spouse who makes significantly more than me. So I have a lot of questions. Especially since I received health insurance through the affordable Care act throughout the year and because I have aided special needs dependent. My spouse doesn't have those factors. This helped me a little while struggling with the decision. So new to this!
i filed on turbo tax and they're saying it was rejected because my SSN was used this year on another tax form. i think my fife filed 'jointly' on the return they did when our actual intent was to file separately.
Thank you bro this video was so helpful, thank you I'm definitely subscribing...
Good information,I hope we can learn avoiding future mistakes !
Good video 👍👍
Love your videos Karlton
A disadvantage of filing together is that they only can buy only one house using FHA and not one each of them using the FHA. right???
I'm single but vital information, just in case..
awesome video again Karl!!
Best tax return video I have seen
You explained things well and have a nice voice for this sort of thing. Thanks!
Is it worth filing seperately because of income based student loan repayment?
As a newly married woman, am I responsible for owe taxes by my Spouse when we file separate?
So my wife and i were going to file jointly, but because of her student loans if we file jointly, then her payments go
Significantly higher. Also we just purchased a home in Idaho in March of 2023. We are planning on filing separately. I make significantly more than my wife. Do we both have to put the home interest and taxes on the forms when we file? We are just so new to this stuff.
Pre school teacher in nyc public schools can reach 140k, without any overtime or summer. 😂 it’s crazy that some states still paying 30k. Regardless how cheaper those states are.
What about those going through a divorce ?
Thank you for the info. You’re great!
Can you discuss a topic on when you're filing your taxes and why does child support services take your return and how can you stop it.
The only way to stop them from garnishing your tax return is to pay your child support on time and not owe any back pay.
Only thing the spouse can do who does not owe the arrears is file a Form 8379 to claim injured spouse relief.
Hello everyone, I hope someone can shed some light on a possible scenario and end an argument. Lets say spouse A earned $50,000 and filed married separate. Spouse B earned $20,000 and refuses to file. Does Spouse B legally have to file? I believe so because the minimum income to file separate is $5. Spouse B thinks he does not have to file because his income is under the minimum to file married joint. But if his spouse filed married separate, that leaves him with no choice but to go with the requirements as married separate. I googled this scenario and have found nothing about it other than articles about the pros and cons of filing separately.
Passive income does have a way of liberating people, i remain eternally grateful to Mrs Karen Cosmann and her company for their efforts that got me to this point, finally payed off my mortgage and all my debts, what more could I've asked for.
I'm surprised you know her too. I've been making a lot of profits investing with her for a few months now.
Mrs Cosmann changed my life because of the high profits I got from investing with her
You invest with Mrs Cosmann too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can i reach your broker
@@kennguyen4540 You can communicate with her on telegam with the user name below
What if your spouse doesn't work?
Good question
What about the hate the IRS credit?
Man!!? You know your stuff, so what if your spouse have a LLC business and never get back any tax return because they always own and the other spouse feel the pinch for this but the other spouse does not have a LLC business what should be the status of filing in a case like this?
So what if you dont have medical bills. Seem like it only good to file separate if someone sick
I thought this was David Washington (Denzel’s son) giving me tax advice 😂😂
What about being married but I have two kids of my own? I’m usually head of household
I can't seem to figure out exactly why, but preparing our taxes married jointly and married seperately is a difference of 3k in favor of filing seperately. My wife made 30k and I made 50k and we have 2 children and own our home. Did I make a mistake somewhere?
What about me? I am married, I work but she doesn’t?
Can you claim business deductions if filing married jointly? My wife is W2
I have a question. If you file married filing separately on your tax return because of medical expenses does this also qualify you for certain benefits such Medicaid since your income is now lower? Please advice. Thanks
Did you get answer do you mind sharing please
What happens if ur not married and file married ?
you are awesome. Thank you
Do I file tax on all w2 form I received? (3rd party long term disability payment)
Can I claim my husband with dementia as a dependent even if he lives in a boarding house?
Could I file “married, but file separately”just to take advantage of the ev tax credit? We both make more than $300k but then if separately, at least one of us will qualify.. 😂
What's the ev tax credit?
The v injured me I lost 50k in last year and it disabled me. I got disability only 8k and he makes 60k. Then they reported 10k b/c I took out money from IRA but told them it disabled me. I'd say seperate. here.
I owe child support arrears, my spouse earns 40% less than me a year, we file married separately.
Likely one of the few cases where it makes sense
Same case with me husband owes child support will filing separate not living together will they take my refund ...??
@@girlsworldyoutube nope, we file married separately, they dont mess with her taxes.
So is this 25k that offsets your W2 or your LLC ? my thing is I don’t want to pay for a LLC if I just have 1 rental so how do I go about that ?should I just get umbrella home insurance insurance write up a rental agreement and file earning on wife’s w2 since I don’t work and will be managing my rentals ? Should I wait for the meantime until I build more property income ?anyone please help
Also...comment on an American married to someone form another country where the foreign spouse is not yet living in America. Married filing separate or file as single.
QUESTION.....!!! I was married last year But we did not end stay together we still married I'm filing married filing separate But he owes child support will they take my refund to pay his back child support....!!!
What about head of Household? Is that a separate option?
In California do we need pay federal taxes on 20022 stimulus?
Hate taxes.
Do you offer tax preparation classes?
We've been reporting high amounts of income on our taxes to show the mortgage lenders that we can afford a large mortgage. Does investing in real estate help you offset our income taxes without affecting our income in the eyes of the bank??? Most importantly we're trying to qualify for a higher mortgage! Thanks for all your knowledge Karlton you're the best!
Hi
What is best method in filling out the W-4 form?
So what if your not legally separated but have not lived together over a year. Can I file married separately and I will get all the eitc child tax credit. The kids are min not his and has lived with me only?
Can you file for an elderly parent who past away in September of the tax year?
If your married and you file separately, does your info show on there taxes
Thank you for the great video Karlton, very good info., but I have a ? for you or anyone who can help me, please. My husband and I always filed joint taxes but now he has dementia and the last week of July last yr., he had to move to a boarding house of independent living. He still capable to sign papers but I was told that I have to file separately to don't affect his medical benefits. Is it true? I pay rent, my income and his social sec. benefits combined are $34,400 per yr. and all his social ($1,300) goes to the boarding house and his personal expenses. I'm really struggling $ and feel like filing jointly will help us. Do I have to file separately? Thanks!
I have worked in FLorida since 2022 and filed a single 1040 return for year 2022. I was married in Manila to a Filipino in Februaru 2022. I am also from Philippines. In October 2023 he came to join me and we applied for ITIN which has yet to come. The tax form on Turbo Tax asks for his ITIN/SSN so should I file another single person return ? He is trying to get a job but no income for tax. Ideally I want to file online. What should I do?
Why are you even "filing?" See 26 CFR 1.0-1 paragraph (d). The 1954 IRC passed into LAW by the 83rd Congress says that " TAXABLE YEARS BEGAN December 31, 1953 and ENDED......AND ENDED......AND.....ENDED August 16 1954!!! There has not been an income tax by law for almost 70 YEARS!!!!
I must have a red dot next to my name. I get audited yearly.
Hey, i live in Canada, last year i got married but, my spouse never been in canada. What should i put in his information in the spousal section in filing tax?
He is in India, when i am filing my tax they are asking me his net income ?
What should i fill ?
What if you have more than 3 kids and wanted to file separately to have the benefits from all the dependents
Man your teeth are amazing.
What if you spouse follows your advice and buys and deducts a yacht? A personal SUV but tries to claim it as business use? Rents out their home for < 14 days to THEIR company (and ignores related party rules -Sec 267), DEDUCTS haircuts as a "ordinary and necessary business expense" since they are a "you tuber"? YES, they should file Married filing separate!!!
Get divorced
If I don’t work do I still have to file taxes ? I mean I don’t work so what’s to file ? Thanks
❤
I’m gonna marry my friend so I don’t have to much taxes
What are pros and cons of changing my name from marriage? (With children)
who admitted to cheating on their taxes 😅
Head of house hold.Wife did not produce an ID.
Same. My wife doesn’t work so I file head of household
I'm getting fairly strong Tai Lopez, Owen Cook vibes here.
I'm gonna chill on this thought chain and feel this out some more, i'm giving it a chance as the details provided SEEM legit.
But this is some straight-up California seminar shit right here, let's be honest now. I won't say it again, just this once. But I feel like I'm buying an e-book or some diet pills from Maggie Q.
ima shutup now, see where this channel goes; i said what i came to say ok :o
isn't the less than sign this < vs the greater than sign > ? jw
Who is Karla? Can’t believe this guy couldn’t come up with a better name for his business 🙄is he gay and that’s why he names it Karla? Is he transgender? and his real name is Karla?🤔he’s very detailed and seems exceptionally knowledgeable tho.🤔
*Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.*
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are your strategies?
As a beginner investor, it's essential for you to have a mentor to keep you accountable. Myself I'm guided by Mrs Julia Oswin, a widely known crypto consultant
@unitedfinance2947 I'm sure her service is available outside the US, But you gotta ask her first. I'm positive because I have a friend who stays in Australia and using her services too. You should ask her though to know if she offers her service to your country.
Seeking her
contact info
United States
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