EDIT: After I posted this and doing more research, I see the IRS has effectively closed this possible loophole by requiring anyone filing married separately to report as taxable 85% of all SS income. Slams the door shut.
I am leaving my original post so anyone seeing it and revisiting can see it.
Original Post......
So I got an email yesterday from Money Talk New with the following article. https://www.moneytalksnews.com/slid...income&utm_source=newsletter&utm_medium=email
I do my own taxes and have never run across an article that called out this possibility. I just did a back of envelope test and I overpaid my 2023 taxes by $1494 by filing married filing jointly. When I run it as married filing separately the total is that much less because so much more of our SS is not taxed. I can also file amended for my 2022 and 2021 returns and save, but have not done that math yet.(EDIT: I just read I can not change past years from Married joint to married separate after the tax return due date, so I can only change this years return, I guess) My 2020 return had more income and I don't believe it would help for that year. I guess from reading I can file amended for 3 years from date return was actually filed. I have not figured the difference in my Missouri returns yet but think it will be small as they don't tax social security on my level of income.
How many here with lower incomes beside social security file married filing separately? If you don't you may want to look at that. There may be something I'm not seeing but curious what comments I will get before I actually do my amended returns.
I am leaving my original post so anyone seeing it and revisiting can see it.
Original Post......
So I got an email yesterday from Money Talk New with the following article. https://www.moneytalksnews.com/slid...income&utm_source=newsletter&utm_medium=email
I do my own taxes and have never run across an article that called out this possibility. I just did a back of envelope test and I overpaid my 2023 taxes by $1494 by filing married filing jointly. When I run it as married filing separately the total is that much less because so much more of our SS is not taxed. I can also file amended for my 2022 and 2021 returns and save, but have not done that math yet.(EDIT: I just read I can not change past years from Married joint to married separate after the tax return due date, so I can only change this years return, I guess) My 2020 return had more income and I don't believe it would help for that year. I guess from reading I can file amended for 3 years from date return was actually filed. I have not figured the difference in my Missouri returns yet but think it will be small as they don't tax social security on my level of income.
How many here with lower incomes beside social security file married filing separately? If you don't you may want to look at that. There may be something I'm not seeing but curious what comments I will get before I actually do my amended returns.
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