))
Joint vs Separate: Marriage Filing Fundamentals
Manage episode 490787729 series 3659469
Content provided by Earmark Media, Jeremy Wells, EA, and CPA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Earmark Media, Jeremy Wells, EA, and CPA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.
Most tax professionals assume joint filing is the default for married couples, but the tax code actually says the opposite. Jeremy Wells explores the surprising reality that married filing separately is technically the default status, requiring both spouses to elect joint filing under IRC Section 6013. He breaks down the key disadvantages of separate returns—from reduced credits to income limitations—while explaining legitimate scenarios where paying extra tax through separate filing can lead to better overall financial outcomes, particularly with student loan repayment strategies.
Sponsors
SafeSend - taxshow.promo/safesend
- (00:00) - Welcome to Tax in Action
- (01:03) - Default Filing Status for Married Couples
- (02:42) - Misinterpretations of Joint Filing
- (06:30) - Exceptions and Special Cases
- (11:00) - Why Joint Returns Have Become the Default for Married Couples
- (22:43) - Disadvantages of Filing Separately
- (32:04) - Loss of Available Credits
- (46:22) - Reasons to Consider Filing Separately
- (54:55) - Common Myths and Misunderstandings
- (57:49) - Exceptions to Irrevocable Joint Filing
- (01:01:24) - Conclusion and Final Thoughts
Connect with Jeremy
https://www.linkedin.com/in/jwellstax
https://www.steadfastbookkeeping.com
Subscribe on YouTube
https://www.youtube.com/@TaxinAction
Earn CPE for Listening to This Podcast
https://www.earmark.app/
This podcast is a production of the Earmark Media
5 episodes
Share
