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2019 taxes

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  • Avatar hospitalist md 
    Participant
    Status: Physician
    Posts: 72
    Joined: 10/31/2017
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    Myself and my husband have been filing taxes jointly for the past 5 yrs. he was a fellow till this yr and started his attending job recently. In 2019 we will both be making full attending salaries for the first time…Yay!!!! we do not have any loans other than mortgage … our incomes are going to be similar…. we have only w-2 incomes.

    Was just curious if filing separately has any additional benefit to filing jointly in this situation… we have already filed 2018 taxes jointly. one kid…. 2yrs old

    #189033 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 2867
    Joined: 01/14/2017

    Marriage penalty doesn’t take effect until after $600k.  Depends on your situation but you lose out on the following by filing separately:

    The child and dependent care tax credit
    Tax-free exclusion of U.S. bond interest
    The American Opportunity Credit and Lifetime Learning Credit for higher education expenses
    The deduction of net capital losses

    #189035 Reply
    Avatar hospitalist md 
    Participant
    Status: Physician
    Posts: 72
    Joined: 10/31/2017

    @ENT doc- thank you for the reply… next yr our gross income will be more than $600k but taxable might be less after all our pretax contributions …so i am assuming filing jointly is still the right thing to do…

    #189037 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3315
    Joined: 01/08/2016

    Yes. MFJ.

    #189056 Reply

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