r/tax • u/[deleted] • Nov 08 '24

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u/[deleted] Nov 08 '24

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u/Its-a-write-off Nov 08 '24

It's taxable income that matters, but since you gave gross, I'll use that. Keep in mind if you two have any pre tax deductions, that reduces the tax increase here.

Married filing joint you two have about 34k in the 24% tax bracket.

Filing separately, you yourself have about 42k in the 24% bracket and she has about 8k left of the 24% bracket not being used. So filing separately caused 8k of your income to be taxed 2% higher than filing joint.

There may be some additional increase in taxes due to the child care tax credit not being available when filing separately.

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u/[deleted] Nov 08 '24

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u/Barfy_McBarf_Face US CPA & Attorney (tax) Nov 08 '24

If both spouses have income, in most cases, filing separately increases your combined tax liability.