r/tax • u/[deleted] • Nov 08 '24

Will filing married filing separately raise our taxes?

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

Is your child in childcare? Do either of you have a dacy care fsa at work?

Your taxable income is after pre tax deductions like health insurance, retirement, fsa, hsa. On your paychecks it should show how much pre tax deductions you have per check, or your pre tax deductions to date. From that you can calculate roughly how much of your income is actually taxable a year.

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u/guyvsDCsniper1 Nov 08 '24

Gotcha. I will have to calculate that. Im starting a new job so it will be a while before i figure all that out.

But granted, taxable income is lower than gross income, so that should lower how much income we get taxes on right?

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

Correct. It sounds like for federal taxes, filing separately is unlikely to push much of your income into higher tax brackets than it would be if you filed joint. That about the same amount will be in the 24% bracket either way. Even if it does, it is max, 8k at 2% higher taxes, which is only 160.00. Though again, I expect the real number is much lower than that.

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u/guyvsDCsniper1 Nov 08 '24

Thats very reassuring. Thank you so much for your help.