However, your ability to claim a tax deduction for your IRA contributions is limited if you have a 401(k) account at work and your modified adjusted gross income reaches a certain amount. For married couples filing jointly, if the spouse who makes the IRA contribution is covered by a workp...
Having to pick between "married filing jointly" and "married filing separately" may feel like a relationship test, but it's about what makes the most sense based on your financial circumstances. Filing jointly usually lowers your tax bill but there are some cases where it's best to keep you...
Married Filing Separately vs. Married Filing Jointly Married filing jointly offersthe most tax savings, especially when spouses have different income levels. If you use the married filing separately status, then you may be unable to take advantage of a number of potentially valuabletax breaks, such...