Married Filing Separately

Married filing Separately - benefits lost

If you are Filing as Married filing separately, you must have lived apart from your spouse for the last 6 months of the year to take advantage of the dependent care, earned income, elderly credits and the $25,000 rental loss allowance. Also Social Security will be 85% taxable. Speak to your local CPA about the tax strategy of using married filing jointly or married filing separately.

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