Timothy Sumer

Mark Kohler, senior tax advisor at TaxSlayer, discusses if you should file taxes jointly or separately if you are married. Married filing jointly is generally better than filing separately. You get the dependent care expense, the adoption expense, and double the standard deduction. Instances when filing separately pays off: when you and your spouse make the same amount of money. Some itemized deductions are more beneficial on a personal level.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Marriage brings a multitude of financial decisions, and one of the most prominent ones is filing taxes. As a married couple, you have the option to file your taxes jointly or separately. Both approaches have their advantages and disadvantages, so it's essential to carefully evaluate which option best suits your financial situation. Let...

It's important to understand the tax implications of withdrawing money early from your retirement accounts. CPA and TurboTax tax expert Lisa Greene-Lewis is here with what you need to know. TurboTax Home: TurboTax Support: TurboTax Blog: TurboTax Twitter: TurboTax Facebook: TurboTax Instagram: TurboTax Pinterest: TurboTax Tumblr: ~~~ Video Transcript ~ Title : 2022 Tax Tips: A Guide to 401k and IRA Early Withdrawal - Presented By TheStreet + TurboTax - [MUSIC PLAYING] TRACY BYRNES: All right, so it's inevitable. Life happens and we dip into our retirement accounts. But is it a good idea and are there tax implications? Lisa Greene-Lewis, CPA and TurboTax expert is here with us right now. OK, so what happens if I need the money, Lisa, and I dip into an IRA or a 401 ? LISA GREENE-LEWIS: Yeah, so if you withdraw from your IRA or 401 and you're younger than 59 and 1/2, you will incur an additional 10% tax in addition to whatever your ordinary tax rate is w...

When Married Filing Separately Will Save You Taxes - Presented by TheStreet + TurboTax TurboTax Home: TurboTax Support: TurboTax Blog: TurboTax Twitter: TurboTax Facebook: TurboTax Instagram: TurboTax Pinterest: TurboTax Tumblr: ~~~Video Transcript Title: When Married Filing Separately Will Save You Taxes - Presented by TheStreet + TurboTax - [Announcer] TurboTax helps you navigate the 2020 tax season. - Sometimes filing separately will save a married couple on their taxes. Here to explain is Lisa Greene-Lewis, CPA and tax expert at TurboTax. Tell me, Lisa, I thought that married couples should file jointly, but maybe that's not always the case. - Generally, you should file jointly, 'cause you may see a lower tax rate and some bigger benefits like a bigger standard deduction, which if you're married filing jointly is $24,400, but there are some reasons that someone may wanna file separately. - What are some of the reasons that a mar...