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Joint or separate assessment

tingtingjosel · 2020-03-02 17:49:18

Hi guys! Please help me to understand perks of joint tax assessment for married people. Let say that I have a salary 40k per year, my spouse 80k per year. I calculated both separate and joint ways, and it is exactly the same amount of income. Everyone says that joint way is more profitable, but I don't really see how. What…

02-03-2020 5:49pm

#1

tingtingjosel

Closed Accounts Posts: 1 ✭

Join Date: March 2020

Posts: 0

Hi guys! Please help me to understand perks of joint tax assessment for married people. Let say that I have a salary 40k per year, my spouse 80k per year. I calculated both separate and joint ways, and it is exactly the same amount of income. Everyone says that joint way is more profitable, but I don't really see how. What am I missing here?

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Comments

#2 02-03-2020 9:38pm

marizpan

Registered Users, Registered Users 2 Posts: 443 ✭✭

Join Date: July 2008

Posts: 415

It’s only beneficial if one spouse has very low/no income.
But in your case both spouses have good income and therefore utilising all bands and credits with none left to transfer between spouses.

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