Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
“My spouse and I are filing separate returns, how do we split our itemized deductions?” If you are filing, married filing separately, the one that is not paying. Because so often what happens is one individual is paying the mortgage, maybe even doing the charitable contribution. So they’re exceeding the single standard and the other individual says, “Well, I’ll just take the standard deduction.” Yeah, the IRS says no. So if the one person is taking it all on their side, that other person has to take zero, or what they actually paid out of their pocket when itemizing. Married filing separately may be more complicated than you thought. Check us out at drfriday.com.
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