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Income tax on Social Security can be a heavy penalty for a married couple when the not-retired partner still earns a substantial income. Will selecting the "Married Filing Separately" tax filing status mitigate this financial problem?
Last Updated: May 11, 2010
The best tax return filing status would depend on the amount of income each spouse earns from a job and/or Social Security, the couple's itemized deductions (if any), and other case-specific factors. The only way to tell which filing status would result in the lowest taxes, including the tax on Social Security benefits, would be to calculate income taxes both ways and compare the results.
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