Question

Bonnie and Jake (ages 35 and 36, respectively) are married with no dependents and live in Montana (not a community property state). Because Jake has large medical expenses, they seek your advice about filing separately to save taxes. Their income and expenses for 2014 are as follows:
Bonnie’s salary .................... $ 42,500
Jake’s salary ..................... 26,000
Interest income (joint) .................. 1,500
Rental loss from actively managed rental property ...... (23,000)
Jake’s unreimbursed medical expenses .......... 8,500
All other itemized deductions:*
Bonnie ....................... 9,000
Jake ........................ 3,400
*None subject to limitations.
Determine whether Bonnie and Jake should file jointly or separately for 2014.


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  • CreatedMay 25, 2015
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