Matter of fact, we both can look at what the other has been spending, but the thing is that we don’t. I trust my husband when it comes to our finances and he trusts me. My husband and I have separate bank accounts that we spend our discretionary funds from and I can tell you it doesn’t have anything to do with trust. People choose to have separate bank accounts for all sorts of reasons and sometimes it just makes life easier for them. Separate is not always about trust for some people. Like seriously, who comes up with this stuff? Separate bank accounts mean you don’t trust your spouse. Related Reading: 6 Savings Account Every Family Needs to HaveĤ Misconceptions About Married Couples and Separate Bank Accounts (If you plan to attack, I won’t even entertain you with a response.) So, let me get into this really quick, but first, let me add a disclaimer: If you have an opinion contrary to mine, I don’t mind you sharing, but let’s be for damn sure clear on this one thing - don’t attack me. These misconceptions often deter good people with honest intentions from trying something that could help them build wealth together. With this controversial opinion of mine out in the open, I decided I wouldn’t argue the merits of either but I would delve into the common misconceptions folks have about people who decide to have separate bank accounts. But the point is, there’s no one way to do your finances and if you and your spouse communicate with each other, it’s quite possible to make separate bank accounts work for you. However, we respect each other enough not to spend money from each other’s individual accounts (I’ll explain later, stick with me). We spread our money out over several accounts that we BOTH can access at any time. Personally, my husband and I made the decision before we got married to have joint finances.
One of those things just so happens to be married couples and separate bank accounts. It’s one thing to offer advice, but it’s another to browbeat someone because they had the gall to decide to do something different than what you would have done. “ Publication 555, Community Property: Married Individuals.If there’s one thing that annoys me, it’s when self-righteous folks tell other folks what they think they should do with their money as if their opinion is the only opinion that is valid. 607: Adoption Credit and Adoption Assistance Programs."
" Retirement Topics - IRA Contribution Limits." " IRA Deduction Limits." Click through to read 20 limits, depending on whether you or your spouse has retirement plan at work. " H.R.1 - American Recovery and Reinvestment Act of 2009." " Publication 503: Child and Dependent Care Expenses," Pages 7-8. “ Child and Dependent Care Credit FAQs: Am I Eligible to Claim the Credit?” “ IRS Provides Tax Inflation Adjustments for Tax Year 2023.” “ IRS Provides Tax Inflation Adjustments for Tax Year 2022.” “ Publication 504, Divorced or Separated Individuals." “ Be Tax Ready - Understanding Tax Reform Changes Affecting Individuals and Families.” " A Tax Checklist for Newly Married Couples." “ The Hows of Taxes: Module 5: Filing Status.” If you don’t want to be liable for your spouse’s taxes and suspect that they are hiding income or claiming deductions or credits falsely, then filing separately is probably the best option. Tax bills aside, there is one scenario in which married filing separately may be especially wise. The maximum credit allowed for adoptions is the total amount of qualified adoption expenses up to $14,8 and $15,950 in 2023. The maximum contribution permitted in both years is $6,000 ($7,000 for those aged 50 and over) in 2022, increasing to $6,500 (and $7,500) in 2023.Īny expenses related to the adoption of a qualifying child can be taken if couples file jointly, but probably not if they file separately (check with a tax expert). A couple who files a separate tax return can also take deductions for their contributions to a traditional individual retirement account (IRA), but the income limits for taking them as a deduction if they or their spouse has a retirement plan at work are much lower than for those who file jointly.
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