ProGolferWannabe
Recycles dryer sheets
- Joined
- Jan 14, 2012
- Messages
- 141
I am doing my 2011 taxes now. I hate this annual exercise. My wife and I make approximaely the same income---$120K each per year. We are both salaried. Our house is paid off; we max out our 401k contributions, and max out our HSA. Our combined MAGI is too high for us to contribute to Roth IRAs. I also understand that because our incomes are nearly identical that we likely pay more Federal income tax than we would if we were not married and filed individually.
I looked at the IRS regs--it appears that if were single (and filed as such), we would both be elligble to contribute to Roth IRAs as each of our MAGI would be less than the $122K max, and our total combined tax liability would be lower.
Am I missing something obvious, or financially speaking are we be better off divorced and "shacking up" than staying married? Wife saw me typing this---her answer is "no" regardless of the finanical ramifications. I am glad I married a romantic, but I still would like to know the answer.
I looked at the IRS regs--it appears that if were single (and filed as such), we would both be elligble to contribute to Roth IRAs as each of our MAGI would be less than the $122K max, and our total combined tax liability would be lower.
Am I missing something obvious, or financially speaking are we be better off divorced and "shacking up" than staying married? Wife saw me typing this---her answer is "no" regardless of the finanical ramifications. I am glad I married a romantic, but I still would like to know the answer.