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re: Explain federal tax brackets to me...
Posted on 7/16/22 at 2:11 pm to finchmeister08
Posted on 7/16/22 at 2:11 pm to finchmeister08
quote:
At what point would the standard deduction be calc’d into the equation?
Always. 25,900 for MFJ. 12,950 for Single
The question is not When but if the deductions you have are greater than the standard deduction. If you itemize, youll need support for the itemization for each deduction you are claiming.
If you and your wife only have W2 income, there's probably not much beyond child related tax credits and deductions and mortgage interest that you will qualify from.
Disclaimer: I am not a CPA. Seek the advice of a tax professional.
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