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Old 02-24-2009, 10:47 AM   #1
yahtzee
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How to file if wife stays home with kids? Still jointly?
I am the only one in my household that earns income. We have always filed married, joinyly. My wife stays home with our two little girls and I was curious if "married filing a joint return" was the best option. Income is slightly over 200k and i itemize deductions (business expenses, charitable contributions, etc.).

I contributed 5k to a Roth and 5k to a traditional IRA (under my wife's name) but am unable to deduct the roth 5k because of higher income. Any suggestions?
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Old 02-25-2009, 03:55 PM   #2
clydewolf
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Yahtzee,

Generally it is best for a married couple to file a joint tax return (married filing jointly).

You are smart to contribute to your wife's IRA.

You are smart to have your wife care for your children.

You can make an after tax contribution to your Traditional IRA. When you do this be sure to complete form 8606 part I. The gains in this IRA will grow tax deferred. After 2009, the $100,000 MAGI cap for Conversions to ROTH IRAs is removed. At that time you may be able to convert this after tax IRA (or part of it) to a ROTH IRA.
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Old 03-17-2009, 02:28 AM   #3
linkin_p
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Re:Get an annual return on property taxes
Get a refund of $500-1250 every year, year after year on taxes paid for your home in California! Permanently reduce your property tax. The property prices have come down considerably. The refund based on these lowered and unsteady values of property is less. Read the Property Tax Little Black Book, which gives you detailed plan to permanently reduce your taxes. You can get the book from http://www.californiataxcut.com/
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