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Determine whether bonnie and jake should file jointly

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Reference no: EM13882014

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

Reference no: EM13882014

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