which caused Kai to have to do the same in the same tax year.
· Kai and Albert are married but separated at this time. They remain cordial and plan to stay married for nowfiling separately for the next few years.
· Albert has incurred additional medical expenses in recent years.
· Albert retained ownership of the home he and Kai shared and is paying the mortgage and real estate taxes.
· Albert anticipates the same expenses to be incurred next tax year and no changes to his current income.
Tax Planning Scenario 3
These clients have asked whether they should take the Standard Deduction or itemize their deductions next year to save more tax collectively. They are curious about whether they can continue filing separately even though they are still married and what the downfalls of filing separately might include.
Clients for Tax Planning Scenario – Set 4 IRA Contributions
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Tax Planning Scenario – IRA Contributions |
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Client(s) #1 |
Client(s) #2 |
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|
1138 |
1139 |
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Primary Taxpayer’s Legal Name |
Carlos Quintero |
Primary Taxpayer’s Legal Name |
Daniel Hoffman |
|
Primary Taxpayer’s Preferred Pronoun |
They/Them |
Primary Taxpayer’s Preferred Pronoun |
He |
|
SSN |
***-**-1138 |
SSN |
***-**-1139 |
|
Age |
41 |
Age |
39 |
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Occupation |
Dentist |
Occupation |
Firefighter |
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Citizen/U.S. Resident Status |
U.S. Citizen |
Citizen/U.S. Resident Status |
U.S. Citizen |
|
Languages |
English; Spanish |
Languages |
English |
|
Marital Status |
Single |
Marital Status |
Married |
|
Spouse’s Legal Name |
N/A |
Spouse’s Legal Name |
Jacinta Hoffman |
|
Spouse’s Preferred Pronoun |
N/A |
Spouse’s Preferred Pronoun |
She |
|
Spouse’s SSN |
N/A |
Spouse’s SSN |
***-**-1140 |
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Spouse’s Age |
N/A |
Spouse’s Age |
43 |
|
Spouse’s Occupation |
N/A |
Spouse’s Occupation |
Art Gallery Manager |
|
Dependent(s) (# – Relationship) (Name/Age/SSN) |
N/A |
Dependent(s) (# – Relationship) (Name/Age/SSN) |
1 – Daughter; Cristina Hoffman (Age 8) (***-**-1141) |
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Additional information: |
Additional information: |
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· Carlos moved to Alaska to assist in an upcoming dental office that is servicing the local community. · They agreed to take a reduced salary for the initial year but anticipates nearly doubling his salary in the years ahead. · Their current employer does not offer any retirement benefits
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