Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-18-2009, 11:52 PM
Junior Member
 
Join Date: Mar 2009
Posts: 1
filling jointly

Hello:

Can I still file jointly with my wife if I have income from an LLC and she has income from an employer?

I am soon leaving my place of employment and will be a member of an LLC firm.

Can I put my income from my K-1 on the joint return and fill out the needed forms to pay taxes or am I now in a different tax bracket because I have to pay self employment tax?

thanks!

John



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-19-2009, 12:13 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Yes, you can certainly file jointly with your spouse, even if you have income that is generated from an LLC.

You would report the distributive share of income from the LLC, that is reported on a K-1 form, onto your personal tax return that is to be jointly filed with your spouse. However, the only difference is that this so called K-1 income is going to be subjected to "self-employment tax."

Hence, expect to pay 15.3% additional self-employment tax on this K-1 income in addition to the regular income tax that your are liable, assuming that you would be actively involved in this LLC.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is it allowable to amend from married filing jointly to filing separately? Walshloesch Divorce Tax Issues 0 02-19-2009 03:16 PM
filing our 2006 taxes jointly or separately? NCHARLES Filing Requirements 1 03-30-2007 11:58 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.