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Hi. I am opening an Investment account and have 2 tax strategies. Either open it in my wife's name only or open it jointly. Here's the specifics:
1. We are not technically married. We live in Texas and can be common law if we choose.
2. I make 100K/year and she has no income. Currently, I file as Single and she doesn't file.
3. There would be no other income besides my salary and the Investment income.
Which strategy is better for keeping the tax burden at its lowest. Thank you!
1. We are not technically married. We live in Texas and can be common law if we choose.
2. I make 100K/year and she has no income. Currently, I file as Single and she doesn't file.
3. There would be no other income besides my salary and the Investment income.
Which strategy is better for keeping the tax burden at its lowest. Thank you!