Married file separately / jointly?



For 2006 tax return, my wife and I have not decided whether to file
separately or jointly. My initial ballpark calculation shows the two
scenarios give close number but favor seperate filing (as our income
difference is reasonably big).

However, given this uncertainty (i.e. whether to file separately or
jointly for 2006 return), I have a few questions which somebody may be
able to help.

1] We want to open a Coverdell account for our son. If we file
separately, my wife will be qualified on her MAGI, but if we file
jointly, we will not be qualified. The question is what happen if we
open the account now and deposit $2000 amount and later decide to file

2] Currently we put all the $5000 childcare flexible spending expense
on my payroll. My understanding is if we decide to file seperately, we
should split it half-half between my wife and me. Can we do some kind
of adjustment when we file our 2006 return or we must split it now?

3] In general, if we got something which later find out we are not
(fully) qualified. What's the consequence? (For example, the amount
of IRA, Coverdell etc are all related to your qualfied income, but you
can only know your exact figure when you file your return)



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