A client is filing MFS in 2020 but filed MFJ in 2019. How do I calculate the income to be inputted to help avoid some or all of the underpayment penalty?
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I usually recalculate the 2019 return as if he'd been MFS.
Under the Treasury Regulations, calculating the safe harbor for a taxpayer filing a separate return who filed a joint tax return for the preceding taxable year is a 2-step process:
Step 1: For each spouse compute the 2019 tax liability on a separate basis.
Step 2:
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