Good morning all. Here's the scenario leading to my question:
Married as of this year so unsure if we should file as Married Filing Joint or Married Filing Single when tax season comes up. From what I read, MFJ has more tax breaks although we don't have children and we don't have student loan interest to declare so unsure just how much tax breaks will make a difference. The wife has an old traditional IRA with about 30k in it. I do not have an old tIRA so the conversion from tIRA to rIRA is really straightforward for me.
I planned to run a few different scenarios once tax forms are released, but wanted to gain some insight from the MMM community.
TL;DR: Does the wife's old traditional IRA create an issue for me tax-wise when I convert the $5,500 in my tIRA to rIRA? If so, should we file MFS to take advantage of the backdoor Roth for myself?