For the Tips, Overtime, and Senior deductions, married taxpayers must file a joint return in order to claim the deductions unless they meet the qualifications to file as Head of Household. The one exception to this is the new deduction for Qualified Vehicle Loan Interest.
Taxpayers may deduct up to $10,000 of interest paid on a qualifying vehicle loan. The deduction begins to phase out at $100,000 of adjusted gross income. The deduction and the phaseout are on a per-return basis, so taxpayers filing MFS could potentially deduct up to $20,000 of qualifying interest!
Want to know more? You can read our in-depth write up here and learn about updated guidance here.