How do I determine the percentage that me and my husband earned individually for our tax return?

Forum|Forum|5 years ago
April 2, 2021
2 replies
6 views

Like how do I know if our return is 50-50% or if I got 60% of the return and he got 40%?

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SweetieJean

Alumni - Champ

earned individually

Your respective incomes? Just look at your W-2 and other individual forms. For Joint accounts (such as bank interest), you can split it 50/50.

But if you are asking about your refund? It's not that simple, since you must take your dependents, deductions, credits, etc. into account; and they are factored into the calculation as a joint couple (except that someone over age 65 gets a higher Standard Deduction). May I ask why you need or want this?

JohnB5677

Level 15

What SweetieJean said is correct, and if you're just curious it is a simple method that you can use.

However, if you want to be completely accurate for some financial reason. I recommend you prepare your draft returns as married filing separately.

You will not have to file these returns, but it will give you the most accurate calculation available.

You can open two additional Online accounts. If you don't file the returns there is no charge.

Or you can purchase a desktop version that will allow the preparation of five tax returns.

The tax amount of the separate returns may not be exactly the same as the joint return because the distribution of deductions, and the tax tables may be affect the result.

Married Filing Separate tax return will make you pay more taxes, since there is a difference in tax brackets comparing to Married Filing Jointly.
You are going to disclose only your income, credits, deductions and exemptions on your tax return.
You can claim your spouse exemption if he/she does not have any gross income, not filing their tax returns or they are not being claimed on another person’s tax return.
50% of exemption amount is allowed to claim as Alternative Minimum Tax when it is joint tax return (MFJ).
Premium Tax Credit, Earned Income Tax Credit, Adoption, Education, Child Care, may be limited or may not be allowed.
The deduction on capital losses is just $1500 which is half of the allowable deduction on a Married Filing Joint tax return.
The standard deduction is $12,400 which is half of the amount of Married filing joint $24,800, cannot be claimed when a tax payer spouse itemizes deductions