MFJ vs MFS and Amending

Forum|Forum|7 years ago
March 23, 2019
1 reply
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I filed MFJ with my spouse, but now realize that it would have been better to file MFS. I realize that I need to fill out a 1040X and mail it in, and she will have to file her own 1040 and submit it online.

Does it matter what order we do it in? Because with her 1040, she'll owe money, and we'll have to submit payment online. With my 1040X, it could be weeks before I get my additional refund.

Amend

Best answer by NCperson

Can you share with this forum what it is about your taxes that makes you think that filing separate is a better option

As noted by opus17, there are real pitfalls as you can lose certain benefits under single vs. joint

For example, no students- loan interest if filing married - seeparate is permitted

If itemizing, SALT is limited to $5,000 each and if one of you paid all the bills, only THAT person can deduct the property taxes or the contributions, etc.

Best to read the article link below

95% of the time filing joint is a better option

https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separately/amp/L7gyjnqyM

Opus 17

Level 15

To amend from MFJ to MFS, you must file both returns before the April 15 deadline. After that date, changing MFJ to MFS is disallowed by law.

The person who is listed first (top line) of the MFJ return files an amended return as MFS, removing the spouse's income and deductions. The spouse files an original MFS return in their own name, not an amended MFS return. It doesn't matter the order, but you won't be able to e-file the new MFS return. Both must be mailed (separate envelopes) by April 15. Don't forget to also send the appropriate state returns.

Be aware that, if filing with Turbotax online, the new MFS return will require a separate account with a different user name and password. (It can use the same email address for notifications.). This account will also require a separate filing fee unless you qualify for a free return.

Also, be aware that if one spouse itemizes deductions on their MFS return, the other spouse must also itemize, even if they don't have any deductions, and can't use the standard deduction. This removes some of the advantage that people think they get if they don't prepare the MFS returns correctly.

NCpersonAnswer

Level 15

mattslegacyAuthor

Level 2

Thanks for the link to that article NCperson. I see now that it is NOT advantageous to file MFS. I have recently learned that there is only a $12K deduction vs $24K, and also, the brackets are much more generous for MFJ.

Thank you.