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Can we combine data entered for 2 MFS files into one MFJ file for comparison or do we have to renter all the data again for the MFJ file?

 
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Can we combine data entered for 2 MFS files into one MFJ file for comparison or do we have to renter all the data again for the MFJ file?

Tax data files cannot be combined.  You would have to start a new tax return to use the Married Filing Jointly filing status.

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Can we combine data entered for 2 MFS files into one MFJ file for comparison or do we have to renter all the data again for the MFJ file?

Tax data files cannot be combined.  You would have to start a new tax return to use the Married Filing Jointly filing status.

Can we combine data entered for 2 MFS files into one MFJ file for comparison or do we have to renter all the data again for the MFJ file?

You are posting from desktop software, which makes it much easier for you to prepare your returns both ways, unlike with online TurboTax which would require you to set up three separate accounts--one for the joint return and two for each of the separate returns.

Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will each receive the $4050 personal exemption, plus the married filing jointly standard deduction of $12,600 (add $1250 for each spouse over the age of 65).  You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit. 

If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable.  In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income.  If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.

https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Can we combine data entered for 2 MFS files into one MFJ file for comparison or do we have to renter all the data again for the MFJ file?

FYI ... if you have already filed separately it is too late to amend & file a joint return now. 


Is it better for a married couple to file jointly or separately?

Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim:

·         Education benefits

·         Earned Income Credit (EIC)

·         Child and Dependent Care Credit (usually)

·         Adoption Credit (usually)

·         The same benefit married filing jointly couples get for personal exemptions, itemized deductions, the Child Tax Credit, and capital losses (all of these deductions are reduced by half)

·         Itemized deductions if your spouse has already claimed the standard deduction, or the other way around.

On top of that, if you live in the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, you have to deal with community property allocations and adjustments, which adds extra work and complexity to your tax preparation chores.

The main reason you'd want to file separately is to protect yourself from inaccurate tax information reported by your spouse, or in cases where your spouse refuses to file a joint return (or refuses to file, period) and you don't want to get in trouble.

Also, when you file separately, your refund cannot be seized to pay off your spouse's debts. However, filing jointly as an innocent or injured spouse can head off refund seizures as well.

With all that in mind, you can try it both ways to see which filing status works out better for the both of you. If you do this, also consider your state return; in some cases, the taxes saved on the state return more than makes up for the money lost on the federal, or vice-versa.

Tip: Only taxpayers who were still legally married as of December 31, 2016 are able to file as marrieds, whether jointly or separately.

Related Information:

·         How can we compare married filing jointly with married filing separately?

·         How do I switch from filing jointly to filing separately?

·         Form 8379, Injured Spouse Allocation

·         Innocent Spouse Relief

 

GEN83639

- Answered by TurboTax FAQ   to this question



https://ttlc.intuit.com/replies/4775330



If you want to play around with different figures and tax scenarios without affecting your original return you can

>>>In the TurboTax CD/Download software by creating a test copy:

1.  Open your return in TurboTax.

2.  From the File menu, choose Save As.

3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name).

4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original.

 https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

 

>>OR  use the WHAT IF tool:

- Click Forms Icon (upper right of screen) or Ctrl 2 (forms view)

- Click on the Open Form Icon

- In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form

- You will see the worksheet on the right side of the screen; enter the information right into the form

- To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1


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