If you were to calculate the returns as married filing separately then you would have a rough idea of how much each of you owed in taxes however this is not an exact science.
How can we compare married filing jointly with married filing separately?
If you already created a joint return in the TurboTax CD/Download software, there's a quick way to see how filing separately affects your federal return.
Note: This won't work in TurboTax Online.
- Open your return and select Forms in the top right corner of the window.
- Click Open Form and type What-If Worksheet (it may appear as What-If Wks).
- Check the MFJ vs. MFS box at the top.
- Scroll down to Balance Due (Refund).
- The second column shows the federal outcome for a joint return, and the third and fourth columns, respectively, show the outcome for the taxpayer and spouse if filing separately.
- Negative numbers are refunds, positive numbers are taxes due.
However, this doesn't give you the whole picture because it doesn't account for your state return. For a true apples to apples comparison, you'll need to prepare your returns both ways.
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