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Get your taxes done using TurboTax
@jmensch33 Thanks for the question!! Congrats on tying the knot!
Because of the way the IRS writes tax code, married couples who file jointly can get higher breaks than they did when they were single. You have to choose between MFJ & MFS. You cannot file a single. You can compare your estimated taxes for filing jointly vs. separately with TaxCaster.
How can I compare Married Filing Jointly with Married Filing Separately?
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 standard deduction if your spouse is claiming itemized deductions
- The full benefit for itemized deductions, the Child Tax Credit, and capital losses (you'll get only half compared to married filing jointly)
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‎October 25, 2023
1:03 PM