Hello RMG1119,
Thank you for your question. Congratulations on getting married!!
Since you are not getting married until 2024, you have a whole tax year to plan. It's confusing but in 2024 we actually file 2023 taxes.
Generally speaking, it is usually best to file MFJ (married filing joint). There is a tax benefit. Some married couples choose to file separately for other reasons such as, one spouse has a debt, or for student loan repayment calculations.
Advantages for filing a MFJ return: certain credits are available if you qualify, more favorable tax rates, higher standard deduction.
Disadvantages for filing MFS (married filing separate): loss of certain credits, any social security income is automatically taxed at 85%, lower standard deduction, any capital losses are limited to a $1500 carryover.
In my years of preparing taxes, I've only seen 1 or 2 times when it was beneficial for spouses to file separately. That happened when one spouse made $100,000 and the other made $10,000.
I may suggest that you fill out your taxes both ways to see which is better. I highly suspect that MFJ will be your best filing situation.
Here is an article for your review.
Should you and Your Spouse File Taxes Jointly or Separately
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