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Get your taxes done using TurboTax
If they learn about the differences between Married Filing Joint and Married Filing Separate, it might be easier for them to decide what status to use.
What do married filing jointly couples get?
- Largest standard deduction
- Easier to qualify for many credits like, Earned Income Tax Credit, Education Credits, Child and Dependent Care Credit
- Higher income thresholds for certain taxes and deductions
Married Filing Separately?
- Lowest standard deduction
- Automatically disqualified from several of the tax deductions and credits mentioned earlier.
- Smaller IRA contribution deduction.
- Can't take the student loan interest deduction.
For more information see the TurboTax help article How Should You and Your Spouse File Taxes? Married Filing Jointly vs Separately.
March 25, 2024
5:08 PM