Hi Jason - I asked the same question and this is the answer I got (both link and full text below). Note the additional detail under the "----" lines.
Original answer Link: https://ttlc.intuit.com/questions/3408611-i-m-trying-to-determine-if-filing-jointly-or-separately-wi...
Original respondant: bluedeb- https://ttlc.intuit.com/users/4824157-bluedeb
ANSWER:
Usually the better option is to file as Married Filing Joint. With the Online version to compare you would need to prepare 3 separate returns, one as Married Filing Joint and one each for Married Filing Separate. If you file separate with the Online version you would need to prepare two separate returns with two separate accounts.
It is easier to compare the filing status with the Desktop software
If you already created a joint return in the TurboTax CD/Download software, here's a quick way to see how filing separately affects your federal return (this won't work in TurboTax Online):
- Open your return and switch to Forms Mode.
- Open the 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) located under Line 74.
- 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.
GEN85639
Answered by TurboTax FAQ to this question
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A quick way to see the difference is to use TurboTax's Tax Caster, enter your information as Married Filing Joint, then go back and enter each of your information as Married Filing Separate
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
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Married Filing Joint vs. Married Filing Separately
https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately
When Married Filing Separately Will Save You Taxes
https://turbotax.intuit.com/tax-tools/tax-tips/Family/When-Married-Filing-Separately-Will-Save-You-T...
