Regarding which option is best, MFJ versus MFS, sometimes the only way to know which filing status results in the best tax outcome is to prepare returns under both filing status' and then compare the results. One thing to keep in mind regarding filing MFJ, if you later decide that MFS is the better option, you can amend your return and change your filing status to MFS, but you must do so before the April deadline (no extensions are allowed in connection with a change from MFJ to MFS). Moreover, given your tax situation, you and your spouse would also need to file separate amended returns with the filing status of MFS.
The reverse situation however is not as limiting. For example, if you both elect to file MFS, and then later change your mind that MFJ is the better option, you have three years from the due date of your return to file an amended return with the filing status of MFJ. This deadline does not include any filing extensions. Additionally, in this scenario, only one spouse's return needs to be amended, as the income/information from the other spouse is merely being added to the amended return.
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