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vitalesj
Returning Member

married separate

is there a way to convert a what-if worksheet to separate returns?  what-if shops interesting options when filing joint and then filing separate.

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2 Replies

married separate

I think there is a MFS checkbox at the top.  Here's some general info on Joint vs MFS.

 

Unless you have a specific reason to file separate returns,

It is usually better to file Joint. Joint has the lowest tax rates and the highest Standard Deduction.   And if you are in a Community Property state MFS gets tricky to figure out.  Here's some things to consider about filing separately……

 

In the first place you each have to file a separate return, so that's two returns.  And if you are using the Online version that means using 2 accounts and paying the fees twice.  

 

Many people think they come out better when filing Married Filing Separate but they are probably doing it wrong.  If one person itemizes deductions then the other one must itemize too, even if it's less than the standard deduction, even if it is ZERO!  

 

And there are several credits you can't take when filing separately, like the

EITC Earned Income Tax Credit

Child Care Credit

Educational Deductions and Credits

 

And contributions to IRA and ROTH IRA are limited when you file MFS.

 

Also if you file Married Filing Separately up to 85`% of your Social Security becomes taxable right away even with zero other income.

 

See …….

https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-...

 

And see, 

How to Compare Joint to Married Filing Separately

https://ttlc.intuit.com/community/married/help/how-can-we-compare-married-filing-jointly-with-marrie...

 

 

vitalesj
Returning Member

married separate

its the mfj vs. mfs box, and it presented some interesting options between the two filings.  thats why I asked the question.  it took some things into consideration that I could not seem to apply when doing mfs manually.

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