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matt26
New Member

I am using my TT account to enter all the data for my wife and I. We are filing separately. Why is it taking all our combined data, TT says we need to use 2 sep. acct. ?

 
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2 Replies
CathyB
New Member

I am using my TT account to enter all the data for my wife and I. We are filing separately. Why is it taking all our combined data, TT says we need to use 2 sep. acct. ?

If you will be filing separately, each person preparing a return will need to have their own TurboTax account to prepare their return. TurboTax does not generate two separate tax returns from one account.

I am using my TT account to enter all the data for my wife and I. We are filing separately. Why is it taking all our combined data, TT says we need to use 2 sep. acct. ?

Filing separate means you each file your own return so you need 2 accounts.  Online is only good for 1 return.  But you can use the same email address for 5 accounts.   How to start another return in the Online version      <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3288574">https://ttlc.intuit.com/replies/3288574</a>

May I ask why you are filing separate?  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 …….
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately">https...>

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