topic Is it better for a married couple to file jointly or separately? in Family https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/01/25590#M1 <P>Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim:</P> <UL> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-are-examples-of-education-expenses/00/26750" target="_blank">Education benefits</A> </LI> <LI> <A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/What-is-the-EIC-or-EITC-and-Do-I-Qualify-/GEN80354.html" rel="nofollow" target="_self">Earned Income Credit (EIC)</A> </LI> <LI><A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-Does-the-Child-and-Dependent-Care-Expense-Credit-Work-/GEN12287.html" rel="nofollow" target="_self">Child and Dependent Care Credit</A> (usually)</LI> <LI><A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-to-Claim-the-Adoption-Credit/GEN83970.html" rel="nofollow" target="_self">Adoption Credit</A> (usually)</LI> <LI>The same benefit married filing jointly couples get for&nbsp;<A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-does-the-itemized-deduction-differ-from-the-standard-deduction-/GEN83936.html" rel="nofollow" target="_self">itemized deductions</A>, the <A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-does-the-Child-Tax-Credit-work-/GEN12040.html" rel="nofollow" target="_self">Child Tax Credit</A>, and <A href="https://ttlc.intuit.com/support/iq/Investment-Income/Deducting-a-Capital-Loss/GEN12557.html" rel="nofollow" target="_self">capital losses</A> (all of these deductions are reduced by half)</LI> <LI>The standard deduction if your spouse is claiming itemized deductions</LI> </UL> <P>On top of that, if you live in the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, you have to deal with <A href="https://ttlc.intuit.com/support/iq/Miscellaneous-Tax-Forms/Married-Filing-Separately-in-Community-Property-States/GEN84066.html" rel="nofollow" target="_self">community property allocations and adjustments</A>, which adds extra work and complexity to your tax preparation chores.</P> <P><STRONG>Tip:</STRONG> Only taxpayers who were still legally married as of December 31, 2020 are able to file as married, whether jointly or separately.</P> <P>Filing jointly means you file <STRONG>one tax return</STRONG>. When filing separately, you file two tax returns.</P> <DIV class="section expandable"> <H3 class="section-title"></H3> <P>Want to compare filing jointly vs. separately?</P> <DIV class="section-content"> <P>You can compare filing jointly vs. separately with TurboTax's free calculator&nbsp;<A href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/" target="_blank">TaxCaster.</A>&nbsp;It will give you the estimated tax differences when filing either way.&nbsp;It’s up-to-date with the latest tax laws and can estimate your 2020 taxes as well.</P> </DIV> </DIV> <DIV class="section expandable"> <H3 class="section-title"></H3> <P>Why would I want to file separately?</P> <DIV class="section-content"> <P>The main reason you'd want to file separately is to protect yourself from inaccurate tax information reported by your spouse, or in cases where your spouse refuses to file a joint return (or refuses to file, period) and you don't want to get in trouble.</P> <P>When you file separately, your refund can't be seized to pay off your spouse's debts. However, filing jointly as an innocent or injured spouse can head off refund seizures as well.</P> <P>With all that in mind, you can try it both ways to see which filing status works out better for the both of you. Make sure to also consider your state return: in some cases, the taxes saved on the state return more than makes up for the money lost on the federal, or vice-versa.</P> <P>You can try the different ways with TurboTax's free calculator&nbsp;<A href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/" target="_blank">TaxCaster</A>.&nbsp;It will give you the estimated tax differences when filing either way.&nbsp;It's up-to-date with the latest tax laws and can estimate your 2020 taxes as well.</P> </DIV> </DIV> <DIV class="section expandable"> <H3 class="section-title"></H3> <P>Filing Separately? Use TurboTax CD/Download</P> <DIV class="section-content"> <P>If you decide to file separately, we suggest you use&nbsp;<STRONG>TurboTax CD/Download</STRONG>&nbsp;for Windows or Mac, as you can file up to 5 returns within the program. If you use TurboTax Online, you'll have a separate fee for each return.</P> </DIV> </DIV> <DIV class="ISH_suggestedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://ttlc.intuit.com/community/married/help/how-can-we-compare-married-filing-jointly-with-married-filing-separately/00/26551" target="_blank">How can we compare married filing jointly with married filing separately?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/married/help/can-a-married-person-claim-head-of-household-filing-status/00/26366" target="_blank">Can a married person claim Head of Household filing status?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc/00/25603" target="_blank">What are the qualifications for the Earned Income Credit (EIC or EITC)?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/tax-relief/help/what-is-an-innocent-spouse-and-how-does-it-differ-from-an-injured-spouse/00/26164" target="_blank">What is an innocent spouse and how does it differ from an injured spouse?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-child-and-dependent-care-credit/00/25907" target="_blank">What is the Child and Dependent Care Credit?</A> </LI> </UL> </DIV> Thu, 18 Mar 2021 04:31:13 GMT TurboTax Help 2021-03-18T04:31:13Z Is it better for a married couple to file jointly or separately? https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/01/25590#M1 Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim: Education benefits Earned Income Credit (EIC) Child and Dependent Care Credit (usually) Adoption Credit (usually) The same benefit married filing jointly couples get for&nbsp;itemized deductions, the Child Tax Credit, and capital losses (all of these deductions are reduced by half) The standard deduction if your spouse is claiming itemized deductions On top of that, if you live in the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, you have to deal with community property allocations and adjustments, which adds extra work and complexity to your tax preparation chores. Tip: Only taxpayers who were still legally married as of December 31, 2020 are able to file as married, whether jointly or separately. Filing jointly means you file one tax return. When filing separately, you file two tax returns. Want to compare filing jointly vs. separately? You can compare filing jointly vs. separately with TurboTax's free calculator&nbsp;TaxCaster.&nbsp;It will give you the estimated tax differences when filing either way.&nbsp;It’s up-to-date with the latest tax laws and can estimate y... Thu, 18 Mar 2021 04:31:13 GMT https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/01/25590#M1 TurboTax Help 2021-03-18T04:31:13Z
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topic Is it better for a married couple to file jointly or separately? in Family
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https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/01/25590#M1
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<P>Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim:</P> <UL> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-are-examples-of-education-expenses/00/26750" target="_blank">Education benefits</A> </LI> <LI> <A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/What-is-the-EIC-or-EITC-and-Do-I-Qualify-/GEN80354.html" rel="nofollow" target="_self">Earned Income Credit (EIC)</A> </LI> <LI><A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-Does-the-Child-and-Dependent-Care-Expense-Credit-Work-/GEN12287.html" rel="nofollow" target="_self">Child and Dependent Care Credit</A> (usually)</LI> <LI><A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-to-Claim-the-Adoption-Credit/GEN83970.html" rel="nofollow" target="_self">Adoption Credit</A> (usually)</LI> <LI>The same benefit married filing jointly couples get for&nbsp;<A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-does-the-itemized-deduction-differ-from-the-standard-deduction-/GEN83936.html" rel="nofollow" target="_self">itemized deductions</A>, the <A href="https://ttlc.intuit.com/support/iq/Other-Deductions-and-Credits/How-does-the-Child-Tax-Credit-work-/GEN12040.html" rel="nofollow" target="_self">Child Tax Credit</A>, and <A href="https://ttlc.intuit.com/support/iq/Investment-Income/Deducting-a-Capital-Loss/GEN12557.html" rel="nofollow" target="_self">capital losses</A> (all of these deductions are reduced by half)</LI> <LI>The standard deduction if your spouse is claiming itemized deductions</LI> </UL> <P>On top of that, if you live in the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, you have to deal with <A href="https://ttlc.intuit.com/support/iq/Miscellaneous-Tax-Forms/Married-Filing-Separately-in-Community-Property-States/GEN84066.html" rel="nofollow" target="_self">community property allocations and adjustments</A>, which adds extra work and complexity to your tax preparation chores.</P> <P><STRONG>Tip:</STRONG> Only taxpayers who were still legally married as of December 31, 2020 are able to file as married, whether jointly or separately.</P> <P>Filing jointly means you file <STRONG>one tax return</STRONG>. When filing separately, you file two tax returns.</P> <DIV class="section expandable"> <H3 class="section-title"></H3> <P>Want to compare filing jointly vs. separately?</P> <DIV class="section-content"> <P>You can compare filing jointly vs. separately with TurboTax's free calculator&nbsp;<A href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/" target="_blank">TaxCaster.</A>&nbsp;It will give you the estimated tax differences when filing either way.&nbsp;It’s up-to-date with the latest tax laws and can estimate your 2020 taxes as well.</P> </DIV> </DIV> <DIV class="section expandable"> <H3 class="section-title"></H3> <P>Why would I want to file separately?</P> <DIV class="section-content"> <P>The main reason you'd want to file separately is to protect yourself from inaccurate tax information reported by your spouse, or in cases where your spouse refuses to file a joint return (or refuses to file, period) and you don't want to get in trouble.</P> <P>When you file separately, your refund can't be seized to pay off your spouse's debts. However, filing jointly as an innocent or injured spouse can head off refund seizures as well.</P> <P>With all that in mind, you can try it both ways to see which filing status works out better for the both of you. Make sure to also consider your state return: in some cases, the taxes saved on the state return more than makes up for the money lost on the federal, or vice-versa.</P> <P>You can try the different ways with TurboTax's free calculator&nbsp;<A href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/" target="_blank">TaxCaster</A>.&nbsp;It will give you the estimated tax differences when filing either way.&nbsp;It's up-to-date with the latest tax laws and can estimate your 2020 taxes as well.</P> </DIV> </DIV> <DIV class="section expandable"> <H3 class="section-title"></H3> <P>Filing Separately? Use TurboTax CD/Download</P> <DIV class="section-content"> <P>If you decide to file separately, we suggest you use&nbsp;<STRONG>TurboTax CD/Download</STRONG>&nbsp;for Windows or Mac, as you can file up to 5 returns within the program. If you use TurboTax Online, you'll have a separate fee for each return.</P> </DIV> </DIV> <DIV class="ISH_suggestedInformation"> <H2>Related Information:</H2> <UL> <LI> <A href="https://ttlc.intuit.com/community/married/help/how-can-we-compare-married-filing-jointly-with-married-filing-separately/00/26551" target="_blank">How can we compare married filing jointly with married filing separately?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/married/help/can-a-married-person-claim-head-of-household-filing-status/00/26366" target="_blank">Can a married person claim Head of Household filing status?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc/00/25603" target="_blank">What are the qualifications for the Earned Income Credit (EIC or EITC)?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/tax-relief/help/what-is-an-innocent-spouse-and-how-does-it-differ-from-an-injured-spouse/00/26164" target="_blank">What is an innocent spouse and how does it differ from an injured spouse?</A> </LI> <LI> <A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-child-and-dependent-care-credit/00/25907" target="_blank">What is the Child and Dependent Care Credit?</A> </LI> </UL> </DIV>
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Is it better for a married couple to file jointly or separately?
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https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/01/25590#M1
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Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim: Education benefits Earned Income Credit (EIC) Child and Dependent Care Credit (usually) Adoption Credit (usually) The same benefit married filing jointly couples get for&nbsp;itemized deductions, the Child Tax Credit, and capital losses (all of these deductions are reduced by half) The standard deduction if your spouse is claiming itemized deductions On top of that, if you live in the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, you have to deal with community property allocations and adjustments, which adds extra work and complexity to your tax preparation chores. Tip: Only taxpayers who were still legally married as of December 31, 2020 are able to file as married, whether jointly or separately. Filing jointly means you file one tax return. When filing separately, you file two tax returns. Want to compare filing jointly vs. separately? You can compare filing jointly vs. separately with TurboTax's free calculator&nbsp;TaxCaster.&nbsp;It will give you the estimated tax differences when filing either way.&nbsp;It’s up-to-date with the latest tax laws and can estimate y...
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