Testing best filing status

Mama29Kidos — Wed, 05 Jun 2019 05:20:29 GMT

Is there a way in my current account to test different scenarios to determine best filing status - I have done some research that says it may make sense to file married filing individual but I don't want to create 2 new accounts. Thanks!

Yes, try this: https://turbotax.intuit.com/tax-tools/calc...

KenH1 — Wed, 05 Jun 2019 05:20:31 GMT

Yes, try this: https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Do NOT use your current account. Yes you have to set up...

VolvoGirl — Wed, 05 Jun 2019 05:20:36 GMT

Do NOT use your current account.  Yes you have to set up another account (actually 2 more accounts).  One for you and one for your spouse.  You don't have to pay unless you want to print it out or file.

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/questions/1894449-married-filing-jointly-vs-married-filing-separately

topic Yes, try this: https://turbotax.intuit.com/tax-tools/calc... in Get your taxes done using TurboTax

Testing best filing status

Yes, try this: https://turbotax.intuit.com/tax-tools/calc...

Do NOT use your current account. Yes you have to set up...