topic Is there a chance that if I fill taxes separate from my wife aI have a higher return in total? in Get your taxes done using TurboTax

Is there a chance that if I fill taxes separate from my wife aI have a higher return in total?

lucianothome — Wed, 05 Aug 2020 19:55:58 GMT

Re: Is there a chance that if I fill taxes separate from my wife aI have a higher return in total?

DoninGA — Wed, 05 Aug 2020 20:00:00 GMT

In most cases filing as Married Filing Separately will give you less of a tax refund or more taxes owed versus filing as Married Filing Jointly.

See this TurboTax support FAQ for filing jointly versus separately - https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/01/25590

Re: Is there a chance that if I fill taxes separate from my wife aI have a higher return in total?

VolvoGirl — Wed, 05 Aug 2020 20:30:46 GMT

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-separately/00/25590

Re: Is there a chance that if I fill taxes separate from my wife aI have a higher return in total?

Carl — Wed, 05 Aug 2020 21:27:48 GMT

To answer your question directly, no.

When a married couple files separate tax returns, both tax filers "automatically" disqualify themselves for deductions and credits they would otherwise get if they filed joint.

On top of that, when filing separate returns, if one of you takes the standard deduction then you both must take the standard deduction; even if the itemized deductions of one would be higher. Likewise, if one of you itemized deductions then both of you must itemized deductions; even if the itemized deductions of one of you would be ZERO.