Married Filing Separately

melissaj2 — Thu, 25 Feb 2021 15:38:24 GMT

We are filing separately this year for student loan repayment purposes. We have two kids and a home. My question is, can the higher earner claim both kids, and all of the property taxes, mortgage interest, and the lower earner just file a basic return with their W2? I wasn't sure if they had to be divided evenly- like we each file claiming one kid etc. Thanks!

Re: Married Filing Separately

bigdog1180 — Thu, 25 Feb 2021 15:42:53 GMT

yes you can

Re: Married Filing Separately

DMarkM1 — Thu, 25 Feb 2021 16:05:54 GMT

You can, however both spouses must choose the same deduction category; standard or itemized. If you itemize and take all the deductions then your spouse must itemize and may have zero deductions. You could also both take the standard. You should compare to see which offers the best overall tax benefit. You could even split the deductions in another manner to give some deductions to the lower income spouse.

You should also compare the tax savings for filing jointly vs the savings for the student loan and filing separately.

A TurboTax desktop product works best to make all these comparisons. Here is a link with steps to make comparison returns.

Additionally, if you are in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) then usually you must add your community income (normally wages/salaries) together and then split 50/50 on the tax returns.

Here is a link with more information on filing separately in a community property state, if applicable.

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Married Filing Separately

Re: Married Filing Separately

Re: Married Filing Separately