Found the below link/info after doing a google search. I'm a bit confused whether we will owe or will get a refund. See last sentence under #5 below. Looking for some clarification.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/compare-married-filing...
How can I compare Married Filing Jointly with Married Filing Separately?
by TurboTax•
231•
Updated 3 months ago
If you're using TurboTax Desktop, try this:
- Open your return and select Forms.
- Select Open Form, enter What-If Worksheet (it may appear as What-If Wks), and select Open Form.
- Select the MFJ vs. MFS box.
- Scroll down to Balance Due (Refund) located under Line 72.
- The second column shows the federal outcome for a joint return, and the third and fourth columns show the outcome for the taxpayer and spouse if filing separately.
- Negative numbers are refunds and positive numbers are taxes due.
Following the instructions above, Using the What If Worksheet to see the difference between MFJ vs MFS I get the following:
MFJ -$4,332
MFS Me -$1,842
MFS Spouse -$484
Line 72 shows as Refund (Balance Due). I'm assuming these figures are owed amounts and not refunds because looking at it from a numbers POV, negative would usually mean owed whereas positive would usually mean refund. But again, if you look above under #5, it says: "Negative numbers are refunds and positive numbers are taxes due". I'm super confused right now.
Pretty much trying to see what the best filing status would be where we get a refund or owe the least amount. Thank you all.
