Can I do married filing separately returns for my husband and myself under 1 turbotax account?

[lightworkerjoy]

He has his own business and so do I. I am also full time employed with a W2.

[Mike9241]

No. One return per account.

since you are married, unless you have a good reason, MFS will likely cost you more in taxes than filing jointly.

you could lose some credits and both of you must use either the standard deduction or itemized deductions. 

because you each have a business all that would be required is that each files their own separate schedule C's in a joint return.

[LeonardS]

No, you will each have your own TurboTax Account to file married filing separately.

Generally, if you are married it is more advantageous to file jointly.  Whether or not you file jointly or separately is your choice. The following TurboTax article was written to help couples decide the best way to file. Should You and Your Spouse File Taxes Jointly or Separately?

Compare MFJ VS MFS

 ".... The only way to know for sure is to create test returns, one for each spouse, and compare the bottom lines. Be sure to also prepare the state return so you can get a complete tax picture."  These links: How can we compare married filing jointly with married filing separately? and create test returns that have additional information you may find helpful.

Disadvantages of Married Filing Separately in addition to various amounts normally being half of MFJ amount.

Lost Credits

•Earned income credit.

•Credit for the elderly or the disabled.  Note 1

•Child and dependent care credit.        Note 2

•Adoption credit.2

Lost Education Benefits

•Education credits.

•Student loan interest deduction.

•Tuition and fees deduction.

•U.S. savings bond interest exclusion.

Standard Deduction

If one spouse itemizes deductions, the other must also itemize (that is, cannot claim the standard deduction).

Taxable Social Security

A greater percentage of social security benefits may be taxable.1

IRAs

•Traditional IRA deduction and Roth IRA contributions phased out at $10,000 of modified AGI.1

•Spousal IRA rules do not apply.

Passive Losses

•Rental real estate loss allowance is limited to $12,500 per spouse ($0 if spouses lived together at any time during the year), with lower phase-out thresholds.

•One spouse’s passive income cannot be offset by the other spouse’s passive loss.

AMT Exemption

In addition to the exemption phasing out, some high-income taxpayers must add an amount back to AMTI.

Filing Requirement

Regardless of the age of the taxpayer, if gross income is at least $5, a tax return must be filed.

Notes

Note 1 Unless spouses lived apart for the entire year.

Note 2 Unless spouses lived apart for last six months of the year.