If I purchase TurboTax business, etc., would I be able to do my taxes Married filing Jointly and save the file. Then start over and do Married filing Separately, just to see what’s best for me?
Dale
You appear to be using the CD/download---but your question is being posted from TurboTax Business--which cannot be used to prepare an individual tax return---are you really using a different version?
If you have desktop software---like Deluxe, Premier or Home and Business, you can prepare multiple returns and save them, then file the one you choose to file. You say you want to compare Married fling Jointly to Married Filing Separately. For the separate returns you need to prepare a return for each spouse, so it would really be three returns--- the joint return and each spouse's separate return.
If you were legally married at the end of 2022 your filing choices are married filing jointly or married filing separately.
Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $25,900 (+$1400 for each spouse 65 or older) You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.
If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)
If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.
https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately
https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states