Can we file seperate and can I claim our children?

[gerbermom79]

We are married and usually file a joint return but I want to file seperate and claim the children. Is this possible?

[MayaD]

If you were legally married at the end of 2022 your filing choices are married filing jointly or married filing separately.

Generally, filing jointly will give you a bigger refund or less taxes due:

• In 2022, married filing separately taxpayers only receive a standard deduction of $12,950 compared to the $25,900 offered to those who filed jointly.
• If you file a separate return from your spouse, you are often automatically disqualified from several of the tax deductions and credits ( Education credit, EIC, Child and dependent Care Credit)
• In addition, separate filers are usually limited to a smaller IRA contribution deduction.
• They also cannot take the deduction for student loan interest.
• The capital loss deduction limit is $1,500 each when filing separately, instead of $3,000 on a joint return.

Please check the link below to compare which filing status is better for you:

How can we compare Married Filing Jointly with Married Filing Separately?

[Mike9241]

one more limitation if one itemizes both must itemize and if one takes the standard deduction both must take it.