Filing Jointly, first year married and we have independent accounts at the same institutions.

[Tom184]

As the title says, my wife and I just got married this year and have been filing separately for years before. My issue now is how do I import her accounts and my accounts into our joint filing. The issue being is that we both have separate accounts at the same investment company, and the same stock investment company, and the same bank company. I can imagine it will be a mess. 

[xmasbaby0 · Accepted solution]

Even if you both have accounts with the same brokerages, etc. they will not have the same account numbers or user id's, passwords, etc. so importing from each of your accounts should not be a problem.  When you enter your income information on a joint return you have input areas for each spouse,  so just be sure you choose the correct spouse each time you enter any income information.

To begin a new joint return on TurboTax:

You will not be able to merge two previous TT account to start your new joint return.  You can transfer ONE of your 2021 returns into a new return, so choose the most complicated one.  The other spouse’s information needs to be entered manually.

When you enter your own information in My Info, you have to answer the question "Were you married?"  If you click the button for Married, then a drop down will appear that asks, "Do you want to file this return together with your spouse?"  Then you choose yes to file a joint return.  You would then enter your spouse's information into My Info.  Whenever you are entering income information there should then be a spot for you and for your spouse's income information.  Income screens will have spots with each spouse’s name—be careful to enter under the correct names.

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

https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separ...

Best Wishes!