How should I file? Jointly or Separately?

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You should file jointly as it is the most beneficial filing status for married taxpayers. Generally, Married Filing Jointly (MFJ) status allows practically all credits and deductions if you qualify for them.

Married Filing Separately (MFS) is usually the most expensive method of filing taxes. The tax rate is higher, many credits are disallowed, such as Earned Income Credit, Child and Dependent Care credit, Education credits, etc. Numerous deduction are reduced or disallowed as well. It would be very rare for the MFS status to reduce tax burden.

For a detailed comparison of both statuses, please click here.