My wife Standard Fed is done. I am doing my Separated Home & Business on same PC and Account. We use same address and marriage status. Turbo asked to install Virginia State for my Wife. If I download and activate the State, do I have to purchase Virginia again or I can use same one with my wife?
No, you do not have to purchase the state download for VA again. You can use it with each federal return that you file. There will be a fee of $25 for each state return that you e-file --- or you can print and mail the state returns to avoid the state e-file fee.
Why are you filing separate returns?
It is usually better to file Joint. Joint has the lowest tax rates and the highest Standard Deduction. And if you are in a Community Property state MFS gets tricky to figure out. Here's some things to consider about filing separately……
In the first place you each have to file a separate return, so that's two returns. And if you are using the Online version that means using 2 accounts and paying the fees twice.
Many people think they come out better when filing Married Filing Separate but they are probably doing it wrong. If one person itemizes deductions then the other one must itemize too, even if it's less than the standard deduction, even if it is ZERO!
And there are several credits you can't take when filing separately, like the
EITC Earned Income Tax Credit
Child Care Credit
Educational Deductions and Credits
And contributions to IRA and ROTH IRA are limited when you file MFS.
Also if you file Married Filing Separately up to 85`% of your Social Security becomes taxable right away even with zero other income.