I recently got married, not changing my name yet, but need to know what to update before the end of the year, also would it be better to file joint or separate and what’s the real benefit and dif

[xmasbaby0]

When you prepare your 2020 ta return use the name that matches your  current Social Security card.

If you were legally married at the end of 2020 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 $24,800 (+$1300 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...

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 2019 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.

[xmasbaby0]

@roccib 

Another thing you and your new spouse should look into is changing your W-4's with your employers to reflect your new filing status.

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Best Wishes!

[Opus 17]

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@xmasbaby0 wrote:

@roccib 

Another thing you and your new spouse should look into is changing your W-4's with your employers to reflect your new filing status.

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If you do not update your W-4s, you will probably get a larger tax refund than before, although this depends on your individual circumstances.

When you decide to update your W-4. it is important that you follow the instructions and worksheets on the form (all 4 pages, not just page 1 that you turn in) or the IRS web site and then submit new W-4s for all your and your spouse's jobs at the same time using the information from the worksheet or the IRS web site.