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davelyden
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I want to compare filing married joint to married separate

 
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2 Replies

I want to compare filing married joint to married separate

If you are using the Online version, do NOT change anything on your return.  You would have to start with a new account and do a test return.  You don't have to pay unless you want to print it out.  
 
How to start another return in the Online version
https://ttlc.intuit.com/questions/1894512-how-do-i-start-a-second-return-in-turbotax-online

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 even with no other income.

See …….
https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately

I want to compare filing married joint to married separate

You can do multiple returns in the Desktop program.  And it has a What-If Worksheet you can use to compare them.   Go to Forms Mode (click Forms at the top) and click Open Form.  The What-if form is near the bottom of the US1040 listing (you have to hunt for it).  You can play with that.  There is a check box at the top to compare MFJ vs MFS.  You should first save your return with another name and work in the copy.  

And you can also make up two separate test returns for each of you so you will end up with 3 returns to compare, Joint and 1 each for separate.  To start new returns go to FILE - NEW.
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