turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Married and both self employed - should we file Married Filing Seperately?

I got married in 2021. We are both self-employed sole proprietors. Does it make most sense to file married filing seperately? We have no deductions for student loans or child-tax credits, which I know you need to file married filing jointly in order to access.
 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
ColeenD3
Expert Alumni

Married and both self employed - should we file Married Filing Seperately?

Just because you were both self-employed, it doesn't mean that you should file separately.

 

You can fill out your returns both ways, married and separate, and go with the one that is more beneficial.

View solution in original post

3 Replies

Married and both self employed - should we file Married Filing Seperately?

You could try it both ways but it is almost always better to file jointly. You should create 2 Sch C’s so that you each receive credit for your self employment tax which in part goes on your social security record. 

ColeenD3
Expert Alumni

Married and both self employed - should we file Married Filing Seperately?

Just because you were both self-employed, it doesn't mean that you should file separately.

 

You can fill out your returns both ways, married and separate, and go with the one that is more beneficial.

Married and both self employed - should we file Married Filing Seperately?

You can always file jointly when you are married, even if you have different kinds of income or different self-employment jobs. Just make sure to include a separate schedule C under the name of each taxpayer to report that taxpayer‘s separate job.

 

In rare cases, you might benefit by filing separately, but the only way to know this is to test it in your specific situation. For example, about 15 years ago, my wife and I discovered that if we filed separately, we would receive about $500 back from New York State although our federal refund was reduced by $200.  But again, this is highly specific and only you can know for sure.

 

Remember that if you file separately, then both spouses must itemize their personal deductions on schedule A, or both spouses must take the standard deduction. You are not allowed to stack all of the itemized deductions (charity contributions mortgage interest and so on) onto one spouse and have the other spouse take the standard deduction.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question