Good Morning! I noticed that the community strongly recommends filing MFJ over MFS. I have the CD version of 2021 Turbotax, and have compared our taxes both ways. If I am doing this correctly, MFS is better for our situation this year than MFJ (which is why I need information about 1099's, deductions, etc). We live in Illinois, and do not qualify for EIC, education or child credits, student loan, etc. We are not expecting to make IRA contributions. We also do not have SS benefits. I do understand that both spouses must itemize OR take the standard deduction. In addition, we were married prior to 2021.
QUESTION: Some of our 1099's are in one name (only) while others are in both names. If we file MFS, can one spouse put all of the (individual and jointly named) 1099's on their tax forms? This would mean the other spouse would have their W2 info (only) on their tax forms. In addition, I believe that one spouse could claim 100% of Real Estate Taxes (or divide the amount between the two, as long as together, it does not exceed 100%).
Is there something I am missing? Any help and guidance would be most appreciated. Thank You.
If you have a joint bank account you can split the interest income any way you choose as long as 100% of the income is reported somewhere. Same with all the common Sch A deductions ... however if one spouse claims all the deductions then the other spouse must also itemize deductions even if it is less than the standard deduction ... look at it both ways before filing.