married filing separetly

[MARJORIEARD]

when married filing separately- can I split the mortgage interest and property taxes between both individuals?  I am claiming one child for each return as well. Is that OK?

[xmasbaby0]

You do that if you both agree to it.    If one of you itemizes the other must also use itemized deductions, so you can divide up the deductions between you as long as the total amount is not more than 100% between you.  

Why are you filing separate returns----that is usually the worst way to file especially if you have children.

If you were legally married at the end of 2024 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 $29,200 (+ $1550 for each spouse 65 or older)  for 2024. 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 since with online, you get one return per fee.

https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separ...

https://ttlc.intuit.com/turbotax-support/en-us/help-article/income/getting-married-mean-taxes/L2Rgma...

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-filing-separately-commu...

[SharonD007]

Yes, you can split the mortgage interest. Each of you will enter the portion of the interest (Box 1) that each of you‌ paid. If each of you paid one half of the mortgage and real estate expenses, then each should reflect that on each tax return. For boxes, 2, 3, 4, 5, and 6,  split equally if both of you are responsible for half. 

Don’t forget to allocate the property/real estate taxes that you may have paid. If you paid from an escrow account, it should be on your Form 1098 Mortgage Interest Form. If you didn’t pay from an escrow account, you will get a property tax statement from you County.

Follow the instructions below, which will include an explanation statement with your tax return so the IRS will know how you split the interest.

1. Open TurboTax
2. Go to Deductions and Credits
3. Select Edit/Add Mortgage Interest 
4. Add or Edit your Mortgage Interest Statement 
5. After you enter your mortgage lender, at the screen Do any uncommon situations apply, select someone co-owns this loan and I only pay a portion of it and answer the questions.

Just a note, when you file Married Filing Separately, your deduction is limited.  Refer to the TurboTax article: Deducting Mortgage Interest FAQs for more information.