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VM44
Level 2

Married in 2023

Hello!

 

I got married to my spouse earlier this year in January 2023, will we have to file our taxes together as a married couple or can still do them individually? Also what are the pros and cons to now being married vs when we weren't in regards to taxes? Does being married help us in taxes to receive more money?

 

Thank you very much!

- Victor

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4 Replies
NicolasL
Employee Tax Expert

Married in 2023

Congratulations for your Marriage Victor! If you are married by the last day of the calendar year (Dec 31, 2023) then you have only two options to file. You can either file Married Filing Jointly or Married Filing Separately

Generally, filing as Married filing jointly is the best and most recommended option as you would get a higher standard deduction and this could mean paying less taxes or getting a higher refund.  When you file Separately your tax rate is higher and you won't be able to claim certain credits such as:

You can refer to this article to find out more details about the differences between filing MFJ vs MFS. https://ttlc.intuit.com/community/custom/page/page-id/LifeEvents-GettingMarried

VM44
Level 2

Married in 2023

Thank you very much Nicolas. Appreciate your wisdom very much!

Married in 2023

If you were legally married at the end of 2023  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 $27,700 (+$1500 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...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VM44
Level 2

Married in 2023

Thank you masbaby! Appreciate it!

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