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Married Joint vs Seperate

Hi, my wife earns 60K and I earn 80K a year.  Her company withhold about 5% and mine 14%.  Understandable, when we enter her W2 our refund drops from 6K to $500.  She thinks filing separately would help us. I think it would be at best a wash.  Would filing married separately be worth the time inputting?

Thanks

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2 Replies
MaryK4
Employee Tax Expert

Married Joint vs Seperate

The only way to know for 100% sure if joint or separate is better is to input the return both ways- however, the time value of money alone usually counters any benefit.  In most cases, joint will result in better taxes.  See Married Filing Jointly vs Separately: How Should You File?

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Married Joint vs Seperate

It is not easy to compare MFJ to MFS using online TT but you can do it.  Since you only get one return for each account and user ID, you have to use 3 accounts and user ID’s—one for MFJ and two for each of the MFS returns.  Compare, choose, and file—and pay—accordingly.

 

It is much easier to do this comparison using the desktop version of TT installed from a CD or downloaded to your own computer.  You pay once for the software and you can prepare multiple returns easily, and it has a “what if” feature that allows comparisons.

 

WHAT IF…?

If you are using Desktop software:

https://ttlc.intuit.com/questions/2895312-how-can-we-compare-married-filing-jointly-with-married-fil...

 

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...

 

**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.**
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