Once you have completed your taxes using Married filing Jointly, is there a way to see if it is more beneficial to file Married filing separately without redoing taxes?

[xmasbaby0]

No---there is no easy way.  Do not mess around with the return you filed or it will be a mess.

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.

If you were legally married at the end of 2022 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 $25,900 (+$1400 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...

And so that you know.....after the filing deadline of April 18, 2023 you are not allowed to amend a 2022 joint return to file as married filing separately.

[99Jax]

PLEASE DISREGARD THIS REPLY: IT DOESN'T APPLY TO ONLINE VERSIONS OF TURBO TAX. MY APOLOGIES FOR ANY CONFUSION

If you have completed the file and SAVED IT!!!, You can make changes to the file anyway you want - JUST DON'T RESAVE THE CHANGED FILE unless you want to make those changes permanent. You can close out the changed file and Not Save, then reopen your original saved file that is intact.

[xmasbaby0]

@99Jax That was terrible advice to provide to a user who used online software.    And further----to compare MFJ to MFS takes more than just changing one MFJ return.  MFS takes two completely separate returns.

[SteamTrain]

NEVER Mess with an Online tax file after you have filed it.....doing so will destroy what you filed in that account.

Only the Desktop software provides an easy way to model different MFJ/MFS situations by creating separate files...or by using a What-IF worksheet, that does not affect the original tax file.

[99Jax]

Perhaps I misunderstood the original post and/or the limits of on-line TT. I don't get the impression that they had already 'filed' their taxes. If not, can they not 'save' an online file, modify it, and not save that version? If not, I apologize and should have made my answer applicable to computer versions of TT only.

[xmasbaby0]

@99Jax We know you were trying to be helpful---but there are huge differences in what one can do using online software as opposed to using the CD/download.   No, you cannot save an online return and then make a bunch of changes to it and then revert back to the original---it simply does not work that way.

And...comparing MFJ and MFS is tricky----when you file MFJ it takes one return.  You cannot click around on that one return and change it into separate returns.  There is a feature in the CD/download called the "what if" feature that comes closest to that.  Otherwise, it really takes preparing three returns---a joint return, then a separate return for each of the spouses.....following all of the rules for MFS regarding itemizing and using standard deduction.

[TRGottschall]

I buy the TurboTax Business CD's since I run an LLC.  I like testing scenarios like the one you stated.  And I can tell you for certain.  If you are married, Married filing Jointly will ALWAYS be the better option.  Married filing Separate uses the Single rate table.  Simply do a web search and look at the difference.  Here is one of many.

2022-2023 Tax Brackets & Federal Income Tax Rates – Forbes Advisor