Recent marriage

Forum|Forum|3 years ago
November 17, 2022
2 replies
10 views

Is it better to file married filing jointly or separately?

DoninGA

Level 15

It most all cases, from a tax standpoint, it is better to file as Married Filing Jointly.

See this TurboTax support FAQ for filing jointly versus separately - https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/better-married-couple-file-jointly-separately/L338QHg8G_US_en_US?uid=lakbz0a4

VolvoGirl

Level 15

Also.......Did you both use Turbo Tax last year?

You can not transfer from or combine 2 returns or accounts. Just pick the return for the spouse that has the most complicated return to enter or has any depreciation or business or more investments. Or use the account/return for whoever you want to be listed first going forward (by the way you can not change the order of the names). Then add the other spouse's name, ssn and info to it.

You should usually file a Joint return which is only 1 return combined for the both of you. Joint has the lowest tax rates and the highest Standard Deduction. And if you are in a Community Property state MFS gets tricky to figure out. Make sure to stick with this one account for the future. Just ignore the other spouse's account.

Getting Married FAQ
https://ttlc.intuit.com/community/tax-filing-status/help/what-does-getting-married-mean-for-my-taxes/00/1756642

Tax info on getting married
https://turbotax.intuit.com/tax-tips/marriage/getting-married/L0DvEUlEC

KesiffinAuthor

Level 2

What if we do not have a shared bank account?

VolvoGirl

Level 15

That has nothing to do with taxes. A Joint return is one return for all your income combined. All the W2s and 1099 income. The only thing you need a bank account for is to pay any tax due or to received the refund. You will need to report any interest from each bank account.