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Level 1
posted Sep 27, 2023 11:56:10 AM

Should I file joint or married filing separate

Last year when I prepared my taxes with turbo tax I received a message saying it might be beneficial for my husband and me to file married but separate.  I tried to do a tax return for me but was not allowed to do the return so I could do a comparison of cost. My husband is self employed and I am retired. How can I find out which is the better way to file our taxes? 

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1 Replies
Not applicable
Sep 27, 2023 12:09:59 PM

Hi,

 

Here is an article that can help you decide if you want to file separately, or jointly:

https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separately/L7gyjnqyM 

 

Couples who file separately typically receive fewer tax benefits. Separate tax returns may result in more tax.

  • In 2022, Married Filing Separately taxpayers only receive a Standard Deduction of $12,950 compared to the $25,900 offered to those who filed jointly.
  • If you file a separate return from your spouse, you are often automatically disqualified from several of the tax deductions and credits mentioned earlier.
  • Additionally, separate filers are usually limited to a smaller IRA contribution deduction.
  • They also can't take the deduction for student loan interest.
  • The capital loss deduction limit is $1,500 each when filing separately, instead of $3,000 on a joint return.

You can certainly go through the personal info section at the beginning of TurboTax, and switch between filing jointly, and filing separately.

 

If you file separately in TurboTax, there will be two returns required, two separate TurboTax fees.

 

Hope this helps.

 

Thank you,

 

John

CPA