Solved: What is head of household and what would be better for a large family with two incomes, to file as? Married filing Seperate?
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What is head of household and what would be better for a large family with two incomes, to file as? Married filing Seperate?

 
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Level 15

What is head of household and what would be better for a large family with two incomes, to file as? Married filing Seperate?

no way to tell for sure unless you do 3 returns.  MFS - you, MFS - spouse,  MFJ.  since you are married, you can't use HOH.  

an online account can only hold one return for any tax year.  so you may need the pc or mac desktop version. which allows for multiple returns.   

note that if MFS, most credits are not allowed.  

also note that if MFS, if one itemizes both must itemize (no taking the same deduction on both returns), if one takes standard deduction both must take standard.  

as I said, no way to tell for sure,  so I'm guessing, but most likely you'll find MFJ is best.  

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Level 15

What is head of household and what would be better for a large family with two incomes, to file as? Married filing Seperate?

no way to tell for sure unless you do 3 returns.  MFS - you, MFS - spouse,  MFJ.  since you are married, you can't use HOH.  

an online account can only hold one return for any tax year.  so you may need the pc or mac desktop version. which allows for multiple returns.   

note that if MFS, most credits are not allowed.  

also note that if MFS, if one itemizes both must itemize (no taking the same deduction on both returns), if one takes standard deduction both must take standard.  

as I said, no way to tell for sure,  so I'm guessing, but most likely you'll find MFJ is best.  

View solution in original post

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Level 15

What is head of household and what would be better for a large family with two incomes, to file as? Married filing Seperate?


If you were legally married at the end of 2018 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 $24,000 (+$1300 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.  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.**
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