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What is the difference between Married Filing Jointly and Filing Separate, Will we get more money back?

 
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2 Replies
SherekaB
New Member

What is the difference between Married Filing Jointly and Filing Separate, Will we get more money back?

Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim most tax benefits. ( See below)

    https://ttlc.intuit.com/replies/3288477

    What is the difference between Married Filing Jointly and Filing Separate, Will we get more money back?

    And It is usually better to file Joint. 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.  Here's some things to consider about filing separately……

    In the first place you each have to file a separate return, so that's two returns.  And if you are using the Online version that means using 2 accounts and paying the fees twice.  

    Many people think they come out better when filing Married Filing Separate but they are probably doing it wrong.  If one person itemizes deductions then the other one must itemize too, even if it's less than the standard deduction, even if it is ZERO!  

    And there are several credits you can't take when filing separately, like the
    EITC Earned Income Tax Credit
    Child Care Credit
    Educational Deductions and Credits

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