My wife and I got married this year after living together for 6. I want to calculate the returns as "Married Filing Separately" and "Married Filing Jointly" to see which filing status nets us the best return. If I create 2 individual returns, can TT automagically combine our separate returns into a combined return or do I have to manually create a 3rd, combined return?
No way to combine them....so if you use the "Online" software you'd need three separate accounts to model them.
Now, the desktop software has a function where you prepare a complete MFJ tax return, and then you can open a "What-if" worksheet that allows you to see what would happen if you filed each as MFS.....but if you decided that MFS was better, from what you saw in the display, you would still have to create the MFS tax returns separately. But desktop does allow you to prepare unlimited test tax files.
That said, it is pretty rare that MFS works out better than MFJ.
Got it, thanks.
Using the desktop version, but already created the individual returns, so I kinda did it backwards from your description. Oh well. ... hey Intuit, want an idea for a product enhancement?
Hah....that's life... Don't forget, that if one MFS tax return uses itemized Deductions, then the other one must be set to itemize too, even if the second one gets zero deductions.
Of course, with the higher Std Ded, a lot fewer folks need to itemize anymore.