How does my filing status affect my tax refund?
Below is the full transcript for the above video.
TurboTax helps you select the best filing status based on your household information. Your filing status, which is determined by your situation on December 31, affects your tax rate, deductions, and credits.
There are five filing statuses. Most married taxpayers benefit from choosing Married Filing Jointly, because Married Filing Separately will disqualify you from common credits like the Earned Income Credit and education credits.
To check the difference between filing jointly versus separately in TurboTax Online, create three accounts—one for each spouse filing separately and another for filing jointly—then compare the results.
In TurboTax Desktop, enter a joint return with tax information for both spouses, then switch to Forms mode. Open the What-If Worksheet and select Married Filing Jointly versus Married Filing Separately to compare the results.
