Should i file my taxes married jointly or married separately

Most tax software will do the calculations both ways and let you know which filing status would work out better for you.

Filing separately may help you qualify for some tax breaks. For example, if you itemize , you can deduct unreimbursed medical expenses that exceed 7. If one spouse has a lot of medical expenses and the lower income, filing separately may make it easier to cross the 7.

If one spouse itemizes their deductions, the other spouse has to itemize, too. Filing separately may also help reduce the income that is used to determine student loan payments , says Revels. One of the most common reasons why some couples file separately is to limit their liability for the other spouse's tax errors.

Couples typically file separately during the divorce process, says Revels. You should know that we do not endorse or guarantee any products or services you may view on other sites. Tax information center : Filing : Personal tax planning. Tax Filing Requirements For College Students What are the tax filing requirements for college students who work and receive scholarships?

No matter how you file, Block has your back. File with a tax pro File online. That said, there is one situation in which filing separately can net a couple a bigger refund than they would get if they filed jointly. Read on to learn whether this filing status could protect more of your money from the tax man. The "married filing separately" status is the worst in the tax code for several reasons.

To start with, this filing status does not allow the filer to claim any of the following credits or deductions:. Another major disadvantage of filing separately is that if one spouse itemizes deductions, the other spouse is required to do so as well -- even if the other spouse's itemized deductions are less than the standard deduction.

For all of these reasons, this filing status is seldom used, and filers will only use it when circumstances force them to do so. As mentioned previously, there is one instance in which it can make sense for even a happily married couple to file separately. This occurs when a couple has no children and one spouse earns a great deal more than the other, and the lower-earning spouse has sizable itemized deductions.

The wife would have to itemize as well, but if the couple normally itemizes anyway, then there is no real disadvantage to doing this. Of course, the couple will probably still be better off filing jointly if they have to forfeit other credits such as one of the educational credits. Most people benefit from filing married filing jointly since tax rates can be lower, and there are more tax deductions and credits available when you file married filing jointly. You can use our free TurboTax TaxCaster , to estimate your overall tax picture and tax refund if you file married filing jointly or married filing separately before you file.

At tax time, TurboTax will guide you through choosing the right filing status for your situation. No matter what your situation, TurboTax has you covered. If you have questions, you can connect live via one-way video to an English or Spanish TurboTax Live tax expert to get help along the way or get matched to a dedicated TurboTax Live tax expert who specializes in your unique situation and can do your taxes from start to finish. All from the comfort of your home. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more.

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