Tax returns married or separate
Hello Terrry,
For the last 6 years I have been doing my own taxes using an online software. My status is married filing jointly where each year I do my best to take all of our deductions and have gotten some decent refunds and have never owed. My wife was looking see if she could get her taxes done using just her work W2 and filing a simple return getting a bigger return on her 59K. I have have a Work 90K W2 with a student loan 52K interest 1098 form and claiming the mortgage. Will doing our taxes this way result us in getting penalized? Prelimary numbers show that she would get about Fedaral 4K and State $400 and I would get Fedaral 2400 and State 300
Terry Says
There’s only one way to know — and that’s to try it! Try TurboTax Live. You can each do your taxes separately — and together. Remember, the tax brackets are different if you’re married filing separately, and they’re higher. Plus, some popular deductions have higher limitations if you are married filing separately, and you lose some potential credits. And, importantly, you must both file the same type of return — ie if one itemizes, then both must itemize!
Fortunately, TurboTax has created some test forms to help you decide whether it makes sense to file a joint return or married filing jointly. Click on this link for more details. .
