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Forum|Forum|6 years ago
May 7, 2020
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TurboTax Deluxe Online

This depends on the laws of your state.

Ownership of assets acquired before marriage a determined by state law, and may or may not be affected by your filing status.

Please see the TurboTax article'Five Tax Tips for Community Property States' for further information.

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A

aledaytonAuthor

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DawnC

Employee

Are you filing Married Filing Jointly or Married Filing Separately?

Is it better for a married couple to file jointly or separately?

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Hal_Al

Employee

"don't want my asset to be his"

Filing a joint return does not affect the ownership of an asset. On a joint return, you report not only your joint income (like interest on a joint savings account), but you individual income as well (like rental income on a property only you own).

In fact, the TurboTax interview asks you to identify ownership of each item of income and the worksheets document that ownership

O

Opus 17

Employee

@Hal_Al wrote:

"don't want my asset to be his"

Filing a joint return does not affect the ownership of an asset. On a joint return, you report not only your joint income (like interest on a joint savings account), but you individual income as well (like rental income on a property only you own).

In fact, the TurboTax interview asks you to identify ownership of each item of income and the worksheets document that ownership

I agree. If filing jointly, you list all your income and deductions. Simple. There's no reason listing income from an asset would change ownership of that asset.

If filing separately, you list income and deductions related to your premarital assets (not community property) plus half the income and deductions from the marriage (which sometimes means splitting W-2s, and can get quite complicated. Also, filing separately almost always results in more taxes owed since many deductions and credits are limited or disallowed for separate filers. And if using Turbotax online, you need two separate accounts and will pay two separate fees.