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February 14, 2024
Question

Can we pay $80.10 to file 2 Married Filing Separately returns for $80.10?

  • February 14, 2024
  • 2 replies
  • 0 views
Each of our returns would have income from interest, retirement, social security, dividends and sales of some stocks?  Must we file 2 returns for $80.10 apiece? 

2 replies

DawnC
Employee
February 14, 2024

If you use TurboTax online, yes, you would need to pay for and file 2 separate returns.     However, you can use the desktop program and prepare as many returns as you need.   But are you sure you want to file separately?   Joint is usually better.   

 

Is MFJ better than MFS?

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VolvoGirl
Employee
February 14, 2024

May I ask why you want to file Married filing Separate?


Unless you have a specific reason to file separate returns,

It is usually better to file Joint. Joint has the lowest tax rates and the highest Standard Deduction. And if you are in a Community Property state MFS gets tricky to figure out. Here's some things to consider about filing separately……

 

In the first place you each have to file a separate return, so that's two returns. And if you are using the Online version that means using 2 accounts and paying the fees twice.

 

Many people think they come out better when filing Married Filing Separate but they are probably doing it wrong. If one person itemizes deductions then the other one must itemize too, even if it's less than the standard deduction, even if it is ZERO!

 

And there are several credits you can't take when filing separately, like the

EITC Earned Income Tax Credit

Child Care Credit

Educational Deductions and Credits

 

And contributions to IRA and ROTH IRA are limited when you file MFS.

 

Also if you file Married Filing Separately up to 85`% of your Social Security becomes taxable right away even with zero other income.

 

See …….
https://ttlc.intuit.com/community/married/help/is-it-better-for-a-married-couple-to-file-jointly-or-separately/00/25590