My spouse and I have used married filing jointly for years, but are considering changing filing status on this yearâ€™s return. Can we use married filing separately this year?
Yes, and you won’t pay a penalty for changing filing status. However, when choosing filing status, you might want to figure your federal and state returns using each filing status. Then, you can see which return results in the larger refund or the smaller balance due.
You’ll usually pay more tax on a separate return than a joint return since:
- Many of the following items are reduced or disallowed when married filing separately:
Looking for virtual tax help with your online filing? Learn more about your options by comparing TurboTax Live to H&R Block Tax Pro Review and Tax Pro Go.
What happens to your taxes after marriage? Learn how marriage can lead to changes in tax filing and returns at H&R Block.
Tax season is right around the corner! Consider how the withholding allowances claimed on your Form W-4 could affect your income tax refund by visiting the Tax Information Center blog.
As end-of-year approaches, taxes owed can become a major headache. Plan ahead by considering 529 Tax Deductions and other end-of-year savings options.