Married FILING JOINTLY vs. SEPARATELY in 2024 | Which Is Better?

Married Filing Jointly vs. Filing Separately... Which is better in 2024?

Filing your income taxes can sometimes be a confusing process, especially when you're married... but it doesn't have to be. In this video, we cover the reasons why couples may choose to file jointly or separately, how to decide which option is better for you, and how we personally file our taxes in our marriage!

Helpful Tools/Resources

**CORRECTION at 1-MIN MARK**... Roth IRA contributions are NOT tax-deductible (they're only deductible for traditional IRA's)... this was a minor editor's mistake! 😊

0:00 - Filing Your Taxes when Married
0:40 - 3 Reasons for Filing Jointly
1:19 - Potential Cons of Filing Separately
1:39 - 4 Reasons for Filing Separately
2:56 - How to Decide What to Choose
3:35 - How We Personally File Our Taxes
4:11 - How Do You File Your Taxes?
4:30 - How We Paid Off Our Student Loan Debt

#taxseason2024 #marriedfilingjointly

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[Blackchucky]

Been married 15 years and always filed joint. But after looking at a few things really thinking about filing separately. First time seeing your page and liking the content!

[taylerahnee]

Based on my own research, I discovered that income based student loan payments are typically lower when you file separately. Definitely gotta weigh the pros and cons all around!

[aholl]

I’ve been filing jointly for years. However, the income disparity has been a challenge and now taking a further look this tax season.

[redlew]

Filing joint has screwed me every year I've done it. before I was married I got a after I was married filing jointly I pay.

[carmenhuertas]

Goodness ya'll have some amazing smiles! You look like you have a good thing going cause the smiles come from within! God bless ya'll!

[omarirose]

See my husband and I just got married last year and so we filed jointly. But I've opened up a single member LLC in my name while he works full-time and I have a part-time job, so I'm wondering how to file with this new change. But this video was very insightful, and I really enjoyed this! Thank you so much!

[billsmith]

We have filed jointly for almost 20 years now. However my brother said their accountant had he and his wife file "married filed separately". They ended up receiving a huge refund! So our friend also did it that way and also received a much larger refund than normal. But none of your reasons to file separately apply to either family. So I'm confused. I was told one spouse had to pay in a small amount, while the other spouse received a HUGE refund. These tax returns were done by professionals too. The children were all placed as dependents on the higher income earner spouse. That's all I know. I'm currently editing Turbo Tax to see how this could affect our taxes. So far the refund is much larger! I would encourage others to maybe take some time and see if ammending your taxes could be worth your time.

[ScubaRepublic]

I would love to know how Roth contributions are deductible as you said at the 1:08 minute mark.

[jamess.]

Trying to figure this all out. But something to keep in mind for a lot of people saying they owed massive amounts is that you (probably) didn’t adjust for additional withholding based on the spouses income to be kept out of the higher earners. Looking at the 2024 chart and where my wife and I fall, it looks like I need to ha our about $400 additional withholding taken out per month to cover her earnings. So theoretically if I don’t do that we’d under pay about $4800

[iamamazing]

GLAD I FOUND U GUYS THANK YOU FOR THIS

[littlebigmarc]

She looks like a younger version of kamela 😁 thanks for the info!

[juanjon]

Contributions for Roth IRA are not tax deductible only traditional Ira contributions

[kendrafdez]

Please show a video with an example of how to fill the 1040 form for Married filing separately (MFS) and one dependent

[thefpvlife]

Great glowing couple with good information.

[juliomiranda]

I filed jointly for two years now. Last year with the tax changes i owed like 6k. So this year i put separately in my w4. Unfortunately with two higher earning incomes you just pay way to much with filing jointly. One you ends up paying 24% for all of your income

[seanabarca]

Thanks for this both... really appreciate the content.

[danh]

1:05
I thought contributions made to a Roth IRA are NOT deductible?

[thenomadedc]

I hope yall can answer this one: My wife makes 40k/year gross income. I make 75k/year gross income. we get paid bi-weekly: her paycheck after federal/state/SS/medicare is anywhere from 1400-1600 depending on overtime. Mine is 2188. how is it that even though i make 35k a year more than her, my paycheck is only 600-700 more than hers. we put married filing jointly on the forms. should we put married filing seperately? it just seems like my check should be a lot more. afraid were getting taxed too much

[affordablemulti-services]

You guys are beautiful couple. Keep the great work!

[Socialist]

My and wife income tripled this year so might file separate