File Taxes Joint or Separate From Spouse? | TCC

Getting married? Already Married? One question people often have is should they file taxes joint or separate from spouse? This is because combining finances as a married couple can be both exciting and intimidating. In this video we break down the differences between the married filing jointly (MFJ) and married filing separately (MFS) filing status so you can decide which might be best for you.

The IRS actually prefers MFJ tax returns. There are tax credits that married filing jointly taxpayers are eligible for that married filing separately couples don’t get to claim. The tax credits that married filing separately taxpayers lose are:

Earned Income Tax Credit
Child Tax Credit
Dependent Care Tax Credit
Education Tax Credits

So while most people choose the standard MFJ route, there are a few instances when filing taxes MFS makes sense. To that end, we discuss three instances in which you may absolutely NOT want to file a joint tax return!

And what if you filed taxes in the past with a now ex-spouse and the IRS is coming after you for back taxes? Well, we discuss the IRS injured spouse relief and innocent spouse relief tools that might be able to help you out now and in the future. 😉

Tax Chit Chat S2 EP 14
File Taxes Joint or Separate From Spouse?

🕘Timestamps:
0:00 Intro
0:22 The Balance article
0:55 Why you might want to file with your spouse
1:32 Reason #1 to file MFS
2:06 Reason #2 to file MFS
2:43 Reason #3 to file MFS
3:28 Recap!

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What is Tax Chit Chat?
Do you really "understand" taxes? Do you want to learn the best ways to cut your tax bill while staying on the good side of the IRS? Well, that's the point of this video series. Here, we hope to help YOU Slash Your Taxes Legally and Ethically! 😉

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**This video is meant to provide competent and reliable information regarding the subject matter covered. However, it is viewed with the understanding that the creator and provider are not engaged in rendering legal, financial or other professional advice. Laws and practices often vary from state to state, and as such, the information presented herein is educational in nature, is not individualized, and is not intended to serve as the primary or sole basis for your financial decisions.

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[WilsonRogersCompanyInc]

1. Your tax rate is generally higher than on a joint return.

2. Your exemption amount for figuring the alternative minimum tax is half that allowed on a joint return.

3. You can't take the credit for child and dependent care expenses in most cases, and the amount you can exclude from income under an employer's dependent are assistance program is limited to 2, 500 (instead of $5, 000 on a joint return). However, if you are legally separated or living apart from your spouse, you may be able to file a separate return and still take the credit.

4. You can't take the earned income credit.
5. You can't take the exclusion or credit for adoption expenses in most cases.

6. You can't take the education credits (the American opportunity credit and lifetime learning credit), the deduction for student loan interest, or the tuition and fees deduction.

7. You can't exclude any interest income from qualified U.S. savings bonds you used for higher education expenses.

8. If you lived with your spouse at any time during the tax year:

a. You can't claim the credit for the elderly or the disabled, and
b. You must include in income a greater percentage (up to 85%) of any social security or equivalent railroad retirement benefits you received.

9. The following credits and deductions are reduced at income levels half those for a joint return:

a. The child tax credit and the credit for other dependents, and

b. The retirement savings contributions credit.

10. Your capital loss deduction limit is $1, 500 (instead of $3, 000 on a joint return).

11. If your spouse itemizes deductions, you can't claim the standard deduction. If you can claim the standard deduction, your basic standard deduction is half the

[aaronjaggers]

Great video man ! We’ll done sir ! Thank you

[zacknelson]

I will be getting married next year, my cpa is saying it's better to file jointly but hers is saying separate. And telling her to keep her last name and file taxes still so she isn't part of my taxes, I am self employed 1099 so I pay quarterlys I own a house and I have a ton of write off for work every year, and I meet/ go above the deductions every year cause of my home and other stuff, my cpa says if she is separate and she can't meet my deductions then she doesn't get much tax return. I also make 3xs what she does, she is a little over 32k a year, I am almost 100k a year,

[queennefertiti]

I never owed taxes till I got married. The first year after getting married I had to pay his debt of 6k. The second year of marriage 8k. The third year 2k. The fourth year 5k. I'm paying his debt and didn't know this would be my life

[girlsworldyoutube]

My husband owes child support I get a refund every year should we just file separately? They asked me for his social when filling taxes which scares me that they might take my refund in applied to his child support...

[JIMMYKATE-bg]

Since I’m still legally married but broken up for a year now, can I still claim my kids for EITC? They all live with me for the whole year, it’s my 2 children’s and none are his.

And should I file my taxes as married filing separately or head of household?

[astridhutapea]

Hi..I just got divorced on January 9th. During seperation my Ex MFJ me without my consent for the past 8 years during seperation, do you think I liability of his debt if He’s owe money to IRS? Can He still MFJ me without my consent this 2024 tax year? eventhou in Divorce decree he has to filing as Unmarried, I’m just worried, Do you think I need a Tax Attorney for this? Thanks.

[GBAMERICA]

Great advice thank you. I am going though a divorce and just found out the my wife hasn’t paid her taxes for years. She owes $280, 000 dollar. This isn’t the first time, around 10 years ago I was called to my HR department and they told me that the IRS was going to garnish my wages due to taxes not paid on income. My taxes are taken out of my wages when I receive my check I explained something is wrong. After talking to my accountant he explained that being that I signed the tax form first that I was the primary person responsible. I wound up paying all the money on my own she never gave me any money to pay the taxes she clearly owed. My accountant explained that going forward I would need to file married filing separate which I have done for 10 years. My question is am I responsible for her reckless and criminal behavior in not paying these taxes now that I have been filing married filing separate. Any help would be greatly appreciated as this would be a tremendous financial burden to me and my family

[yuseong__]

I hope you read this !
I'm in a complex tax situation, I am a waitress and this tax return I owe a little over $3k because supposedly of my dependents & not enough taxes was taken out throughout 2021, anyways long story short. Can I file my taxes separately from my husband and use a possible return to pay my spouse's tax liability? Once I added my spouse's w2 information, I ended up owing instead of receiving.

[YM-matcha]

Hi
I lived in the US as an international student and got married.
I used to work on campus and have an SSN.
I went back to my home country in Sep 2020, but we filed jointly for 2020.
Currently, I have a pending I130 and work part-time.
I haven't gone to the US during 2021 so I was wondering if my husband should
file jointly for 2021 and report my foreign income or file married separately?
Thank you in advance!

[troyshrader]

What can I do if my wife has been diagnosed paranoid schizophrenic and for some reason will not sign our tax return. What can I do?? 😮

[kevinmcginnes]

I would like more information from your chat line. About MFJ

[joshb]

Please answer someone....i just found out my mom files single every year even though shes happily married and not single....called my brother for advice and he told me hes doing the same thing even though he is happily married and not separated....i feel like ive been lied to my whole life. How tf are you gonna sit here and love a happily married life but then when it comes tax season say nah were single or separated??? I get people wanna get their bags but wtf?

[sarafunez]

So can you marry someone with past debt without affecting you? As accountant is saying when you marry someone with past debt, IRS can take into consideration on your income for repayment of debt (for the non-debt spouse) . Thought a previous debt couldn’t affect you, as it’s debt acquire before marriage. Can you clarify? In Texas. Hope you reply, thank you.

[dannybean]

Hello u I have a question is way I can direct connect with you to ask my question

[mary-kh]

So what if one spouse is unemployed is it better to file jointly or separately

[tae]

Can u file separately using the same address??

[ntylesss]

It’s pretty crazy that people are conditioned to think getting a refund is a good thing