Suggested Tax Filing Status

jamorse61 Member Newcomer
edited January 15 in General

I have tried to find the answer to this a few times, but have not been able to make sense of the articles that I have found in regards to my personal situation.

What is the best way to determine if it is optimal for my wife and I to file separately or jointly? (also, if I elect the Tax Pro service when filing my return, is this something that can be answered more concretely by a pro?)

Quick high level: I make about $100k, my wife about $60k. We have two children, for whom we pay for childcare. We also own a home and we have student loan payments (for which my wife is pursuing PSLF in a few years).

Is there any reason that we would file separately? Or is it always better to file jointly?


Best Answer

  • CarleneF
    CarleneF FreeTaxUSA Agent
    Answer ✓

    It's very rare for Married Filing Separately to give you a larger refund or deduction. If you itemize your deductions and one spouse has a large amount of medical expenses or casualty losses, you may get more overall refund by filing separate returns. Or if one spouse is cheating on their taxes and the other spouse doesn't want to be responsible for any tax problems the other spouse will have, then you might want to file separately. Other than that, you'd probably be better off to file jointly.