Question: I’m married and I’m not sure which filing status I should choose for my personal tax return: ‘Married Filing Jointly’ (MFJ) or ‘Married Filing Separately’ (MFS)? What is the best choice?
Like most things in life, it depends on your situation. As a married couple, yes, you are allowed a choice of filing your personal tax return under the status of ‘Married Filing Jointly’ (MFJ) or ‘Married Filing Separate’ (MFS). MFJ is usually the better choice although here are some situations where MFS might be right for you:
The best way to find out what is most beneficial for your particular situation is to prepare the return both ways and compare the results. If you’re not sure which way to go, ask your tax preparer to run a MFJ vs. MFS comparison analysis. Disclaimer: This article provides general tax information, not legal advice. Individuals should seek specific advice from their tax advisor before acting on any information provided herein. |
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