Turbo Tax Question

[Fitnessfreakk366]

I bought Turbo Tax the deluxe package. I'm wondering - if my dh and I file married seperate, can we both use this to do our taxes or do you have to buy a Turbo Tax for each return?

I did his up as Married filing seperate but now I'm not sure how to do mine?

Help!

 

[JoanC]

If he filed married filing separate then you have to also. In addition if he itemized you have to itemize. You can't file single if you are married and can only file as HOH if you have a child and lived apart for more than six months. Very seldom does married filing separate save you taxes.

Joan

 

[Sunshine1528]

You can do multiple tax returns with Turbo Tax - you just being a new "file". I do ours and 2 of my kids.

And this year it comes with 5 free federal e-files. State e-file will cost you though.

Throughout the year if I have major changes in my income or deductions I even do a "mock 1040" to see if I'm having enough/too much taken out.

Great little program it is !

Just thought, not sure why you are doing them separately (it is usually cheaper the other way around for the average couple but some couples have separate things going on . . .), but you can also do a combined to see which way is cheapest.

 

[Fitnessfreakk366]

The itemization is what confuses me.

If we are filing Married separate, isn't only one of us suppose to claim the house interest and taxes, etc.? I didn't think we could both claim that?

Or am I misunderstanding the term "itemize"?

And I know I have to file Married filing Separate as well. We are just trying to not have to pay. If we file jointly, right now we owe a ton. I REFUSE to pay the government anymore of my hard earned money.

Thanks Sunshine! That's what I was wondering about.

 

[beskinny]

If one itemizes, you both have to itemize. However you can't "double up" on the deductions. For example, if he claimed all of your home mortgage interest as an itemized deduction, you cannot claim it. And you can't claim the standard deduction either.

I don't know the details of your financial situation but it often doesn't make sense to file married filing separately in terms of lower tax liability. Here is a good article on Bankrate: http://www.bankrate.com/finance/money-guides/jointly-or-separately.aspx

 

[Carmen829]

I know what you mean...during the year my husband and I claim single 0 on our paychecks. Then we file married joint and tend to get a return back. I know that doing it that way government uses our money interest free but every time we've tweeked it we end up owing the government. This has worked for us the last couple of years.

carmen.

 

[Fitnessfreakk366]

I know what you mean...during the year my husband and I claim single 0 on our paychecks. Then we file married joint and tend to get a return back. I know that doing it that way government uses our money interest free but every time we've tweeked it we end up owing the government. This has worked for us the last couple of years.

carmen.

We also claim 0 on our paychecks. We still owe this year. It's BS. I wouldn't complain if we could just break even, but no, we have to pay AGAIN!!! We owe less filing married joint versus married seperate, but we still owe a big chunk of money.