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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- MFJ vs. MFS Comparison - Splitting Husband / Wife
MFJ vs. MFS Comparison - Splitting Husband / Wife
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GodFather
Level 8
08-03-2022
06:00 AM
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The MFJ vs. MFS Comparison Worksheet showed it was advantageous for the couple to file separately. I then used the option to split the clients. After doing so, I noted that the information from the worksheet did not transfer exactly to the split returns. The split returns showed that the clients actually owed more filing separately. Has this happened to anyone else? Am I missing something? I'll have to compare and see exactly what the differences are but wanted to see if anyone else encountered this issue?
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IRonMaN
Level 15
08-03-2022
07:49 AM
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The worksheet is good to give a ballpark idea where they stand but it isn’t an exact science. Just make sure that everything on the split returns is where it belongs before you give up on the idea.
Slava Ukraini!
Accountant-Man
Level 13
08-03-2022
07:24 PM
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That worksheet doesn't cover everything, like AMT and tax credits.
** I'm still a champion... of the world! Even without The Lounge.
