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- MFS in Community Property State
MFS in Community Property State
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MarinaEA
Level 4
09-07-2022
06:36 PM
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Anyone has filed MFS in Community Property State? I wonder if it's even worth trying since all income, deductions, etc must be split 50/50 anyways. The situation is: taxpayer works and a shareholder of two S Corp with losses from one S Corp, and the 2nd S Corp has significant income. His spouse works and makes good money too. They have two kids. Sounds, it would be a major pain to split everything 50/50 with all income, S Corp losses and income, etc. Wonder if it's worth trying. In what situations it may make sense?
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Terry53029
Level 14
09-08-2022
09:04 AM
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ProSeries Pro has a MFJ/MFS worksheet under planning. just activate the worksheet, and it takes seconds to compare. Not sure how good it is with complicated returns.
