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Get your taxes done using TurboTax
Congratulations for your Marriage Victor! If you are married by the last day of the calendar year (Dec 31, 2023) then you have only two options to file. You can either file Married Filing Jointly or Married Filing Separately.
Generally, filing as Married filing jointly is the best and most recommended option as you would get a higher standard deduction and this could mean paying less taxes or getting a higher refund. When you file Separately your tax rate is higher and you won't be able to claim certain credits such as:
- Education benefits
- Earned Income Credit (EIC)
- Child and Dependent Care Credit (usually)
- Adoption Credit (usually)
- The standard deduction if your spouse is claiming itemized deductions
- The full benefit for itemized deductions, the Child Tax Credit, and capital losses (you'll get only half compared to married filing jointly)
You can refer to this article to find out more details about the differences between filing MFJ vs MFS. https://ttlc.intuit.com/community/custom/page/page-id/LifeEvents-GettingMarried
‎October 25, 2023
9:58 AM