My husband and I were married in August and wanted to file separately so we could each have our own refunds. I've been told this is a bad idea and will give us less of a refund. Is this true?Does being married and filing taxes separately give you less of a total refund than filing jointly?
Yes, it almost always gives you less of a refund. There are a few very unusual circumstances where that isn't true. You could figure it both ways and see how it turns out. Your best bet is probably to file jointly, and either decide how to split the refund or put the money toward some joint purchase or bill.Does being married and filing taxes separately give you less of a total refund than filing jointly?
Yes, most of the time it will because this filing status does not qualify you for many of the credits and deductions.
possibly, it is the highest taxed status!
That is true. There are some deductions which you cannot claim if you file married, but seperate (for example, paying on school or educational interest).
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