Can my wife and I file taxes individually vs married jointly if we have a family trust?
- mercedesLv 71 month ago
You can file separately or jointly. It's your choice. If you file jointly you can't change to separate after April 15 but if you file separately you can.
- SlickterpLv 71 month ago
You can ALWAYS elect to file as "Married Filing Separately". This is usually the WORST way to file.
- AmyLv 71 month ago
Married couples always have the option to file separately. However, it usually results in a higher tax bill.
- StephenWeinsteinLv 71 month ago
You can file individually as married filing separately. You cannot file as single or as head of household.
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- EvaLv 51 month ago
You can, but be sure there is an adequate reason to do so. It usually costs more in taxes to file separately because there are some credits that can't be claimed on a MFS return. Also if one itemizes deductions, the other MUST even if the total of their deductions is less than the standard. In other words, both must itemize or both must take the standard deduction. If it's an issue with a debt of one spouse, look into filing an injured spouse form with the joint return instead of filing separately.
- STEVEN FLv 71 month ago
You can file married filing separately. The family trust does not effect that being an option, although it may complicate the returns.