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Tax Law (Questions About Taxes)/Married filing separately

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Question
I'm wondering if you know of any tax software that I could purchase that would make the calculations for married filing separately.  I've compared the two through Tax Act which states we would get $4.00 more filing separately (not taking into account having to file two federal and two state returns), but I cannot find a program that will split the amounts for me (live in Wisconsin, community property state).  We both have 2 W2's, I made considerably more than her and she has 2 months of unemployment (she is also currently unemployed).  Our biggest reason for wanting to file this way is for her school loan.  Since we've been married, Great Lakes has almost tripled her school loan payment since they take into consideration both of our incomes, even though she is not working and the loan was taken out well before we were married.  Since we both have 2 W2's and mortgage interest deduction, I'm getting quotes of between $350 - $450 to complete them both due to the complications of married filing separately and that they go by how many W2's.  Her loan place said if we filed this way, they would go off her tax return only (she'd take 1/2 my income, but hopefully it would help to manage her payment).  Any suggestions on where to turn?  It's not worth paying $400 after I've been paying online for about $50.00.  Any advice would be greatly appreciated.

Answer
Brad,

Thanks for your question.

I'm not deeply familiar with most tax packages, as I use a professional version. However, my experience is that most packages will do that allocation, you just need to enter the correct settings.  I can't guide you specifically on TaxACT or any other consumer program, as I don't use them.

In most cases, it is better to file a joint return, as it usually results in a lower tax bill.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

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John Stancil, CPA

Expertise

I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at www.mybaldcpa.com. I also offer seminars and consultations to churches and clergy on their tax issues at www.churchtaxsolutions.com Also visit my blog, www.thetaxdocspot.com. I am listed on Tax Connections at https://www.taxconnections.com/profile/John-Stancil/12258973 Prepare and file your own taxes at www.1040stancilcpa.com

Experience

I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

Organizations
FICPA, NATP, NCPE Fellowship, Lakeland Business Leaders

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The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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