Is there any consequences in filing married filing separately than jointly?

My tax accountant is telling us that we wouldn't owe as much taxes if we filed married filing separately.


Is this legal?


My wife and I have 1 child and she sold some stock options last year. We would owe much more if we filed jointly rather than separately.





Is this legal?





Thanks all!


ChipIs there any consequences in filing married filing separately than jointly?
In most cases, MFJ works out better because the tax on income is lower, however, in rare cases, MFS is better.. I am sure your tax accountant wouldn't have suggested it if that was not the case. I do suggest you have her explain to you why MFS is a better situation for you. Best Wishes.Is there any consequences in filing married filing separately than jointly?
It is perfectly legal. Married couples have the choice of filing MFJ or MFS.





In the vast majority of cases MFJ is better. However, the numbers should always be worked both ways to make sure. It sounds as though in your case the MFS numbers worked better.





MFS can sometimes be better if 1 or both spouses have high employee business and/or medical expenses. There are other circumstances as well.
Yes, it's legal.





However, be careful of the impact on your state income taxes (if you live in a state with an income tax). In our state (Ohio) the tax hit of filing jointly makes it worth us filing separately on both.