MFS - What Do You Charge?

[Lion]

I can split one MFJ into two MFS returns with a click. I end up with all three returns in my system, so going back or having the original MFJ to roll over next year works. Very handy. I use ProSystem fx.

[ATSMAN]

Interested in this "split return" button. I have a worksheet I can bring up which does this for illustrative purposes, but it does not actually produce two tax returns. Does yours?

Yes it will split a MFJ into 2 MFS returns with the amounts for various items allocated if you code it correctly. So for example W2/1099 etc. flow correctly. The problem comes from items like mortgage payment or donations where it is not 50/50 and taxpayers have to tell you how they will split those.

[taxcraft]

taxcraft

When looking at a possible savings for filing MFS in Ohio you keep in mind that the Ohio return starts with AGI, no effects from itemized deductions. The goal is to equalize the taxable Ohio incomes for both. The is done by shifting income ABOVE the AGI to the LOWER wage person and itemized deductions to the HIGHER wage person. This is much better than the simple equalized splitting offered by most software. Remember the Federal return is unaffected, ie, MFJ = MFS.

[Lion]

I get a nice spreadsheet or table right in the MFJ return, so it's easy to look at joint items that can be adjusted to either the dollar amounts or the percentages that I want to optimize the resulting MFS returns before I split the returns. And, just like those TurboTax returns, I can keep trying until I get the results I want !! But, I know what I'm doing -- usually.