My husband and I keep our money separately. How do we enter the data to get some sort of combined result in the end? Or should we enter separately and not try to get a combined result?
Thank you.
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If you enter your money as one family, then you'll have a single number--consumption or the corresponding per-adult living standard--and you'll have to think about what that means to you as a group. It could be that 2/3 of that belongs to you and 1/3 to him or whatever. Of course even in that scenario, you enter separate ROTH, 401(k), etc. This approach assumes that each is the designated survivor of the other--you inherit his assets and vice versa. If that's not the case--each inherit the other's money--then you should enter your data as a single I think. If you enter it together, you are simply learning what sort of assets and flow the household has. So do it together and you and your husband can talk about the economy of the household. How you split up the household assets in the end is up to you.
Can I enter as two singles? We each pay 50% of things so entering together I think would be confusing.
Yes, I think you can use "partnered" instead of married. Someone else can confirm this, but I'm pretty sure that's what you do. This assumes you are doing your taxes as single instead of married filing jointly--right?
There are differences in the tax code at the Federal and State levels that matter if you are taking married deductions. If you aren't, then Partnered is the correct family state. If you are, then Dan's original suggestion is the best one.
Best,
Dick Munroe