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Filing separately avoids the marriage penalty and allows each spouse to use the single tax brackets, which are slightly wider than the brackets for married couples filing jointly.
For example, the 2023 standard deduction for married filing jointly is $27,700 ($29,200 in 2024) versus just $13,850 ($14,600 in 2024) for married filing separately.
Filing taxes under the status of “married filing separately” for tax year 2020 — i.e., the return you’re filing in 2021 — is largely unchanged from the 2019 tax year.
Filing status depends in part on marital status and family situation. [2] There are five possible filing status categories: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household, and qualifying widow(er) with dependent children. [1]
With little time left until April 15, the 2024 deadline for filing federal taxes in the U.S., some married couples are grappling with the question: Should we file jointly or separately? Check Out ...
Married filing jointly. Married filing separately. Head of household. If more than one category might apply to you, the IRS permits you to pick the one that lets you pay the least amount in taxes.
Married filing separately: “Married couples can choose to file separate tax returns. When doing so, it may result in less tax owed than filing a joint tax return,” the IRS noted.
Married Filing Jointly Standard Deduction: When filing with the married filing jointly tax-filing status, a couple can take a standard deduction of $24,800 for 2020. Learn More: 9 Tax Tips Every ...
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