Search results
Results from the WOW.Com Content Network
Choosing between married filing jointly vs separately affects more than just how you fill out your taxes—it affects how much you pay or get back. While joint filing often leads to more benefits and a lower tax bill, each couple's situation is unique.
Most married couples file a joint income tax return. But there are some cases in which choosing the married filing separately option may be better.
When deciding how to file your federal income tax return as a married couple, you have two filing status options: married filing jointly or married filing separately.
Married filing jointly means that you'll combine your income, deductions, and credits with your spouse's, all on 1 tax return with the same tax rate. When you file this way, both of you are responsible for any taxes, interest, or penalties due to the IRS.
Importantly, filing jointly means you're both on the hook for the money you and your spouse owe to the IRS prior to your marriage. What are the rules for married filing jointly? In order to...
Married couples can decide to file taxes jointly or separately. Learn the benefits of each filing status to determine the best option for your return.
Married filing separately if you’re married and don’t want to file jointly or find that filing separately lowers your tax. Most couples save money by filing jointly. Head of household if you’re single and you paid more than half of your living expenses for yourself and a qualifying dependent.
Married filing separately is one of five tax filing statuses available to taxpayers. Under this status, each spouse files their own tax return instead of one return jointly.
Tax Filing: Married Filing Jointly vs. Separately. If you're married, you likely have a more complicated tax situation than others. Here's how to decide between joint and separate filings.
In general, couples who file married filing jointly versus separately receive more tax breaks, which means more money in their pockets at tax time. The IRS gives couples filing jointly the largest standard deduction each year.