Filing separately also may be appropriate if one spouse suspects the other oftax evasion. In that case, the innocent spouse should file separately to avoid potential tax liability due to the behavior of the other spouse. This status can also be elected by one spouse if the other refuses to ...
Any legally married couple can opt to file their tax returns separately. The "married filing separately" status doesn't come with any tax penalties but you might miss out on some tax breaks and end up with higher taxes. Don't assume filing jointly is always the best option. Carefully consi...
If one spouse’s out-of-pocket medical expenses exceed 7.5% of their individual adjusted gross income (AGI), but don’t exceed 7.5% of their joint AGI, they might be able to lower their taxes by filing separately and taking the medical ded...
Married coupleshave an important choice every year: filing taxes jointly or separately. While the tax code generallyfavors joint returns, some spouses may benefit from filing apart, experts say. "Married filing jointly" combines income,credits and deductionson a single return, whereas "married fil...
Getting married usually means merging your finances. But when it comes to taxes, that's not always the case. The IRS gives married couples a choice: You can file your taxes jointly, or you can choose the status "married, filing separately." ...
Married Filing Separately Afiling statusin which a married couple files individualtax returnsinstead of a single return. When two spouses file separately, each is taxed like asingle individual. This usually results in a higher combinedtax liability, but it may be advantageous if one spouse has si...
Married filing separately is the ideal tax filing status if both spouses want to keep their tax liabilities separate. But if you file separate returns, you miss out on a number of tax credits and deductions that are meant for married couples, such as the earned income tax credit and the Am...
You may want to file a Married Filing Separately tax return if one or more of the following situations apply to you: You and/or your spouse owe unpaid taxes or child support (filing a joint tax return may result in the IRS offsetting your refund to pay the taxes) You and/or your ...
reason, decide, “Meh, we don’t want to do our taxes together.” As a married couple, youshouldmerge your finances, but there may be a tax nuance or two that could cause you to consider filing a separate return. But like I said earlier, reasons for filing separately are super rare....
While you hardly have to file tax jointly after marriage, it's not possible or legal to file as a single person. Those filing separate returns need to know the proper marital status for such a case is married but filing separately.