Having to pick between "married filing jointly" and "married filing separately" may feel like a relationship test, but it's about what makes the most sense based on your financial circumstances. Filing jointly usually lowers your tax bill but there are some cases where it's best to keep you...
There are many factors involved in determining whether married couples should file separately or jointly. When a couple is unsure of which filing status to choose, it makes sense to compute the tax return both ways to determine which will give the biggest refund or lowest tax bill. Couples wit...
Married Filing Separately vs. Married Filing Jointly Married filing jointly offersthe most tax savings, especially when spouses have different income levels. If you use the married filing separately status, then you may be unable to take advantage of a number of potentially valuabletax breaks, such...
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However, your ability to claim a tax deduction for your IRA contributions is limited if you have a 401(k) account at work and your modified adjusted gross income reaches a certain amount. For married couples filing jointly, if the spouse who makes the IRA contribution is covered by a work...
If you are married, you generally have a choice of filing your federal income tax return(s) as married filing jointly (MFJ) or as married filing separately (MFS). Because of a number of special rules, your combined tax will often be lower if you file married filing jointly than if you...
"The vast majority of the time, filing jointly results in paying less taxes," Nick Holeman, financial adviser at Betterment, told CBS MoneyWatch. "There are lots of rules, especially around IRA contributions, that make filing jointly the best option for most people. There are of course except...
While retirement accounts are only in one person’s name, the contribution limits are decided by the household income if you file as “married filing jointly”. If you file taxes separately, then the income limits are based on your individual income. ...
In other cases, your chosen filing status can affect credit eligibility when income limits apply. For example, you get thehighest income threshold for the EITCwhen you're a married couple filing jointly than when you're a single person or use any other filing status. ...
Remember, when you useTurboTax, we’ll ask you simple questions and recommend the best filing status for you based on your answers, so you can minimize your tax bill and potentially maximize your tax refund. TaxesTax TipsMarriageTax PlanningEstate Taxes ...