When using married filing jointly status, your total combined tax liability is often lower than the sum of your individual tax liabilities if you hadfiled separately.3TheInternal Revenue Service (IRS)encourages couples to file together by offering them various tax benefits that don’t apply to oth...
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...
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Is it better to file jointly or separately? If you recently got married, this is one of the most important questions to answer as tax season approaches. Not sure which filing status is right for you? Learn more about how filing jointly vs separately impa
Nonetheless, it is still a headache since filing tax jointly will mean that your refund could be seized, but you can alert the IRS so that the refund can be split in what is called theInjured Spouse Allocation. While you hardly have to file tax jointly after marriage, it's not possible...
First comes love, then comes marriage, then comes—filing with the Internal Revenue Service (IRS). Every couple should file jointly to getthe tax benefits of being married, right? Wrong—many couples don't realize that filing separately might be the better move, in terms of tax strategies. ...
VisualizingEconomicshas a nice series of infographics that explore how various income-based taxes change with your adjusted gross incomes. It uses 2009 IRS numbers, but should still remain relevant to today. Below is a snapshot of a married filing jointly couple with two kids and one income (...
Advantages of filing jointlyfor married couples: More credit and deductions can be claimed: Deductions for interest on an educational loan and some... Learn more about this topic: Earned Income Tax Credit | Overview & Examples from Chapter 6/ Lesson 1 ...
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 ...
If you are married and filing jointly, your deduction is still limited to $300. So what is it when you’re married filing jointly? $300 or $600? We have the definitive answer on page 29 of the IRS Form 1040 Instructions (bold added by me): If you don’t itemize deductions on ...