How Married Filing Separately Works TheInternal Revenue Service (IRS)gives taxpayers five taxfiling statusoptions when they submit their annual tax returns: single, married filing jointly, married filing separately,head of household, orqualifying widow(er).1 ...
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...
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...
In the United States, it’s important to consider your tax filing status when preparing your tax return. After all, the credits and deductions you’re eligible for — and the income tax you pay to the IRS — are based on how you file your taxes. When you have student loan payments, y...
their income taxes with a status of "single." If you're married, you usually have only two options at tax time: file a joint tax return, or file as married but with separate returns. The latter option in some ways resembles filing as single, but it also eliminates some big tax breaks...
When you don't want to be liable for your partner's tax bill, choosing the married-filing-separately status offers financial protection: the IRS won't apply your refund to your spouse's balance due. Separate returns make sense to...
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...
All the Married Ladies: Adverse Tax Consequences of Married Filing Separately (or Reasons Not to Put a Ring on It)Lipman, Francine
individual filers or couples who file single returns. Self-employment taxes, however, apply universally to all taxpayers regardless of their filing status. As with unmarried and single tax filers, the Internal Revenue Service assesses the tax against any income you receive as an independent ...
If your spouse receives a garnishment for unpaid child support or an unpaid loan, your tax refund could be delayed or even blocked. Remember, when you use TurboTax, we’ll ask you simple questions and recommend the best filing status for you based on your answers, so you can minimize your...