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Status: Married
Filing Jointly
Married Filing Jointly
What Does
Married Filing Jointly
Mean?
When filing under the
married filing jointly
status, couples can
record their respective
incomes, exemptions and
deductions on the same
tax return.
You are considered married
if you are legally married
on the last day of the year.
To file jointly,
both you and your spouse
must agree to file and
sign a joint tax return.
The IRS advises, If
you and your spouse decide
to file a joint return,
your tax may be lower than
your combined tax for the
other filing statuses. Also,
your standard deduction
(if you do not itemize deductions)
may be higher, and you may
qualify for tax benefits
that do not apply to other
filing statuses (IRS Publication
501, Married
Filing Jointly).
Married
filing jointly is best
if only one spouse has a
significant income.
However, if both spouses
work and the income and
itemized deductions are
large and very unequal,
it may be more
advantageous to file
separately.
When filing jointly,
both you and your spouse
are equally responsible
for the return and the
taxes. If either one of
the spouses understates
the tax due, both are
equally liable for the
penalties unless the
other spouse claims he
or she was not aware of
the mistake and did not
benefit from it. The IRS
may at their will, grant
relief from joint
liability for taxes
through innocent spouse
relief, separation of
liability, or equitable
relief. Refer to
Publication 971
(Innocent Spouse
Relief).
The
IRS
cautions,
Both
spouses
may
be
held
responsible,
jointly
and
individually
for
any
tax,
interest
or
penalty
due
on
your
joint
return.
Either
spouse
may
be
held
responsible
regardless
of
who
had
the
income.
The
Federal Defense of
Marriage Act of 1996
defined marriage as a
legal union between one
man and one woman as
husband and wife, and
the word spouse refers
only to a person of the
opposite sex who is a
husband or wife.
If
your
spouse
died
during
the
year,
you
may
still
file
a joint
return
for
that
year.
In the
following
years,
you
can
file
as a
surviving
spouse,
as head
of household,
or as
a single
taxpayer.
Filing
Joint
versus
Filing Separate
Generally
it
is
more
advantageous
to
file
a
joint
return
since
married
taxpayers
who
file
separately
are
not
eligible
for
many
tax
deductions
and
credits,
and
have
higher
tax
rates.
Filing
a
separate
return
provides
relief
from
joint
liability
for
taxes.
If
you
are
unsure
of
the
legality
of
your
spouses
income
or
income
statements,
it
is
advised
to
file
separately.
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