Married Filing Jointly

Married Filing jointly

Married filing jointly often results in tax savings for married couples. You may file jointly if, on the last day of the tax year, you are:

• Married and living together as husband and wife
• Married and living apart, but not legally separated under a divorce decree or separate maintenance agreement, or
• Separated under an interlocutory (i.e., not final) decree of divorce

Also, you are considered married for the entire tax year for filing status purposes if your spouse died during the tax year.

When filing jointly, you and your spouse combine your income, exemptions, deductions, and credits. Filing jointly generally offers the most tax savings for married couples.

For one thing, there are many credits that you can take if you file a joint return that you can’t take if you file married filing separately. These include the child and dependent care credit, the adoption expense credit, the Hope credit, and the Lifetime Learning credit.

Still, this filing status is not always the most advantageous. If your spouse owes certain debts (including defaulted student loans and unpaid child support), the IRS may divert any refund due on your joint tax return to the appropriate agency. To get your share of the refund, you’ll have to file an injured spouse claim and probably have to jump through hoops. You can avoid the hassle by filing a separate return.

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