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What are the advantages of filing 'Married Filing Jointly' over 'Married Filing Separately'?

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βˆ™ 2009-01-25 07:09:12

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Also, you can't claim certain things as married filing separately as you can married filing jointly. The advantage is a bigger standard deduction. This is the amount the IRS subtracts from your income for the year. Say, you made $30,000 and your spouse made 36,000. Filing separately you would have only received a combined deduction of say...$6,000. Filing together, with your income combined, you might have a deduction of say $7,000 or more. It's been a while since I've prepared taxes, don't take my word on the exact #'s. HELL NO! It your deduction was 5000 and you paid 25000 in tax that would be 20% if you were married and your deduction was increased to say 10,000 and you AND your spouse paid 50,000 in tax that would be 20% There is no actual striaght benifit. Depends on what you make over all , vs what deductions u each can claim. Kids, COsts etc what you paid in tax etc.

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Related Questions

Can you file your taxes jointly if you are not married?

The available filing statuses for federal income tax returns are: Single Married Filing Jointly Head of Household Married Filing Separately Qualifying Widow or Widower No, there is no filing status for Single Filing Jointly.


Does a married couple have to file taxes together legally?

No, you can file married filing jointly or you can file married filing separately


In Pennsylvania can you file federal taxes married filing jointly and can you file the state and local as married filing separately?

yes.


Can you claim your wife as a dependent on your taxes if you file separately?

No. If you are Married Filing Separately, then you only can claim your personal exemption. Your wife's personal exemption only can be claimed by her if you're Married Filing Separately. Your spouse, whether filing jointly or separately, can't be considered your dependent.


You and your wife are separated can you file single?

Not as long as you are still legally married on the last day of the year. Married filing jointly or Married filing separately. NOT as a single taxpayer.


What are the advantages of filing for married income taxes jointly?

There are additions to tax benefits to filing your taxes as married filing jointly in most cases, the deductible is greater than it would be individually and there are often additional tax credits to married filers.


Is better filing jointly with a spouse or separately?

If you are married, you can legally on file in two ways, Married Filing Joint and Married Filing Separate. Married Filing Separate excluded you from getting any tax credits and you only get half of the Standard Exemption. I have never seen a case where Married Filing Separately was better. Married Filing Separately also requires you to include your spouses social security number on your return. If you are married but legally separated for at least the last six months of the calendar year you can file as if you are not married. This means you can file as Single, Married Filing Separately, or Head of Household.


How do I file my tax return while I am waiting for my divorce?

Your filing status is determined by the last day of the tax year. If you're not divorced under a final decree by the last day of the year, then you're considered still married. Your choice is either be Married Filing Jointly or be Married Filing Separately. Married Filing Separately generally has a higher tax rate than Married Filing Jointly. If you have any dependents, you might be able to file as Head of Household. For more information, go to www.irs.gov/formspubs for Publication 501 (Exemptions, Standard Deduction, and Filing Information).


What is the difference between married but withholding at a higher single rate and married filing separate?

Married people can file jointly or separately, never as a single person.


What are the benefits to a married couple filing their income tax jointly?

A married couple filing their income tax jointly generally will owe less tax than a couple who file separately, but not always. A lot depends on the amount of income each spouse reports.


How do you file your taxes if your spouse is in jail?

Any married person has the option of filing as "Married filing separately" which requires no reporting or signature of the spouse. You can also still file as "Married filing jointly" if you both wish to do so as long as you can get the spouse's signature.


Can you claim married on your tax form if you do not live with your spouse?

Yes. Your filing status is determined by the last day of the tax year. If you're not divorced under a final decree by the last day of the year, then you're considered still married. Your choice is either be Married Filing Jointly or be Married Filing Separately. Married Filing Separately generally has a higher tax rate than Married Filing Jointly.If you have any dependents, you might be able to file as Head of Household.For more information, go to www.irs.gov/formspubs for Publication 501 (Exemptions, Standard Deduction, and Filing Information).


Can you file taxes separately when married if you have been filing jointly?

Yes, the election is made every year any way you want


Are you allowed to file married filing jointly if you are not married?

No.


Income tax after a divorce. Joint or separate filing?

If you are legally separated or legally divorced on the last day of the year, you should file as single or head of household. You should NOT file as Married Filing Jointly or Married Filing Separately.


What is the AZ standard personal tax exemption amount?

Exemptions depend on a lot of things. In Arizona, tax brackets are based on your annual gross income (AGI) and on your filing status:If you filed asSingle, the standard personal exemption is $2,100.Married filing jointly, with no dependents: $4,200.Married filing jointly with at least one dependent: $6,300.Head of household, not married: $4,200.Head of household, married: $3,150*.Married, filing separately, no dependents: $2100*.Married, filing separately, with dependents: $3,150*.(*These numbers may vary if you fill out Arizona tax form 202.)If instead of exemption you mean standard deduction(rather than itemized), the Arizona standard deduction for 2015 taxes is $5,091 for single or married filing separately, or $10,173 for married filing jointly, or head of household.Please see the actual information on the Arizona tax forms for more information.


Does your husband have to sign your tax papers?

Yes, if your are married filing jointly. No if your are married filing seperatly.


Can you file taxes separately if I'm married?

Yes...the option to selct filing jointly or individually is entirely yours and able to be changed each year.


If We file single on our W2s and filed married filling on our taxes?

Choose the filing method that gives the lowest tax rate; married filing jointly or separately. Info on the W2 is used to determine the amount of taxes taken out of your paycheck.


Should common law with children file taxes jointly?

If your common law marriage is recognized in the state where you now live, or in the state where the relationship began, you are considered married for tax purposes. Assuming that you are living with your spouse, you may file as Married Filing Jointly or Married Filing Separately. You may not file as Single or Head of Household.


Can you file married filing separately on your state return and file married filing jointly on your federal return?

It depends on the state. Some states allow it, others don't. In some states, there might be exceptions if the spouses are residents of different states.


Can a married couple file bankruptcy separately?

They can file separately only if the accounts on which they are filing are separate accounts. If the accounts are joint accounts, they must file jointly. In other words, if both the husband and the wife are on the account they cannot file separately.


What is the advantage of married filing jointly?

The advantage of married filing jointly is that your tax may be lower than your combined tax for other filing statuses. Another advantage would be your standard deduction, if you do not itemize, my be higher and you qualify for tax benefits that do not apply to married filing separate.


Can I get the Earned Income tax credit if I file Married Filing Separately?

The Earned Income Credit can't be claimed if you file Married Filing Separately.It can be claimed by all other filing status (Single, Married Filing Jointly, Head of Household, Qualifying Widow/er).For more information, go to www.irs.gov/taxtopics for Topic 601 (Earned Income Credit). Also go to www.irs.gov/formspubs for Publication 596 (Earned Income Credit).


Do you have to file together in filing married filing jointly?

Yes, one return two people.