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Part of the Series Income Tax Term GuideTypes of Income
Tax Types and Terms
Married filing jointly is a tax filing status that allows a married couple to file a single tax return that records both of their taxable income, deductions, credits, and exemptions. The main alternative is "married filing separately."
Married filing jointly is generally a better choice for couples, as it makes them eligible for some advantageous tax credits and deductions. However, separate filings are preferable in some cases. For example, if there is a great disparity in earned income between the two, filing separately may allow the lower earner to maximize certain deductions.
Taxpayers are required to indicate their tax filing status on the top of the first page of Form 1040 by checking off the appropriate box. The options include:
Married couples filing jointly generally have access to more tax benefits.
When using the married filing jointly filing status, both spouses are equally responsible for the return and the taxes. If either one understates the taxes due, both are equally liable for the penalties, unless the other spouse can prove they were unaware of the mistake and did not benefit from it.
When using married filing jointly status, your total combined tax liability is often lower than the sum of your individual tax liabilities if you had filed separately. The Internal Revenue Service (IRS) encourages couples to file together by offering them various tax benefits that don’t apply to other filing statuses.
Couples who file together qualify for multiple tax credits, including:
A joint tax return often provides a bigger tax refund or a lower tax liability. However, this is not always the case.
A couple may want to investigate their options by calculating the refund or balance due when filing jointly and separately. Then use the one that provides the biggest refund or the lowest tax liability.
Taxes can get pretty tricky. When in doubt, see a professional tax preparer.
You can use the married filing jointly status if both of the following statements are true:
Before filing taxes, married couples should run some calculations to determine whether it makes more sense financially for them to file jointly or separately. Filing jointly is usually more rewarding, although not in every case.
If you were not divorced or legally separated on Dec. 31, you are still considered unmarried if all of the following apply:
Most couples find that filing jointly makes sense financially. The tax code is written to benefit married couples and families, and this status is the one that maximizes those generous tax breaks.
There are exceptions when filing separately saves you more. For example, if there's a big disparity in income and the lower-earning individual has substantial itemizable deductions, filing separately can save the couple money.
When in doubt, try it both ways or see a tax adviser.
Despite the many benefits of filing jointly, there are instances in which filing separately may be more beneficial. This may be the case, for example, if one of you has significant miscellaneous deductions or medical expenses to claim.
The standard deduction for married couples filing jointly in the 2023 tax year is $27,700. This is the amount that is not subject to taxation. This threshold increases to $29,200 in 2024.
Married filing jointly is one of the statuses that taxpayers can choose when they file their annual tax returns. This status is used by married couples who decide to file a single return. The couple must include their total income, deductions, and credits on that return.
For most couples, filing jointly has advantages, including a lower tax bill or a higher refund.
When in doubt, prepare separate and joint returns to see which one makes more sense.
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Description Part of the Series Income Tax Term GuideTypes of Income
Tax Types and Terms
A widow(er)'s exemption is one of several forms of state or federal tax relief available to a surviving spouse in the period following their spouse's death.
Tax liability is the amount an individual, business, or other entity is required to pay to a federal, state, or local government.
Filing your tax return using the head of household (HOH) status provides a higher standard deduction and lower tax rates but there are numerous qualifying rules.
A filing extension is an exemption made for taxpayers who are unable to file their federal tax return by the regular due date.
Passive income is earnings from a rental property, limited partnership, or other enterprise in which a person is not actively involved.
A flow-through entity is a legal business entity that passes income to the owners and/or investors of the business. It's sometimes referred to as a disregarded entity.
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