We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Filing Status. Types of Income. Tax Types and Terms. What Is Married Filing Separately? Key Takeaways Married filing separately is a tax status used by married couples who choose to record their incomes, exemptions, and deductions on separate tax returns. In some circumstances, filing separately puts a couple in a lower tax bracket.
Although some couples might benefit from filing separately, they may not be able to take advantage of certain tax benefits. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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Investopedia does not include all offers available in the marketplace. A joint return is a U. Therefore, having the right filing status can help you get the biggest refund. Changing your status is simple. If you'd like to make changes to the amount of tax you're withholding per paycheck, you can submit a new W-4 to your employer.
Before making the change, you must first determine your eligibility for the various filing statuses. For married persons with a living spouse, there are two ways to file:.
Here's what experts have to say about filing jointly versus separately, plus advice on how to decide what's right for you. After that, the rates continue to increase on a marginal basis. Additionally, the IRS offers spouses who file jointly one of the biggest standard deductions each year, according to TurboTax. Another reason to consider filing together is that joint filers are often eligible to receive meaningful savings in the form of tax credits, such as:.
As long as you were married by Dec. While "it's almost always better to file jointly because of a lower tax responsibility overall," there are "very specific situations" when it pays to submit separate returns, Guglielmetti says. You or your spouse have high or unpaid student loan debt: If one of you has defaulted on your student loans, meaning you haven't paid on them in days or more, you should consider filing separately, explains Malik S.
Lee, an Atlanta-based certified financial planner at Felton and Peel. That's because, in this case, your joint tax refund could end up being rerouted through the Treasury Offset Program and put toward the unpaid debt, meaning neither of you would get a refund.
However, if you had filed separately, at least one of you would have a refund. Instead of filing separately, you can protect your refund by filing an injured spouse form along with your joint return. Learn more. This link is to make the transition more convenient for you. You should know that we do not endorse or guarantee any products or services you may view on other sites. Tax information center : IRS : Tax responsibilities.
File now. Related Topics Tax responsibilities Audits and tax notices Refunds and payments Deadlines and extensions.
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