Married Filing Jointly

A filing status for married couples that have wed before the end of the tax year. When filing under the married filing jointly status, couples can record their respective incomes, exemptions and deductions on the same tax return. 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. Taxes can get pretty technical and tricky so if you or your spouse is having trouble determining tax liability, talk to an experienced tax preparer.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Married Filing Separately — A filing status for married couples who choose to record their respective incomes, exemptions and deductions on separate tax returns. In most cases, married filing jointly offers the most tax savings, especially when the spouses have different… …   Investment dictionary

  • Filing Status (federal income tax) — Filing Status is an important factor when computing taxable income under the Federal Income tax in the United States. Your federal tax filing status defines the type of tax return form an individual will use. [… …   Wikipedia

  • Filing Status — A category that defines the type of tax return form an individual will use. Filing status is closely tied to marital status. The five filing statuses are: 1. Single individual 2. Married person filing jointly or surviving spouse 3. Married person …   Investment dictionary

  • Marriage penalty — Part of a series on Taxation Taxation in the United States …   Wikipedia

  • Tax bracket — Tax brackets are the divisions at which tax rates change in a progressive tax system (or an explicitly regressive tax system, although this is much rarer). Essentially, they are the cutoff values for taxable income mdash; income past a certain… …   Wikipedia

  • Traditional IRA — A traditional IRA is an individual retirement account (IRA) in the United States. The IRA is held at a custodian institution such as a bank or brokerage, and may be invested in anything that the custodian allows (for instance, a bank may allow… …   Wikipedia

  • Standard deduction — The standard deduction, as defined under United States tax law, is a dollar amount that non itemizers may subtract from their income and is based upon filing status. It is available to US citizens and resident aliens who are individuals, married… …   Wikipedia

  • Earned income tax credit — The United States federal Earned Income Tax Credit (EITC or EIC) is a refundable tax credit. For tax year 2007, a claimant with one qualifying child can receive a maximum credit of $2,853. For two or more qualifying children, the maximum credit… …   Wikipedia

  • Joint Return — A U.S. income tax return filed on behalf of a married couple, resulting in a combined tax liability. Married taxpayers can choose to file two separate tax returns or a joint tax return. The joint return is often referred to as married filing… …   Investment dictionary

  • Income tax in the United States — UStaxationThe federal government of the United States imposes a progressive tax on the taxable income of individuals, partnerships, companies, corporations, trusts, decedents estates, and certain bankruptcy estates. Some state and municipal… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.