What Are the Benefits of Filing a Joint Tax Return?

The Internal Revenue Service requires that you determine a filing status when filing a tax return. The five filing status selections are single, married filing jointly, head of household, married filing separate and qualifying widow(er) with dependent child. Although the guidelines for selecting a filing status vary, there are several benefits for filing a joint return.

Purpose

If you are considered legally married, you are allowed to file a joint return.

Features

The standard deduction of a tax return minimizes the taxpayer's overall tax liability. The standard deduction of a joint return is $10,900. The joint standard deduction amount is higher than the single, head of household and married filing separate status deductions.

Considerations

If you and your spouse file a joint return, you assume a joint responsibility for the information included on your tax return.

Significance

Married filing joint is the most financially beneficial filing status for minimizing tax liabilities on returns which are not itemized.

Warning

According to the Internal Revenue Service, both spouses must agree to file a joint return. You are not allowed to file a joint return without the explicit agreement of your spouse. Both signatures are required.

References

• IRS: Filing Information