What Are Exemptions When Filing Joint Taxes?
Exemptions reduce your taxable income and tax liability, so be certain to take any exemptions to which you are legally entitled. Joint filing does not reduce the number of exemptions you may take.
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Filing Status
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If you are married, you and your spouse may file a joint tax return. When filing jointly, you combine both incomes and combine your allowable deductible expenses. You may pay less tax when filing jointly compared with the combination of taxes you may owe under other filing statuses.
Exemptions
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You can claim a personal exemption for yourself and your spouse. For tax year 2009, each exemption is worth $3,650.
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Dependents
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You may also claim an exemption for any of your dependents. Dependents are defined as a qualifying child or relative. (See Resources below for the IRS Qualifying Dependent Test.) If a dependent files his own tax return, you may still claim him as long as he does not claim himself and take an exemption. A married couple with three children could reduce the taxable income by $18,250.00 (5 x $3,650) for tax year 2009.
Income Restrictions
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Depending on your income, your exemption amount may be reduced. Exemption phaseout begins when your adjusted gross income exceeds $250,200 for tax year 2009. However, each exemption cannot be reduced to less than $2,433.
Limitations
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If your spouse died during the tax year, you may still file a joint tax return as you are considered married for the entire year. You may sign the return for your deceased spouse by entering "Filing as surviving spouse." If you are divorced and the final decree is dated by the last day of the year, you may not file a joint return as you are considered unmarried for the entire year.
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References
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