Is it Better to File Taxes Jointly When Married?

A taxpayer who is married has a choice between filing married filing jointly and married filing separately. For most taxpayers, filing a joint tax return is preferable to filing a separate return.

Significance

The married filing separately status is designed for taxpayers who wish to keep their tax accounts separate. However, with married filing jointly returns, both taxpayers accept responsibility (and consequences) for the information listed on the return.

Standard Deduction

The standard deduction for both married filing jointly and married filing separately are roughly the same: $11,400 for a married couple filing jointly and $5,700 for a married individual filing separately.

Features

Married filing jointly taxpayers are eligible for several tax credits that separate filers are not entitled to claim. Some of the credits married filing separate filers are prohibited from claiming include the Hope Credit, Lifetime Learning Credit and the Earned Income Credit.

Considerations

Since tax credits reduce tax liability, separate filers have less opportunity to reduce tax liability than do joint filers. Higher tax liabilities can result in lower refunds or even a balance due.

Warning

If filing separately, remember that both you and your spouse must file the return the same. For instance, if your spouse itemizes, then you must itemize. If your spouse files using the standard deduction, then you must do the same.

References

• IRS: Publication 501
• IRS: Filing Status