Married Filing Jointly

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Married Filing Jointly

A situation in which a married couple files a single tax return. Married persons usually file jointly if only one spouse makes the majority of the income; if both spouses make a significant income, filing jointly may be more complicated than it is worth. When a married couple files jointly, each spouse is completely responsible for the tax liability.

Married Filing Jointly

A filing status that can be used by taxpayers who are married at the end of the tax year and not legally separated under a final decree of divorce or separate maintenance. The income, deductions, and credits of both spouses are entered on a joint return.
References in periodicals archive ?
That threshold applies even if only one spouse has reached 65 and you file jointly.
Married Filing Separately: Many married couples assume that they must file jointly, but in some cases, completing separate returns may be a better option.
You are married, file jointly, and determine your taxable income for 2010 to be $205,000 currently--the total of interest income ($10,000), salary ($80,000), commissions ($40,000) and pass-through earnings from your company ($75,000).
The report uses this figure in evaluating the potential for increased revenue generation from a scenario in which same-sex couples file jointly and found that the effect on total revenue would be minimal.
For example, if a couple must pay more in taxes because they can't file jointly, the household will have less money--including less to support a child.
Generally, married persons who file jointly are jointly and severally liable for the tax due, unless under the innocent spouse rule a spouse can show that (1) on the tax return there is a substantial understatement of tax attributable to grossly erroneous items of the other spouse, (2) in signing the return, the spouse seeking relief had not known and had had no reason to know of such substantial understatement and (3) taking into account all the acts and circumstances, it would be inequitable to hold the spouse liable for the deficiency.
If one spouse is covered at work and the other is not, and they file jointly, they can take a full deduction if they earn a total of $40,000 or less.
But if you want to claim most tax credits or deduct your IRA contribution, you'll probably need to file jointly.
66(c) provides relief from income tax liability to taxpayers domiciled in a community property state, but who do not file jointly.
Most married couples elect to file jointly, as that option offers some tax credits not otherwise available.
Had our marriage been legally recognized," Daniel says, "we would have been able to file jointly, and we would have received a larger tax deduction.
The companies will file jointly to transfer ownership of Corning Natural Gas (CNG) from its stockholders to C&T Enterprises, a jointly owned subsidiary of Claverack and Tri-County Rural Electric Cooperatives.