Married Filing Jointly

Married Filing Jointly

A filing status for married couples that have wed before the end of the tax year. They 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.

Notes:

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/she was not aware of the mistake and did not benefit from it. Just remember, taxes can get pretty technical and tricky so if you or your spouse are having troubles with your taxes or are confused in any way, talk to an experienced tax preparer.

See also: Adjusted Gross Income - AGI, Filing Status, Head of Household, Itemized Deduction, Joint Owned Property, Married Filing Separately, Standard Deduction