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Married Filing Separately

   Also found in: Acronyms 0.01 sec.
Married Filing Separately
A filing status in which a married couple files individual tax returns instead of a single return. When two spouses file separately, each is taxed like a single individual. This usually results in a higher combined tax liability, but it may be advantageous if one spouse has significantly higher expenses or deductions.

Married Filing Separately
A filing status that can be used by married taxpayers who choose to record their respective incomes, deductions, and credits on separate individual tax returns.


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In addition, taxpayers with a filing status of married filing separately, who have previously been precluded from making such conversions, will be able to do so (Sec.
For 2008 act purchases, the amount of the credit is 10% of the purchase price of the residence, up to $7,500 ($3,750 for married filing separately status) and, for 2009 act purchases, up to $8,000 ($4,000 for married filing separately status) (section 37(b)(1)).
The phase-out zones that squeeze the value of the rebates as adjusted gross income rises above $75,000 on a single, head of household or married filing separately return, and over $150,000 on a joint return.
 
 
 
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