Due to this structure, married couples filing jointly
may end up with a higher joint federal income tax liability compared to what they would incur collectively if they remained single and filed as single individuals.
The standard deduction for married filing jointly
rises to $24,400 for tax year 2019, up $400 from the prior year.
In 2018, the standard deduction is $12,000 for single taxpayers and married individuals filing separately (up from $6,350 in 2017), $24,000 for couples filing jointly
(up from $12,700), and $18,000 for heads of household (up from $9,350).
If your spouse is also a teacher and you're filing jointly
, you might qualify for a bigger deduction.
For example, the highest rate (37%) now applies to taxable income greater than $600,000 for married filing jointly
and greater than $500,000 for single and head of household filers.
* Married filing jointly
and surviving spouses: $250,000.
Moss for 2008 based on the return he had filed, changing his filing status from married filing jointly
to married filing separately.
Along these lines, if you're a couple filing jointly
, you can also deduct the interest you pay on up to $100,000 in home equity debt.
Normally, up to $14,000 ($28,000 if filing jointly
) may be gifted from one individual to another each year without incurring gift tax liability.
For married couples filing jointly
, the 50 percent taxable figure applies if your combined income is between $32,000 and $44,000.
This exemption amount rises this year to $53,600 (up $800) for singles and $83,400 (up $1,300) for married couples filing jointly
The exemption is projected to rise to $82,100 for married couples filing jointly
and surviving spouses, $52,800 for unmarried single filers and heads of household and $41,050 for married couples filing separately in 2014.