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 ?
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.