Joint tax return

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Joint tax return

Tax return filed by two people, usually spouses.

Joint Tax Return

A tax return filed by a married couple. Joint tax returns are advantageous, as husbands and wives usually have a lower tax liability filing together than they would filing separately.
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The phaseout range runs from MAGI of $112,000-$127,000 for singles and from $178,000-$188,000 for married couples filing joint returns.
In principle, the joint return simplified tax filing for married couples "whose combined income was below the amount that would trigger the surtax rate." (30) However, when rates significantly increased with the United States' entry into World War I, (31) filing joint returns became considerably less appealing to high-income taxpayers.
For joint returns, the statewide median income was $65,772, an increase of 1.1 percent over 2009.
* Tax advisers can also educate their married individual tax clients about joint and several liability and, where appropriate, suggest filing separate rather than joint returns.
EGTRRA 2001 increased the size of the 15% bracket for married couples filing joint returns to twice the size of the corresponding bracket for unmarried individuals filing single returns, phasing in the increase over four years, beginning in 2005.
"Jackson Hole bigmouths swear Harrison Ford and Calista Flockhart took blood tests and got licenses so (it) could be they already are, or soon will be, filing joint returns," the Daily Express quoted New York Post as saying.
Prior to 1918, joint returns were not allowed and each spouse was required to file his and her return separately.
Joint Returns and Surviving Spouse $239,950 - $362,450
In the ease of joint returns, primary and secondary taxpayers were considered separately.
According to Internal Revenue Service spokesman Anthony Burke, same-sex couples are barred from filing joint returns because "the determination of marital status for federal income tax purpose is made in accordance with the law of the state of the marital domicile."
Couples especially benefit from joint returns when one spouse earns a disproportionately greater amount of income than the other spouse.
The law also expanded the phase-out ranges to $50,000-65,000 for single taxpayers and to $100,000-130,000 for married taxpayers filing joint returns.

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