Married same-sex couples must now file their federal income tax returns as either married filing jointly
or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.
61) Married filing jointly
taxpayers will have these credits reduced when the adjusted gross income is between $94,000 and $114,000.
Notice that the total tax liability of filing married filing jointly
for the same total gross income is more that the total combined tax liability of filing single for each taxpayer ($13,081 - $11,558 = $1,523 more).
Taxpayer Begins After Fully Phased Out * Married filing jointly
$214,050 $336,550 Single $142,700 $265,200 Head of household $178,350 $300,850 Married filing separately $107,025 $168,275 * Phase-out occurs at rate of 2% for each $2,500 or part of $2,500 ($1,250 in both cases for married filing separately) by which the taxpayer's adjusted gross income exceeds the "Begins After" amount.
This increased for 2007 with the standard deduction for singles and married filing separately, $5,350; heads of household, $7,850; and married filing jointly
Married taxpayers can choose to file Married Filing Jointly
or Married Filing Separately based on their individual situation.
6% 425,000 Married Filing Jointly
or Qualifying widow(er) $0 $17,850 $0 10% $0 17,850 72,500 1,785.
Student loan interest: If you are still paying off those pesky student loans, the maximum income level for married filing jointly
taxpayers is twice the amount it is for single taxpayers - $150,000.
This results in each class member owing $276,500 in Federal income tax on his or her proportionate share of the recovery (assuming married filing jointly
Single individuals 3400,000 Heads of households 425,000 Married filing jointly
and surviving spouses 450,000 Married filing separately 225,000 Estates and trusts 11,950
Example 1: Fond W, married filing jointly
, have wages of $150,000 and dividends of $30,000 in 2003.
Assess itemized deductions: For clients with itemized deductions close to the standard deduction, a tax adviser could suggest that they itemize every other year, particularly because the married filing jointly
standard deduction is $9,500 for 2003.