separate return

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.

separate return

A tax return filed separately by each spouse, in which income and deductions attributable to that spouse are listed. Spouses may choose to file separate returns or to file a joint return combining incomes and deductions. Compare joint return.
References in periodicals archive ?
The detailed concept adopted by the governing council stipulates that rejected, asylum seekers who have to leave the country are to be accommodated in separate return centers as part of the emergency aid.
'The separate return form is meant only for persons deriving salary income or a combination of salary income and income from other sources where salary is more than 50 percent of the total income,' the FBR added.
The deduction for acquisition indebtedness is limited to interest paid on the first $1 million of debt ($500,000 for a married taxpayer filing a separate return) and the first $100,000 on home equity loans ($50,000 for a married taxpayer filing a separate return).<br />Under the TCJA, a taxpayer may treat no more than $750,000 as acquisition indebtedness ($375,000 in the case of married taxpayers filing separately) for tax years beginning in 2018 through 2025.<br />Transition relief.
6013(b)(1) allows married taxpayers who could have filed a joint return for a tax year but who instead file "a separate return" to elect to switch to a joint return with their spouse for that tax year.
Moss filed a separate return in April 2009, apparently because she believed she was entitled to a theft loss deduction.
Under the ACA the employee portion of the hospital insurance tax (as well as the self-employed individual's hospital insurance tax) is increased by 0.9 percent on wages in excess of $200,000 for an individual filing as single or head of household, $250,000 for a married couple, or $125,000 for a married individual filing a separate return.
The PAYE data must be sent electronically to HMRC each time employees are paid, as part of routine payroll processes rather than sending a separate return at the end of the year.
From April employers will send PAYE data electronically to HMRC each time they pay their employees as part of routine payroll processes rather than sending a separate return at the end of the year.
For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to Sl0,000.
The income brackets to which each rate applies depend upon whether a separate return, joint return, head-of-household return, or single return is filed.
The Separate Return Method is the Preferred Method Paragraph 40 of FAS 109 requires that the current and deferred tax expense for a group that files a consolidated return be allocated among the group members when those members issue separate financial statements.
The aggregate amount treated as acquisition debt for any period shall not exceed $1 million or $500,000 in the case of a married individual filing a separate return. The maximum aggregate amount of home equity debt for any period is $100,000, or $50,000 in the case of a married individual filing a separate return.