For example, the Earned Income Tax Credit is generally only available to married couples who file jointly. That's because there are more tax deductions and credits married couples filing jointly are eligible for. "When you file jointly, that is typically how you get the largest legitimate refund," says Scott Curley, co-CEO of FinishLine Tax Solutions, a tax consulting firm based in Houston. Do you get more money if you file jointly? That's why both signatures are required on the tax return. Tax return season 2023: What to know before filing your taxesįinally, to file jointly you and your spouse must both agree to it. Near retirement?: Here are 4 ways to lower your tax bill and hold onto more money. So as long as you got your marriage license in 2022, you were considered married in the eyes of the IRS.īut if you got divorced or legally separated from your spouse at any point during 2022, you're considered unmarried for the entirety of the year and cannot file a joint return. In order to file a joint tax return in 2023, you had to have been legally married by Dec. Here's why What are the rules for married filing jointly? Why is my tax refund so low?: Tax refunds in 2023 could be smaller, take longer. Tax bracket guide: What are the 2022 US federal tax brackets? What are the new 2023 tax brackets? Answers here Importantly, filing jointly means you're both on the hook for the money you and your spouse owe to the IRS prior to your marriage. Marginal tax rates for individual filers: ![]() Marginal tax rates for married couples filing jointly were: The Internal Revenue Service raised the thresholds for taxes filed this year to adjust for inflation. The joint income is subject to different tax brackets than single filers. If you're married you can choose whether you want to file a joint return or file two individual returns.įiling a joint tax return means your income and your spouse's income get combined together. Later can sometimes be better: How long should you wait before filing taxes? What does filing jointly mean? What's an FSA, HSA, 529?: How they work and how to use them to cut taxes, build wealth. For newlyweds who aren't yet homeowners this mattered a lot since it likely made more sense for them not to file an itemized return and take the standard deduction, said Tim Speiss, a certified public accountant and partner of EisnerAmper in New York.īut there are many more considerations to take into account before you make your final decision. It's the age-old quandary couples face each year because of the benefits and drawbacks that come with each option. A simple coin toss to decide which route to take could end up being more costly or cause you to miss out on hefty tax credits and deductions, leading to a smaller tax refund.įor instance, the standard deduction for married couples filing jointly was $25,900 this year versus $12,950 for separate filers. ![]() Tax season is officially behind us, but it's never too early to plan for next year, and a question you and your significant other may want to ask is: Should we file our taxes jointly or separately? What could be more romantic than discussing taxes?
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