What are the benefits of filing joint? Thanks.
2007-12-06 03:37:11 · 10 answers · asked by Cesaria Barbarossa 7 in Business & Finance ➔ Taxes ➔ United States
No, but unless one of you is subject to AMT, you are an idiot not to file jointly. If you file separately, you BOTH have to claim the single tax rate, which is higher than the married one. It just doesn't make sense to file separately for anyone not dealing in incomes of 7 digits or more.
2007-12-06 05:50:31 · answer #1 · answered by KD 5 · 0⤊ 1⤋
As everyone else said, you have two options: file jointly, or file married but filing separately. And like everyone else said, it generally saves you money to file jointly.
One thing I wanted to add is that married people who file jointly are liable if there is anything shady on the return that the other spouse did, even if you had nothing to do with those shady dealings. So filing separately is a way to keep you from getting into trouble for something tax-related that your spouse is doing.
2007-12-06 03:50:10 · answer #2 · answered by anna13 4 · 2⤊ 1⤋
No, if you're married you can file a joint return or file as married filing separately.
You almost always will pay less taxes between you if you file joint. Plus if you have someone prepare your return for you, there's only one return so you aren't paying their fees for two returns.
2007-12-06 03:43:12 · answer #3 · answered by Judy 7 · 4⤊ 1⤋
No, you can file separate. Usually its more beneficial to file joint.
Do what me and my husband do we do it both ways to see which way we get the best return and then file those.
2007-12-06 04:25:06 · answer #4 · answered by ACCOUNT CLOSED 4 · 0⤊ 0⤋
First, Married Filing Jointly (MFJ) is "GOOD". Why it is good, because you have the highest standard deduction ($10700) and other beneftis such as higher income limits for different credits etc.,
Second, if you are married you're not forced to file MFJ, you have options of filing as Married Filing Separately (MFS) and as Head of the Household (HH). For the filing as HH,you must meet certain tests such as your spouse not lived with you for the last 6 months of the year, have a dependent, maintained living expenses etc. MFS is "BAD", because you have the lowest standard deduction ($5350), you are not able to claim many credits such as Earned Income Credit. Lastly, if you meet all the tests and file HH (standard deduction -$7350), this option gives you, a better chance of claiming different credits and deductions. You're welcome.
2007-12-06 04:03:04 · answer #5 · answered by Q 3 · 1⤊ 2⤋
No you don't have to file jointly. However filing jointy will allow for 1 more deduction and additional tax credit.
2007-12-06 03:41:54 · answer #6 · answered by crapaudblanc 4 · 0⤊ 2⤋
you can file jointly or seperatly. I have found that filing jointly is usually the best way to go, but it is different under certain circumstances.
2007-12-06 03:43:03 · answer #7 · answered by Amy G 3 · 1⤊ 0⤋
Your two options are married filing jointly or married filing separately.
In almost all cases, it's better to file jointly.
2007-12-06 03:43:55 · answer #8 · answered by Stacia Z 3 · 2⤊ 1⤋
As mentioned either way. I have helped friends with their taxes and we will do both ways (Depending on circumstances) and send in the one that work best for them.
2007-12-06 03:46:30 · answer #9 · answered by Snaglefritz 7 · 0⤊ 1⤋
no but ussually you save money if you do. there are tax breaks for being married.
2007-12-06 03:39:47 · answer #10 · answered by Anonymous · 0⤊ 0⤋