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Filing separately avoids the marriage penalty and allows each spouse to use the single tax brackets, which are slightly wider than the brackets for married couples filing jointly.
Likewise, if one spouse has medical costs that exceed 7.5% of their adjusted gross income, but not 7.5% of your joint income as a couple, you could save on taxes by filing separately so the ...
Married Filing Jointly vs. Married Filing Separately. One interesting thing about getting married and filing your taxes is that if your nuptials take place at the end of the year, even on the last ...
Filing taxes under the status of “married filing separately” for tax year 2020 — i.e., the return you’re filing in 2021 — is largely unchanged from the 2019 tax year.
Filing status depends in part on marital status and family situation. [2] There are five possible filing status categories: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household, and qualifying widow(er) with dependent children. [1]
On the other hand, being married can result in a lower effective tax rate if only one spouse works because the marginal tax bracket for married couples filing jointly is twice as much compared to the same marginal bracket for singles, and the standard deduction is twice the amount for married filing jointly compared to single status.
Generally, most married couples file taxes jointly, but for some couples, filing separately might help them avoid the so-called marriage penalty. Credit: Getty Images (emmgunn via Getty Images)
In 2023, the standard deduction for a married couple filing jointly was $27,700, while for a married couple filing separately, it was only $13,850. For 2024, those deductions increase to $29,200 ...