If you'd like to make changes to the amount of tax you're withholding per paycheck, you can submit a new W-4 to your employer. Before making the change, you must first determine your eligibility for the various filing statuses. For married persons with a living spouse, there are two ways to file:. Here's what experts have to say about filing jointly versus separately, plus advice on how to decide what's right for you. After that, the rates continue to increase on a marginal basis. Additionally, the IRS offers spouses who file jointly one of the biggest standard deductions each year, according to TurboTax.
Another reason to consider filing together is that joint filers are often eligible to receive meaningful savings in the form of tax credits, such as:. As long as you were married by Dec. While "it's almost always better to file jointly because of a lower tax responsibility overall," there are "very specific situations" when it pays to submit separate returns, Guglielmetti says.
You or your spouse have high or unpaid student loan debt: If one of you has defaulted on your student loans, meaning you haven't paid on them in days or more, you should consider filing separately, explains Malik S.
Lee, an Atlanta-based certified financial planner at Felton and Peel. That's because, in this case, your joint tax refund could end up being rerouted through the Treasury Offset Program and put toward the unpaid debt, meaning neither of you would get a refund.
However, if you had filed separately, at least one of you would have a refund. That way, their income is not considered in the repayment calculation," says Guglielmetti. One of you has excessive medical bills: When you or your partner get sick, "you can generally deduct your medical expenses above a threshold of your income," says Guglielmetti.
Why eFile? You are considered married if you were or are married as of December 31, For the majority of married couples the Married Filing Joint status is more tax advantageous. However, there are good reasons when you should use the Married Filing Separate filing status as it might be more beneficial to your specific tax situation. If you are unsure, use our eFile. Once you determine your filing status, you will indicate it on the beginning information screen Name and Address when you prepare and eFile your Tax Return on eFile.
Choosing your filing status is one of the first things you do when you start preparing your tax return online via eFile. The eFile app will select any forms and schedules for you based on your answers to simple tax questions.
We will then apply the correct tax rates and standard deduction amount to your return. When filing married filing jointly, both spouses report their income, tax deductions , and tax credits on the same tax return. Both parties are responsible for each other's tax liability. Therefore, if you choose to file as married filing jointly your spouse will be responsible for any tax, penalties, and interest that arises from that joint tax return, even if you reported no income on the return.
Tax Tip: However, if you do not believe you are responsible for some of your spouse's tax liability, penalties or interest, you should see if you qualify for Innocent Spouse Relief.
Furthermore, if one spouse is not responsible for the current or past debt's of the other spouse, then the spouse might be entitled to request his or her portion of the IRS tax refund back from the IRS in case the IRS has offset the tax refund to pay the spouse's debt.
Thus, consider the Injured Spouse option. There are many benefits to filing with the Married Filing Joint status. Some of these are:. For more information, see the tax rates and standard deduction for Married Filing Jointly. In most cases, it is more tax advantageous for a married couple to file a joint tax return than a married filing separate return.
However, this is not always the case. Also if there are unpaid taxes or child support, a refund could be offset or reduced by the IRS, regardless of which spouse is responsible for the debt.
See the Tax Tip above about the Innocent Spouse or Injured Spouse you can file with your return if you are concerned about this. To find out the best filing status for you, calculate your refund or balance due by using the free eFile. Estimate your taxes with the Married Filing Joint filing status, then do a new calculation with the Married Filing Separate filing status. Some of the above limitations may not affect you at all.
Others may make you reconsider filing separately. For example, numbers make the Married Filing Separately status not a good choice, tax-wise, for students. In any case, it is a good idea to estimate your tax refund or liability with our Free Tax Calculator using both Married filing statuses so you know which one would be most beneficial to you.
You will need to enter the following information for your spouse on the Personal Information screen of your eFile. If you do not have the spouse's social security number you can prepare the return on eFile. You can print your return from your eFile. Include a cover letter with your tax return and explain why the SSN, date of birth for the spouse are missing. Here are the mailing addresses for IRS returns. It is easy to file as Married Filing Separately on eFile.
Choosing your filing status is one of the first things you do when you start preparing your tax return online. Once you select your filing status eFile. After the IRS accepts your Married Filing Separately tax return, if you need, you still can amend your return to a Married Filing Joint filing status return for up to 3 years after the original tax deadline this does not include extensions.
Find out how to file an amended tax return. Get Your Tax Refund Date. What is DocuClix? Security About eFile. Where Is My Refund? How to Check Refund Status efile.
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