Filing jointly vs filing seperate?

Question

I'm getting married at the end of this month and I just wanted to know what are the pros and cons of filing jointly or seperately?

Answer 1

Filing jointly almost always results in a lower total tax between the two of you.  It can be a large amount or only a few dollars - in your circumstances it will more likely only be a few dollars.  There are a number of credits, though, that you can't take if you file as married filing separately - one that might apply to you is that you can't take any education credits or deduct student loan interest.

If you file separately, you aren't responsible for the other person's tax, or if they omit something from their return.

Answer 2

You *can* itemize deductions on a separate return--the rule is simply that if one spouse itemizes, both must itemize!

Answer 3

In your case, if your income is the same as your spouse, and you have no children, it may make no difference in your taxes if you file separate or joint.  

Separate filers have more restrictions on retirement contributions, so you may need to have that reviewed by someone.

Also, separate filers must each either take the standard deduction or each itemize.  

An advantage of separate returns is that you will not be liable for tax debts of your spouse.

Aside from this, you have to work out the returns each way and then decide what to do.  Also, do the state returns and see what difference that makes.  State treatment of separate returns varies with the state.

Answer 4

It depends on the disparity of your income.  I figure it both ways each year and then go with the bigger refund.  It is more time consuming but worth it in the long run.  If you file separetly you can't itemize deductions.

Answer 5

It's best to try it both ways. It's usually advantageous to file jointly, but not always. There are some limitations to filing separate, such as not being able to itemize deductions or claim the earned income tax credit.

Answer 6

It is almost always better to file a joint return. you lose credits when you file separately. Contrary to what the others say, you can itemize deductions on separate returns. BUT if one of you itemizes, the other has a standard deduction of zero, so the other should itemize also.