Your Filing Status Is What Type Of Tax Return You Will Use
Federal Income Tax, Married Filing Jointly
Federal Income Tax, Married Filing Jointly
Your filing status is very important when you are filing your taxes. Your filing status is what type of tax return you will use. You may file using one of the five following status categories:
1. Married filing jointly
2. Head of household
3. Married filing separately
4. Single
5. Qualifying widower with dependents
If you find that you may fall in to more than one category, you have the option to choose which filing status would allow you the biggest return.
Married Filing Jointly
In the eyes of the IRS you are only considered married if there is a legal union. If this is the filing status you have chosen to use then you must meet a few qualifications. You must have been married to your spouse by December 31st of the taxable year and you must have lived with your spouse for at least 6 months of the year. If you were divorced for any portion of the year then you will not be able to file jointly.
If you are married then filing jointly will usually offer you the biggest return as long as one spouse has a larger income. If both of the spouses work and have large difference in income and deductions then you may want to consider filing married but separate. Many credits are available to you if you file jointly that may not otherwise be offered. When filing jointly you will need to make sure you report both of your incomes and deductions as you will both be liable for any errors.
For more information on filing jointly, visit TurboTax Online. TurboTax Online will help you get the most deductions possible!
