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Married Filing Jointly
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Married filing jointly is the tax filing term for a married couple filing a single tax return. This means that the individual incomes and deductions of a couple who is married filing jointly is combined. To qualify for "married filing jointly" status, the couple must have wed before December 31st of that tax year. If a spouse dies during the previous tax year and the widow(er) does not remarry that year, he or she may still choose married filing jointly. If a spouse died in the current tax year before the widow(er) filed that last year, he or she may again choose married filing jointly. For many couples, married filing jointly is a way to lower taxes. Some experts contend that married filing jointly is best if only one spouse has a significant income. Since taxes can be tricky, those married filing jointly should be aware that both spouses are equally liable for any misrepresentation or penalties associated with filing. An alternative to married filing jointly is to file as married filing separately.
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