A:

The only thing that "joins" the credit of a married couple is the ownership of joint accounts. In other words, if there is a credit card, line of credit, mortgage or loan in both names or one party is an authorized user on one of the other person's account, then the credit report agencies include this information on the credit reports of the husband and the wife. In the event that there is a default on any joint account, that information is also reported on both credit reports.

Filing a joint tax return does not link the credit of a married couple. It increases the eligibility and amount of certain credits. The only connection between a joint return and a couple's credit is if there are back taxes or child support owed, default on a loan or tax balance due. If a couple files jointly and one or both of them owes child support, back taxes and has a default against a loan, then the money owed is deducted from any refund due. If the tax return shows that instead of receiving a refund, the couple owes money, then the IRS holds both parties responsible. So, filing jointly does not have the effect of "joining" the credit of a couple. Rather, a joint tax filing can affect a joint tax return.

To learn more, check out The Importance Of Your Credit Rating.

This question was answered by Chizoba Morah.

RELATED FAQS
  1. When should my tax refund arrive?

    More than 90% of income-tax refunds arrive in less than three weeks, according to the Internal Revenue Service (IRS). However, ... Read Full Answer >>
  2. How do I file taxes for income from foreign sources?

    If you are a U.S. citizen or resident alien, your income (except for amounts exempt under federal law), including that which ... Read Full Answer >>
  3. Are Flexible Spending Account (FSA) items tax deductible?

    Flexible Spending Accounts (FSAs) are employer-sponsored, tax-favored savings plans expressly for the future reimbursement ... Read Full Answer >>
  4. How Long Should I Keep My Tax Records?

    The Internal Revenue Service (IRS) has some hard and fast rules regarding how long taxpayers should keep their tax records. As ... Read Full Answer >>
  5. How many free credit reports can you get per year?

    Individuals with valid Social Security numbers are permitted to receive up to three credit reports every 12 months rather ... Read Full Answer >>
  6. Is it possible to get a free credit report from Equifax?

    It is possible to get a free credit report from Equifax, as well as the other two major credit bureaus, Experian and TransUnion. ... Read Full Answer >>
Related Articles
  1. Taxes

    Free 2016 Tax Preparation! Top Online Services

    A place that fills out and files your taxes free of charge? It's no myth, as long as you have a simple return. Read on to find the top preparers.
  2. Taxes

    Why People Renounce Their U.S Citizenship

    This year, the highest number of Americans ever took the irrevocable step of giving up their citizenship. Here's why.
  3. Taxes

    Taxes: H&R Block Vs. TurboTax Vs. Jackson Hewitt

    There are more and more tax services to help ease the pain of filing income taxes. Here's our take on three of the biggest.
  4. Taxes

    Confused About Estimated Tax Deadlines for 2016?

    If you run a business or have investment income, pay attention to this year's estimated tax deadlines. Here are the details, and what's new for 2016.
  5. Retirement

    Retirement Plan Tax Prep Checklist

    Here's a list of items you need to have in order by tax time, including paying attention to those pesky required minimum distributions.
  6. Tax Strategy

    A Beginner’s Guide To Tax-Efficient Investing

    Tax-efficiency is a measure of how much of an investment’s return remains after taxes are paid.
  7. Retirement

    The High Net Worth Guide to Medicare

    In the years ahead, wealthy seniors will pick up an even bigger part of the Medicare tab. However, there are ways to minimize the bill.
  8. Philanthropy

    How Billionaires Around the Globe Give Back

    This list of foreign billionaire philanthropists is robust. Here's a list of rich entrepreneurs around the globe who have given back in really big ways.
  9. Retirement

    Your Retirement-Planning Team

    As you accumulate wealth, retirement planning can be too complex for just one person. The right team can help you avoid headaches and reach your goals.
  10. Investing Basics

    Know Your Stock Cost Basis

    A stock’s cost basis is its purchase price plus all reinvested dividends and commissions.
RELATED TERMS
  1. Credit Report

    A detailed report of an individual's credit history prepared ...
  2. Taxes

    An involuntary fee levied on corporations or individuals that ...
  3. W-2 Form

    The W-2 form reports an employee's annual wages and the amount ...
  4. Sales Tax

    A consumption tax imposed by the government on the sale of goods ...
  5. Duty Free

    Goods that international travelers can purchase without paying ...
  6. Wealth Management

    A high-level professional service that combines financial/investment ...
Trading Center