Married Filing Jointly

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Dictionary Says

Definition of 'Married Filing Jointly'

A filing status for married couples that have wed before the end of the tax year. When filing under the married filing jointly status, couples can record their respective incomes, exemptions and deductions on the same tax return. Married filing jointly is best if only one spouse has a significant income. However, if both spouses work and the income and itemized deductions are large and very unequal, it may be more advantageous to file separately.
Investopedia Says

Investopedia explains 'Married Filing Jointly'

When filing jointly, both you and your spouse are equally responsible for the return and the taxes. If either one of the spouses understates the tax due, both are equally liable for the penalties unless the other spouse claims he or she was not aware of the mistake and did not benefit from it. Taxes can get pretty technical and tricky so if you or your spouse is having trouble determining tax liability, talk to an experienced tax preparer.
Search results for

'Married Filing Jointly'

  • Newlyweds? Tips For Filing Your Tax Return

    http://www.investopedia.com/articles/tax/10/file-taxes-couple.asp
    ... If you weren't married on the last day of the tax year for which you are filing,
    you can't declare yourself either married filing jointly or married filing ...

  • When am I considered "married" for tax purposes?

    http://www.investopedia.com/ask/answers/09/married-tax-filing.asp
    ... The best way to make this determination is to have your tax preparer prepare a draft
    of both types of returns (single and married-filing-jointly) so that you ...

  • Happily Married? File Taxes Separately!

    http://www.investopedia.com/articles/tax/08/file-seperately.asp
    ... The Disadvantages There are a number of reasons why the married-filing-separately
    status ... and deductions that are available to those who file jointly, such as: ...

  • How can I tell if I'm eligible for an EITC?

    http://www.investopedia.com/ask/answers/07/taxtipeitc.asp
    ... You earned less than $12,120 ($14,120 if married filing jointly) and did
    not have any qualifying children. You earned less than ...

  • New Retirement Plan Limits For 2011

    http://www.investopedia.com/articles/retirement/04/111004.asp
    ... SEP Compensation eligibility, $550, $550. Saver’s tax credit, Married filing jointly,
    50% credit, $-0- to $34,000, $-0- to $33,500. ... Married filing jointly. ...

  • I am 59 (not 59.5) and my husband is 65. We have participated in a ...

    http://www.investopedia.com/ask/answers/05/SimpleIRA.asp
    ... $100,000. This $100,000 limit applies to individuals who file as single,
    as well as individuals who file as "married filing jointly". ...

  • IRA Contributions: Deductions and Tax Credits

    http://www.investopedia.com/articles/retirement/05/022105.asp
    ... modified adjusted gross income (MAGI) and your tax-filing status - that is, whether
    you file "married filing separately", "married filing jointly" or "single". ...

  • An Introduction To Roth IRAs

    http://www.investopedia.com/articles/retirement/04/091504.asp
    ... 2. Married Filing Jointly In 2011, if an individual's tax-filing status is married
    filing jointly, Roth IRA contributions are not allowed if the combined MAGI ...

  • Can I add my higher income spouse's name to my Roth IRA in order ...

    http://www.investopedia.com/ask/answers/05/jointroth.asp
    ... is $114,000 or less. For individuals whose 2007 tax filing status is married
    filing jointly, the limit is $166,000. To read more ...

  • Will jointly filing taxes have the effect of joining a couple's ...

    http://www.investopedia.com/ask/answers/09/filing-joint-taxes-join-credit.asp
    ... Filing a joint tax return does not link the credit of a married couple ... If a couple
    files jointly and one or both of them owes child support, back taxes and ...

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