Separate Return

DEFINITION of 'Separate Return'

A separate Form 1040, or a variant thereof, filed by a married taxpayer who is not filing jointly. A separate return is usually filed either by a married couple who are divorcing or by a married couple where one spouse has much higher income and deductions than the other.

BREAKING DOWN 'Separate Return'

Taxpayers who file separately forfeit a number of tax credits, such as the earned income credit and the dependent care credit. They are also ineligible to make Roth IRA contributions or convert their Traditional IRAs to Roth IRAs.

RELATED TERMS
  1. Married Filing Separately

    A filing status for married couples who choose to record their ...
  2. Joint Return

    A U.S. income tax return filed on behalf of a married couple, ...
  3. Married Filing Jointly

    A filing status for married couples that have wed before the ...
  4. IRS Publication 555

    A document published by the Internal Revenue Service (IRS) that ...
  5. Single Filer

    The filing status used by a taxpayer who is unmarried and does ...
  6. Credit For Qualified Retirement ...

    Also known as IRS Form 8880, the Credit for Qualified Retirement ...
Related Articles
  1. Personal Finance

    Newlyweds? Tips For Filing Your Tax Return

    For many couples, it pays to file for taxes together. But what are some of the obstacles you should watch out for?
  2. Personal Finance

    Should Married Taxpayers File Together?

    Married couples that file a joint tax return can enjoy several credits and benefits that aren’t available when filing separately.
  3. Retirement

    Top Reasons to File Separately When Married

    Usually couples file their taxes jointly, not separately. Except for these possible exceptions...
  4. Personal Finance

    Happily Married? File Taxes Separately!

    Just because you are in love doesn't mean that a joint return is best for both of you.
  5. Personal Finance

    Gay Marriage and Taxes: Everything You Should Know

    Same-sex couples now have a variety of tax strategies to consider.
  6. Financial Advisor

    Tax Time is Coming; Don't Be Caught Off Guard

    It's time to think about tax returns again. The good news is that the regulations in 2016 have not changed dramatically from last year.
  7. Personal Finance

    Income Tax Brackets for 2015-2016

    Learn about the 2015-2016 tax brackets, how to calculate your marginal tax rate, the five types of filing status and how to qualify for them.
  8. Financial Advisor

    2016 Tax Code Changes Add Some Wiggle Room

    It's never too early to prepare for tax season. Next year features a host of tax law changes. Check our handy list to see which ones apply to you.
  9. Investing

    Why Marriage Makes Financial Sense

    Getting married has many financial positives. Here are some of them.
  10. Retirement

    Roth IRAs: Eligibility Requirements

    Who Can Establish a Roth IRA?Any individual who has taxable compensation or self-employment income (earned by sole proprietors and partners) for the year may establish and fund a Roth IRA. To ...
RELATED FAQS
  1. Can I file single if I am legally married but have not lived with spouse for two ...

  2. I don't have taxable income at age 73, do I still file taxes for 2015?

  3. Am I eligible to file a federal tax return receiving social security disability & ...

  4. What are the income limits for Roth IRA contributions?

    The 2007 and 2008 income limits for Roth IRA contributions are as follows: Situations 2007 2008 Individuals who are married ... Read Answer >>
  5. I made $2,700 last year. Do I need to file taxes if my job did not take taxes out ...

    I am married and filing separately. My job, despite my W4 being correct, did not take any taxes out of... Read Answer >>
  6. Do we have to file taxes?

    Our only income is social security and a very small pension amount. We were told by our accountant that we did not need to ... Read Answer >>
Hot Definitions
  1. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  2. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  3. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  4. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  5. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  6. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
Trading Center