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Updated for Tax Year 2022 • October 18, 2022 11:11 AM OVERVIEW Married couples have the option to file jointly or separately on their federal income tax returns. The IRS strongly encourages most couples to file joint tax returns by extending several tax breaks to those who file together. In the vast majority of cases, it's best for married couples to file jointly, but there may be a few instances when it's better to submit separate returns. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
Key Takeaways • For tax year 2022, most married couples under 65 filing a joint return receive a standard deduction of $25,900, while couples filing separately receive a standard deduction of $12,950. • Joint filers usually receive higher income thresholds for certain tax breaks, such as the deduction for contributing to an IRA. • If you’re married and file separately, you may face a higher tax rate and pay more tax. • Filing separately may be a benefit if you have a large amount of out-of-pocket medical expenses. It may be easier to reach the 7.5% threshold of your adjusted gross income to qualify for medical deductions if you only claim one income. Advantages of filing jointlyThere are many advantages to filing a joint tax return with your spouse. Joint filers receive one of the largest standard deductions each year, allowing them to deduct a significant amount of income when calculating taxable income. Couples who file together can usually qualify for multiple tax credits such as the:
Joint filers mostly receive higher income thresholds for certain taxes and deductions—this means they can often earn a larger amount of income and still potentially qualify for certain tax breaks. Consequences of filing your tax returns separatelyOn the other hand, couples who file separately typically receive fewer tax benefits. Separate tax returns may result in more tax.
TurboTax Tip: The best way to find out if you should file jointly or separately with your spouse is to prepare the tax return both ways. Double check your calculations and then look at the net refund or balance due from each method. When you might file separatelyIn rare situations, filing separately may help you save on your tax return.
For more tips on when you might want to file separately, be sure to check out our article When Married Filing Separately Will Save You Taxes. Deciding which status to useThe best way to find out if you should file jointly or separately with your spouse is to prepare the tax return both ways. Double check your calculations and then look at the net refund or balance due from each method. If you use TurboTax to prepare your return, we’ll do the calculation for you, and recommend the filing status that gives you the biggest tax savings. Remember, with TurboTax, we'll ask you simple questions about your life and help you fill out all the right tax forms. With TurboTax you can be confident your taxes are done right, from simple to complex tax returns, no matter what your situation. All you need to know is yourselfAnswer simple questions about your life and TurboTax Free Edition will take care of the rest. For simple tax returns only Real tax experts on demand with TurboTax Live BasicGet unlimited advice and an expert final review. Done right, guaranteed. For simple tax returns only
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business. What is the standard deduction for a couple filing jointly in 2022?The standard deduction is a specific dollar amount that reduces your taxable income. For the 2022 tax year, the standard deduction is $25,900 for joint filers, $19,400 for heads of household, and $12,950 for single filers and those married filing separately.
What is the standard deduction for married filing jointly?The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year.
How do I determine my standard deduction?The government sets the standard deduction and dictates its amount. All tax filers can claim this deduction unless they choose to itemize their deductions. For the 2022 tax year, the standard deduction is $12,950 for single filers, $25,900 for joint filers and $19,400 for heads of household.
What is the tax table for 2022?2022 federal income tax brackets. |