Should Married Couples File Taxes Jointly or Separately in the U.S.? Pros and Cons
Should Married Couples File Taxes Jointly or Separately in the U.S.? Pros and Cons If you’re married, you have a choice each tax season: file jointly or separately . While most couples file jointly , there are some situations where separate filing might save money — or protect you legally. Let’s explore the pros and cons of each method to help you decide what’s right for you. 👩❤️👨 Filing Jointly: The Default Option Pros: Lower tax rates and higher standard deduction ($29,200 in 2024) Eligible for key credits: Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Education credits (Lifetime Learning, American Opportunity) Easier and cheaper to file one return Cons: Joint liability : You’re both fully responsible for the full tax due May not be ideal if one spouse has tax issues, debt, or legal problems 👥 Filing Separately: When It Might Help Pros: Protects one spouse from the other's tax or legal problems Might reduce income...