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When it comes to filing federal income tax returns, married couples can file both separately and jointly. The IRS extends several tax breaks for those couples who file their tax returns jointly, in order to encourage them to do so.
It is usually recommended to file your taxes jointly if you are a married couple. However, there are a few instances where it is better to file separately.
Some people may also want to have a single filing status despite being married. But can you have a single filing status if you’re married?
Read on to find out if you can have a single filing status if you’re married, what single status means for taxes, and what are the pros and cons of filing separately and jointly.
Can I File Single Status If I’m Married?
When filing your tax returns, there are five statuses to choose from. Some of these include married filing jointly, married filing separately, and single status. If you are single or legally separated, you can file as a single.
But if you are married by the last day of the tax year, you will have to file as a married individual, either separately or jointly. It is not possible to file for single status if you are married. This status is only reserved for unmarried, divorced, or legally separated individuals.
Filing jointly as a married couple means combining your incomes. When you file jointly, you get benefits like tax credits and bigger tax deductions. But when you file separately, you will have limited tax credits and lower tax deductions.
What Does Single Status Mean for Taxes?
The single status for taxpayers applies to all individuals who are single, legally separated, or divorced on the last day of the tax year.
However, if you have not lived with your spouse for the last six months and have paid more than half of the home expenses for yourself and a qualifying dependent, the IRS will consider you an unmarried head of the household.
What Is the Difference Between Filing Married and Single?
The income tax brackets set in place by the IRS signify the difference between filing single and filing married quite clearly. When you filed your tax returns jointly, the minimum and maximum incomes for every tax bracket were different. But now that you can combine your incomes, you will fall under a lower tax bracket as a married couple.
Moreover, filing tax returns as a married couple jointly also results in better tax credits and deductions. These deductions are also even double for joint filers, as compared to single filers.
But when married couples file their tax returns separately, they will have to pay income taxes based on whichever tax bracket they fall under, just like a single person filing their tax returns would.
Pros and Cons of Filing Jointly and Separately
There are pros and cons of both filing jointly and separately:
Pros of Filing Jointly
The IRS offers several advantages to couples who file jointly. For instance, filing jointly can help you benefit from one of the biggest standard deductions every year. So they can deduct a huge percentage of their income immediately.
The IRS also offers tax credits to couples filing jointly. These include Earned Income Tax Credit, Child and Dependent Care Tax Credit, American Opportunity and Lifetime Learning Education Tax Credits, and credit or exclusion for all adoption expenses.
Additionally, these couples also have higher income thresholds for certain taxes and deductions. So they can get a high-income amount and even qualify for tax breaks.
Cons of Filing Jointly
As such, there are no cons of filing jointly. But when you are filing jointly as a couple, each partner will be individually and jointly liable for the entire tax returns they owe. So either of them is liable to pay the tax owed, plus any additional fines, penalties, or interest.
Pros of Filing Separately
Filing separately as a married individual can help you save on your tax returns. For instance, if you or your spouse have a lot of medical expenses to claim, it will be hard to claim most of them, especially if you both have a high AGI.
In such cases, it is better to file separately to claim higher medical deductions.
Cons of Filing Separately
One of the cons of married couples filing separately is that they can’t claim many of the tax credits. What’s more, they may also have a higher tax liability, which may result in lower savings for retirement in an IRA.
Now you may be wondering whether it is better to file married separately or jointly. Well, let’s find out.
Should I File Married Separately or Jointly?
There are pros and cons to both filing married separately or jointly, which makes it hard to figure out how to file. But to find out the best option, you should always test with both types of tax returns.
Run calculations for both types of filing statuses and find out the net balance of refunds from both options. Once you check the results, you can assess the situation and determine which option is better for you.
Conclusion
The filing status for your tax returns is important as it affects the type of return form you need, the standard deduction amount you get, the tax credits you can claim, and the amount of tax you owe. It also determines whether you are required to file a tax return.
So now that you know that you can’t have a single filing status if you are married, you can avoid any mistakes and file your tax returns as a well-informed taxpayer. Good luck!
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