If you were legally married at the end of 2022 your filing choices are married filing jointly or married filing separately.
Generally, filing jointly will give you a bigger refund or less taxes due:
- In 2022, married filing separately taxpayers only receive a standard deduction of $12,950 compared to the $25,900 offered to those who filed jointly.
- If you file a separate return from your spouse, you are often automatically disqualified from several of the tax deductions and credits ( Education credit, EIC, Child and dependent Care Credit)
- In addition, separate filers are usually limited to a smaller IRA contribution deduction.
- They also cannot take the deduction for student loan interest.
- The capital loss deduction limit is $1,500 each when filing separately, instead of $3,000 on a joint return.
Please check the link below to compare which filing status is better for you:
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