Generally, it is more advantageous to file jointly. Filing jointly almost always gives you a bigger tax refund than filing separate tax returns.
I am not sure what you are asking about filing a tax return. Did you miss filing a recent tax return? If so, what tax year? Do you know if you owed tax for the year you did not file?
There are many advantages to filing a joint tax return with your spouse. Joint filers receive one of the largest Standard Deductions each year.
Couples who file together can often more easily qualify for various tax credits, like:
Couples who file separately typically get fewer tax benefits. Separate tax returns may result in more tax.
When It Makes Sense to File Separately:
- Medical expenses: If you or your spouse had a large amount of out-of-pocket medical bills, filing separately might help you surpass the IRS’s threshold to deduct these costs. That’s because the threshold is based on a percentage of your Adjusted Gross Income (AGI), which would be lower if only considering one income.
- Student loan payments: If your student loan repayment plan is determined by the income on your tax return, filing separately may help you keep your payments more manageable.
- Separated finances: In situations where couples prefer or need to keep their financial matters distinct—such as when preparing for a divorce — filing separately can provide that financial division. Filing separately can also limit your liability for your spouse’s tax matters.
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Click here for How Should You and Your Spouse File Taxes? Married Filing Jointly vs Separately
Click here for When Married Filing Separately Will Save You Taxes
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