I’m newly married and have a question about filing return(s). If I got married in 2017, should I file a joint return or separate return year married?
There are filing advantages and disadvantages to both married filing jointly and married filing separately.
If you file married filing separately, you’ll probably lose some tax benefits. Many tax benefits are available only to couples who file married filing jointly, like:
- Tuition and fees deduction
- Student loan interest deduction
- Tax-free exclusion of U.S. Bond interest
- Tax-free exclusion of Social Security benefits
- Credit for the elderly and disabled
- Child and dependent care credit
- Earned Income Credit (EIC)
- American Opportunity or Lifetime Learning credits
However, if choose to file a joint return, both you and your spouse have “joint and several liability.” This means:
- Both of you are responsible for the taxes and interest or penalties due on the return.
- You’re both responsible for any underpayment of tax that might be due later.
- If one spouse doesn’t pay the tax due, the other might have to.
If you’re unsure of how you want to file taxes on the tax deadline day, you can file a joint extension with your spouse. Then, you can decide how you want to go about filing taxes later on.
As end-of-year approaches, taxes owed can become a major headache. Plan ahead by considering 529 Tax Deductions and other end-of-year savings options.
What is a closing disclosure? When you buy a house, you will receive a closing disclosure that can benefit you at tax time. Learn more at H&R Block.
Expats are subject to recent changes under the Tax Cuts and Jobs Act much like any other taxpayer. Read on to learn more about how to prepare in the Tax Information Center.
If you’re itemizing deductions, the IRS generally allows you a medical expenses deduction if you have unreimbursed expenses that are more than 7.5% of your adjusted gross income for tax years 2017 or 2018. You can deduct the cost of care from several types of practitioners at various stages of care.