I’m an Accountant: 7 Things Couples Filing Taxes Jointly Should Know

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It’s tax season, meaning it’s time to buckle down and get to filing.

When you file taxes, you must indicate your tax filing status on Form 1040. The options include single, married filing jointly, married filing separately, head of household or qualifying surviving spouse.

Married couples can either file as “married filing jointly” or “married filing separately.” Filing jointly allows a couple to file a single tax return that includes both of their taxable income, credits, deductions and exemptions. 

Moreover, it’s generally an easier and better choice for most couples (except in certain situations with a large income disparity), as some advantageous tax credits and deductions will become available to them.

Keep reading to learn some of the top tax filing tips for those couples filing jointly.

Who Can File Jointly

Not every couple is eligible to file a joint tax return. As outlined by the IRS, a couple can only use the married filing jointly tax status if they both agree to file a joint tax return and were married on or before the last day of the tax year. 

In some situations, you could still be legally married to your spouse, but your tax filing status may be single. Some of those situations would include: 

• You lived apart from your spouse for the last six months of the tax year
• You file your tax return separately from your spouse
• You paid over half the cost of keeping up your home during the tax year
• Your home was the main home of your child, stepchild, or foster child for more than half of the tax year

Your Eligible Tax Credits

The IRS offers specific tax credits to married couples filing jointly to encourage more people to do the same.

Some of these tax credits include: 

• American Opportunity Tax credit
• Child and Dependent Care credit
• Earned Income Credit
• Lifetime Learning credit
• Saver’s Tax credit

These tax credits can provide a larger tax refund or lower your tax liability. However, this is the case for all couples and situations, so couples should calculate their refund or amount due to understand if filing jointly or separately is best for them.  

“Take full advantage of the various tax credits and deductions,” said Hassan Sanders, registered tax preparer and founder of Diabetic Insurance Solutions.

He continued, “Accountants frequently advise couples to carefully analyze their financial situation, looking for deduction options such as mortgage payments, charity contributions and educational expenses. By taking advantage of these deductions, couples can ostensibly reduce their taxable income, resulting in a lower overall tax liability.”

Both Spouses Are Equally Responsible

If you and your spouse decide to file jointly, you will be equally responsible for the tax return and the taxes due. You’re both equally liable for any penalties, mistakes made on the tax return or fraud that either spouse may commit.

However, if the other spouse can prove that they were unaware of the mistake and did not benefit from it, the IRS may be able to waive liability for that spouse. 

Being Organized Helps

There is nothing that a tax preparer dislikes more than a client who’s unorganized when it comes time to file their taxes. Having everything you need in easily accessible places will help the tax filing process for you and your spouse go smoother, reducing the chances of a mistake being made.

“Keeping organized records of all necessary tax documents is essential when filing jointly as a married couple,” said Sherman Standberry, managing partner at My CPA Coach. “Examples of important documents include W-2 forms, 1099s, and receipts for any deductible expenses.

“Having these documents readily available can make the process less stressful and ensure that you have all the information needed to file accurately and on time. Consider creating labeled folders or using online tax filing software to keep everything organized.”

Communication Is Crucial

Being able to communicate is important for many things in a marriage, and taxes are no different. It’s important to discuss your finances so each person knows their tax situation.

According to Standberry, “Filing taxes as a married couple requires communication and cooperation between both spouses. Make sure to discuss any potential deductions, credits or income that may impact your taxes.”

Standberry also urges the importance of filing accurately and honestly to avoid penalties or audits.

He said, “Being open and transparent with your spouse can help make the process smoother and ensure that both parties are on the same page. It also avoids any potential surprises or misunderstandings down the line.”

The Standard Deduction Is Different

The standard deduction for your taxes will change depending on how you file. In 2023, the standard deduction for a married couple filing jointly was $27,700, while for a married couple filing separately, it was only $13,850. For 2024, those deductions increase to $29,200 and $14,600 respectively.

Separate filers are also usually limited to a smaller IRA contribution deduction.

You Can Change Your Filing Status From the Previous Year

You are allowed to amend a past return and change your filing status within three years from the due date of the original return. For example, if you realize that filing a joint return would have resulted in a larger tax return than filing as married filing separately, you may want to amend that previous year’s tax filing. 

The Takeaway

If you are a married couple, how you file your taxes could drastically change the outcome of your tax return. Filing one way could increase your expected tax return or lower the amount you owe. Be diligent in exploring both options so you can choose the best filing status for your financial situation.

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