If yes, read on…
When you get married, your tax situation changes. Your marital status as of Dec. 31 determines your tax filing options for the entire year. State law determines whether you are married. If you’re married at year-end, you have two filing status choices:
- filing jointly with your new spouse; Married Filing Jointly
or - filing separate from your spouse; Married Filing Separately
Tax Responsibility Considerations for Married Couples
Most married couples file jointly because it is simpler and often more financially beneficial. Filing jointly also makes you eligible for many tax deductions and tax credits. However, if either spouse owes back taxes, whether federal or state, or owes certain other non-tax debts, such as delinquent child support or student loans in default, the IRS may offset your joint tax refund to satisfy the individual debts. Also, individuals who file a joint return incur “joint and several liability” as explained below.
Here are some terms you should be familiar with when deciding how to file:
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