Are there stipulations for married couples filing separate tax returns?
1. Your tax rate generally will be higher than it would be on a joint return. 2. Your exemption amount for figuring the alternative minimum tax will be half that allowed to a joint return filer. 3. You cannot take the credit for child and dependent care expenses in most cases, and the amount that you can exclude from income under an employer’s dependent care assistance program is limited to $2,500 (instead of $5,000 if you filed a joint return). 4. You cannot take the earned income credit. 5. You cannot take the exclusion or credit for adoption expenses in most cases. 6. You cannot take the education credits (the Hope credit and the lifetime learning credit), or the deduction for student loan interest. 7. You cannot exclude any interest income from qualified U.S. savings bonds that you used for higher education expenses. 8. If you lived with your spouse at any time during the tax year: a. You cannot claim the credit for the elderly or the disabled. b. You will have to include in income
