Want to choose between joint and separate return?
A. Taxes will be less if you file joint return instead of separate return. You can not claim following credits and deductions if you file separate returns even though stayed together during the year. Tax rate high in Separate return. Tax rate high in Separate return. Alternative tax will be half that allowed to a joint return Earned Income Credit. Student Loan Interest Deduction. Education Credit. Child and Dependent care credit. Adoption Credit Credit for elderly or disabled. Conversion of Traditional IRA to Roth IRA Capital loss credit reduce by half Child tax credit, retirement contribution tax credit, itemized deduction, the deduction for personal exemptions are reduced at income levels by half of joint return. In addition to this, you can not claim standard deduction if your spouse itemizes. Also if you received Social Security or Railroad Retirement benefits, you may pay more taxes B. If you have significant medical expenses or if your state makes you file using your federal fili
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- Want to choose between joint and separate return?
