What Are the Stipulations to Filing Married But Separate on Income Tax?
Credits Selecting married filing separate as your filing status prohibits you from claiming a variety of credits on your income tax return. For example, separate filers are prohibited from claiming the Hope Credit or Lifetime Learning Credit. The reason behind these various disallowances is unclear, but there’s no getting around the fact that they can reduce a married filing separate taxpayer’s opportunities for deductions. Standard Deduction Also, the standard deduction for married filing separate filers is the same as that of single filers, $5,700 for 2009, whereas the standard deduction for head of household filers is $8,350. Married filing joint filers have a standard deduction of $11,400, which is the equivalent of doubling the $5,700 single filing status. Filing Requirements Filing separate returns could also force you to file a return on less income than that of another taxpayer with a different filing status. This is how it works: a taxpayer’s filing requirement is determined b
Related Questions
- How should RDPs report on their married filing separate returns items such as community income, community deductions, and separate expenses paid with community property funds?
- If an RDP decides to file a California married filing separate return, are there any special rules for completing the return?
- Are all domestic partners required to file joint or married filing separate returns under the new law?
