Got married this year - should we file jointly or separately?

Taxes

My wife and I got married in June. I make about k, she makes around k. No kids, we both have pretty straightforward tax situations - W2 income, some retirement contributions, nothing fancy. Everyone assumes joint is better but is that always true? Are there situations where filing separately makes more sense? We want to make sure were not leaving money on the table.

Brandon Harris

3 Answers

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At your income levels with no special circumstances, married filing jointly is almost certainly better. Like 99% of couples should file joint.

Reasons to file separately:

One spouse has huge medical bills (over 7.5% of AGI)

Income-based student loan repayment (separate can lower payments)

One spouse has sketchy tax situation you dont want to be liable for

One spouse owes back taxes/child support

None of that sounds like you. Filing jointly gives you:

Higher standard deduction (,200 vs ,600 each)

Better tax brackets

More credits and deductions available

Run your taxes both ways in TurboTax or whatever to see the actual numbers, but I would bet good money joint saves you at least -3k. My wife and I have similar incomes and joint saves us about ,800 compared to separate.

Stephanie White

Joint is better for almost everyone. The only time I file separately is when one spouse has income-based student loan payments - separate filing can lower the payment calculation significantly.

Joshua Anderson

Ran the numbers both ways last year just to check. Joint saved us ,200. Unless theres a specific reason (student loans, one spouse has tax problems), joint wins.