- Married filing separately allows each spouse to be liable for their own tax liability. If your spouse owes back child support or student loans, filing a separate return will ensure the IRS doesn't take your refund.
- Filing a separate return can prevent certain credits and deductions such as the lifetime learning credit or deduction for IRS Section 221 interest payment on qualified student loans.
- Newlyweds can talk to a qualified tax professional to discuss filing separate returns. A professional will give advice based on the couple's individual circumstances.
- Married individuals with high medical bills might benefit from filing a joint return. If your spouse takes unnecessary risks, a separate return will ensure you aren't held liable.
- Once you file a joint return, you cannot amend that taxable year to reflect a separate status. If you file a separate return, you can amend to show a separate status if certain circumstances are met.
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