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Investments glossary

Married Filing Jointly


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JACK NICHOLSON: My point of view, while extremely cogent, is unpopular. LOS ANGELES TIMES: Which is? JACK NICHOLSON: That the repressive nature of the legalities vis-a-vis drugs are destroying the legal system and corrupting the police system. LOS ANGELES TIMES: Let\'s talk about acting for a minute.

— Jack Nicholson

Married filing jointly refers to a filing status for married couples that have wed before the end of the tax year. When filing taxes under married filing jointly status, a married couple can record their respective incomes, deductions, credits, and exemptions on the same tax return. Married filing jointly is best if only one spouse has a significant income. However, if both spouses work and the income and itemized deductions are large and very unequal, it may be more advantageous to file separately.1


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