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Separate Return: What You Need to Know About Filing Taxes Separately
Definition & Meaning
A separate return refers to a tax return that each spouse files independently. In this type of return, only the income and tax liabilities that belong to the individual spouse are reported. Couples have the option to either file separate returns or to file a joint return, where they combine their incomes and deductions. When filing separately, each spouse is solely responsible for their own tax obligations, unlike in a joint return where both spouses share liability.
Table of content
Legal Use & context
Separate returns are primarily used in the context of tax law, particularly for married couples. This option is relevant in family law, as it affects financial responsibilities and liabilities. Individuals can manage their tax filing using legal templates, such as those offered by US Legal Forms, which can simplify the process of filing separate returns.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A couple decides to file separate returns because one spouse has significant medical expenses that could be deducted. By filing separately, that spouse can claim a larger deduction based on their individual income.
Example 2: A couple chooses to file separately to avoid liability for the other spouse's tax debts. This allows each spouse to maintain their financial independence in terms of tax obligations.
State-by-state differences
Examples of state differences (not exhaustive):
State
Notes
California
Allows separate returns but may have different implications for state tax credits.
New York
Offers specific deductions for separate filers that differ from joint filers.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Joint Return
A tax return filed together by both spouses.
Both spouses share liability and combine incomes and deductions.
Dependent Return
A tax return filed by a dependent individual.
Typically involves different tax rules and lower income thresholds.
Common misunderstandings
What to do if this term applies to you
If you are considering filing a separate return, evaluate your financial situation carefully. Consider factors such as potential deductions and tax credits. You may find it helpful to use legal form templates from US Legal Forms to assist in the filing process. If your tax situation is complex, consulting a tax professional is advisable to ensure you make the best choice for your circumstances.
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Filing separately can allow for specific deductions that might not be available when filing jointly, especially if one spouse has significant expenses.
Yes, you can choose to file separately, but you must do so before the tax filing deadline.
It can, as certain credits and deductions may be limited when filing separately compared to filing jointly.