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baddestbunny
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LSDefine
Simple English definitions for legal terms
joint tax return
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A quick definition of joint tax return:
Joint tax return: A joint tax return is a single tax form that a married couple fills out together. They report their combined income, credits, exemptions, and deductions. This is only allowed if the state they live in recognizes their marriage as legal.
A more thorough explanation:
A joint tax return is a single tax return filed by a married couple. This filing status is called "married filing jointly." The couple reports their combined income, credits, exemptions, and deductions on this return.
It is important to note that a couple can only file a joint tax return if they are legally married and their state recognizes their marriage.
John and Jane got married in 2020. They decide to file a joint tax return for the 2020 tax year. They report their combined income, deductions, and credits on this return.
Another example is if a couple got married in 2019 and filed a joint tax return for the 2019 tax year. They can also file a joint tax return for the 2020 tax year as long as they are still legally married and their state recognizes their marriage.
These examples illustrate how a joint tax return works for married couples. They report their combined financial information on one tax return instead of filing separate returns.