There is an additional standard deduction for taxpayers age 65 and over, which was $1,550 each for married filing joint (MFJ) on the 2024 federal Form 1040, which I believe is $1,600 per person MFJ on the 2025 return (to be filed in 2026). The recently-passed legislation One Big Beautiful Bill prov...
A MFJ couple will get a separate $12,000 Plus there is a new Senior Deduction of $6,000 for each spouse 65. The Senior deduction will show on a separate line on form 1040. The Senior Deduction is an "above the line" deduction. You get it whether you itemize deductions or use the standard deduction. August 28, 2025 5:16 AM
The "extra" amount added for 65 or older increases slightly for 2025, and there is a "bonus" added deduction of up to $12,000 for those 65 or older who file MFJ for 2025 to 2028, which is phased out over certain income levels.
Yesterday, MFJ Enterprises announced that they would be closing down their manufacturing facilities in Starkville, Mississippi effective May 17th, but would continue selling their wide selection of imported products including portable/mobile antennas, power supplies, clocks, and antenna switches. This closure also impacts all of their sub-brands: Ameritron, Hy-Gain, Cushcraft, Mirage and ...
Select the MFJ vs. MFS box. Scroll down to Balance Due (Refund) located under Line 72. The second column shows the federal outcome for a joint return, and the third and fourth columns show the outcome for the taxpayer and spouse if filing separately. Negative numbers are refunds and positive numbers are taxes due.
You cannot switch from MFJ to MFS after April 15, 2025. So this is your last day to amend--no extensions for amending. Are you certain MFS would be better? MFS is usually the worst way to file. If you were legally married at the end of 2024 your filing choices are married filing jointly or married filing separately.
Dear Team, I am married, live together with my husband until now, we have filled return 1040 with form MFJ for years ago. Can I switch the form MFJ to the MFS in filling return 1040 in year 2024; or whatever year later on (2025 or 2026...)? Are there any rule for the switching of filling status (fro...
Hello, I'm a US citizen filing a Married Filing Jointly (MFJ) tax return with my nonresident spouse. I understand that I need to submit by mail a statement electing to treat her as a US resident for tax purposes and the W7 form to obtain an ITIN. But prior to submitting, the MFJ tax return require...
I have used TT for Single filing as a Resident previously. This year I want to file go with Married Filing jointly to get the benefits of higher standard deductions. I am a resident on H1b-visa and my spouse is on an F1-visa who is an exempt individual according to IRS here. I am aware that the U...
