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| to $2,500 instead
of $5,000.
* Earned income credit not allowed. * Exclusion or credit for adoption expenses not allowed in most cases. * Education credits such as the American opportunity credit, lifetime learning credit, or the deduction for student loan interest are not allowed. * Exclusion of any interest income from qualified U.S. savings bonds you used for higher education expenses are not allowed. |
| Additionally, if you lived with
your spouse at any time during the tax year and you are married filing
separately, you are prevented from doing certain things such as claiming
certain credits or taking certain deductions.
* The credit for the elderly or the disabled is not allowed. * A greater percentage (up to 85%) of any social security or equivalent railroad retirement benefits you received must be included in your income. * The child tax credit is reduced at half income levels than if you filed jointly. * The retirement savings contributions credit is is reduced at half income levels than if you filed jointly.. * The deduction for personal exemptions, and Itemized deductions are is reduced at half income levels than if you filed jointly. * Capital loss deduction limit is $1,500 instead of the $3,000 on a joint return. * If your spouse itemizes deductions, you cannot claim the standard deduction. * The basic standard deduction is half the amount allowed on a joint return. So apparently married filing separately is not the way to go. There are many drawbacks in choosing married filing separately as your filing status. However, sometimes married filing separately is the only option for some taxpayers. |
| Your filing status is single if on December 31, 2014, you were never married, you were legally separated, according to your state law, under a decree or divorce or separate maintenance. Also you are considered single if you were widowed before January 1, 2015 and you did not remarry in 2014 and you filing status is "Single" if you did not have a dependent child living with you. |
| You can use the Single filing status is you are unmarried, divorced, legally separated, or widowed as of the last day of the calendar year. If no other filing status applies to you, then you generally must file as "Single". |
| Even if you do not have to file a tax return, you should file one to get a refund of any federal income tax |
| Copyright © 2015 [Hera's Income Tax School]. All Annual Federal Tax Refresher Course rights reserved. |
| Revised: 05/31/15 |
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