Filing a joint tax return with your significant other can bring you beneficial tax benefits.

Let’s cut to the chase, you cannot file a joint return with a partner you are not legally married to.

However, you might be able to take advantage of other techniques that might be able to benefit you and your partner.

Potential Routes:

Head of Household

You/your partner might be able to qualify as filing head of household and utilize your significant other as a dependent. This could be beneficial for you depending on your unique situation.

Domestic Partnership or Common Law Marriage

After living together for a certain period, you might qualify for local/state benefits that might be similar to married couples. Please note, you still won’t be able to take advantage of federal joint return benefits.

If you are married legally, you may file a joint tax return, even if you are not living together. As long as you are legally married, you can file a joint tax return.

Some Joint Tax Return Benefits:

Tax Brackets

Double the income might land you a more favorable tax bracket.

Deductions

You might benefit more from the deductions joint files can take advantage of. For example, the standard deduction is greater for joint filers.

IRA Contributions

Joint filers can contribute more to their IRA. Greater contributions can contribute to your retirement wealth and stability over time.

So, if you’re thinking about your tax benefits and have someone you’re committed to, it could be time to take that relationship to the next level and tie the knot.

We recommend speaking to a tax professional to explore the tax benefits of your specific situation.

Need help with more advice and tax strategy? Contact us today and we’re happy to help you and your partner.