CHARLOTTE, N.C. — Taxes aren't due in the U.S. until April 18 but it's never too early to get your finances in order and filed.
WCNC Charlotte's VERIFY team is answering your questions about how to file, new tax rules and other situations that may apply to you when filing with the IRS.
For instance, what if a couple is married and spouses want to keep their finances separate? What are your options?
THE QUESTION
If you're married and want to keep finances separate, can you file as single?
OUR SOURCES
THE ANSWER
No, you can not file as single if you are married; However, you can file taxes separately from your spouse.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to the Defenders team by emailing money@wcnc.com.
WHAT WE FOUND
The IRS recognizes five filing statuses:
- Single
- Married filing separately
- Married filing jointly
- Head of Household
- Qualifying Widower
According to the IRS, your marital status on Dec. 31 determines whether you are considered married for that year. Married people may file their federal income taxes jointly or separately.
"You would file as married filing separately, and not jointly if you want to do that and people do that," Henry said.
According to the IRS, a "joint" return allows spouses to combine their income and deduct combined expenses on a single tax return. If you use the designation "married, filing separately," each spouse signs, files, and bears responsibility for their own tax return.
"When you're filing jointly, and your married filing two separate tax returns can put you in a higher rate, but it's not the same as filing as single," Henry said.
According to Henry, figuring the tax both ways can determine which filing status will result in the lowest tax, but usually, it's filing jointly.
Contact Meghan Bragg at mbragg@wcnc.com and follow her on Facebook, Twitter and Instagram.
VERIFY is dedicated to helping the public distinguish between true and false information. The VERIFY team, with help from questions submitted by the audience, tracks the spread of stories or claims that need clarification or correction. Have something you want VERIFIED? Text us at 704-329-3600 or visit /verify.