Q:

What are some married tax benefits of filing jointly?

A:

Quick Answer

Some of the benefits afforded to married tax payers who file jointly include the ability to qualify for more tax credits and higher income thresholds for other credits and deductions, according to TurboTax. Joint filers also receive larger Individual Retirement Account contribution deductions, capital loss deduction limits and standard deductions.

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Full Answer

Some tax credits that married filing jointly tax payers may be eligible for include the Earned Income Tax Credit, the American Opportunity Tax Credit, the Lifetime Learning Education Tax Credit, the Child and Dependent Care Tax Credit and the Adoption Tax Credit, according to TurboTax. For taxpayers who sell a home that they have lived in for at least two of the last five years, the allowable amount that can be excluded from the tax payers' income is double if filing jointly, according to Bankrate.

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