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Finance Dictionary and Glossary of Investment Terms
Married Filing Separately
A filing status for married couples that choose to record their respective incomes, exemptions, and deductions on separate individual tax returns.
A tax filing status indicating that a married couple is filing two separate tax returns, one for each individual. Married couples have the option of filing jointly or separately. Although filing jointly often results in less taxes, filing separately is sometimes preferable when one partner has significant medical expenses, casualty losses, or miscellaneous itemized deductions.