Final answer:
The false statement regarding the married, filing jointly status is that filing a joint return avoids the marriage penalty. The correct statements are: a. Once a joint return has been filed and the due date has passed for a particular year, the spouses cannot switch to separate returns for the year. b. Marital status is determined as of the last day of the tax year. c. Filing a joint return carries the potential disadvantage of joint and several liabilities. e. If married persons are filing separately, they can change later to a joint return.
Step-by-step explanation:
The false statement regarding the married, filing jointly status is d. Filing a joint return avoids the marriage penalty. The marriage penalty refers to the situation where a couple pays more in taxes when filing jointly compared to when they were single. However, the option of filing separately can also result in a marriage penalty if both individuals have high incomes.
The correct statements are:
- a. Once a joint return has been filed and the due date has passed for a particular year, the spouses cannot switch to separate returns for the year. This is true because once a joint return has been filed, the spouses are legally bound to that decision.
- b. Marital status is determined as of the last day of the tax year. This is true because the filing status for tax purposes is determined by the marital status as of December 31st of the tax year.
- c. Filing a joint return carries the potential disadvantage of joint and several liabilities. This is true because when filing jointly, both spouses are equally responsible for the tax debt and any penalties or interest that may arise.
- e. If married persons are filing separately, they can change later to a joint return. This is true. If spouses initially file separate returns, they can later amend their return and file jointly.