MFJ
Business & Finance abbreviation · Tax
| Stands for | Married filing jointly |
|---|---|
| Categories | Business & Finance |
MFJ stands for Married filing jointly, a tax abbreviation.
Filing status that lets a married couple combine their incomes and deductions on one return, using wider tax brackets and a standard deduction twice that of a single filer. It produces the lowest combined tax for most couples.
Example: We're MFJ this year, so I need your W-2 before I can finish the return.
Usage notes
Couples count as married for the whole year if married on December 31. Both spouses become jointly and severally liable for the tax, meaning the IRS can collect the full amount from either; innocent spouse relief exists for cases of a partner's hidden income. A surviving spouse may still file jointly for the year of the death.
Related abbreviations
More tax abbreviations
- K-1 – Schedule K-1
- LIHTC – Low-Income Housing Tax Credit
- LLC – Lifetime Learning Credit
- LTCG – Long-term capital gain
- MACRS – Modified Accelerated Cost Recovery System
- MAGI – Modified adjusted gross income
- MFS – Married filing separately
- MTD – Making Tax Digital
- NI – National Insurance
- NIC – National Insurance contributions
- NIIT – Net investment income tax
- NOL – Net operating loss