Married Filing Jointly is a tax filing status available to married couples who choose to combine their income and deductions on a single tax return. This option often results in lower tax rates and higher deductions compared to filing separately. Couples can benefit from various tax credits and deductions that are only available to those who file jointly. To qualify for Married Filing Jointly, both spouses must agree to file together and report all income, deductions, and credits on the same return. This status is generally advantageous for couples with similar incomes, as it can lead to significant tax savings and simplify the filing process.