(Closed) Filing taxes as a married couple…

posted 4 years ago in Finances
Post # 2
Member
309 posts
Helper bee

Ha. This is one reason we are still thinking about not getting married. 

Post # 3
Member
888 posts
Busy bee

ladycirtolthiel:  I hear you.  AMT kills us as does the fact that we don’t have a large gap between our incomes.  We paid over $100K in taxes this year – not business owners, had the maximum deducted every paycheck so I can’t figure out why we paid so much.  At first I was convinced it was a mistake.  Nope.

Post # 4
Member
9225 posts
Buzzing Beekeeper

Yuup. Fiance and I both get hit with the AMT already and the marriage penalty will tack on at least $30k more per year to our tax total, hence our delay. Sucks. 

Post # 5
Member
177 posts
Blushing bee
  • Wedding: June 2016 - Sassafraz in Toronto, Ontario

I’m curious: what is causing it to be more expensive? We’ve been doing taxes together for years (Canada), and as far as I recall, there are only minor benefits to filing as a couple. 

Post # 6
Hostess
9671 posts
Buzzing Beekeeper
  • Wedding: March 2014 - Chicago, IL

Can’t you file separately even if you’re married? We file jointly usually, but I’m pretty sure our accountant runs the numbers both ways to see what the max we can get back will be.

Post # 7
Member
310 posts
Helper bee
  • Wedding: February 2016

What causes this?  Lol now I’m scared for filing next year. 

Post # 8
Member
220 posts
Helper bee
  • Wedding: October 2015

FutureDrAtkins:  our accountant does this too. It’s a good idea to ask just to see the different outcomes 😀 

Post # 9
Member
9225 posts
Buzzing Beekeeper

FutureDrAtkins:  Our accountant said that married filing jointly vs. married filing separately wont matter for us, unfortunately. 🙁

Post # 10
Member
309 posts
Helper bee

My ex actually was better off once he remarried and could file jointly. It all depends on your circumstances. I’m HOH, 2 dependants, and a homeowner – so I’m in good shape as a single person. If I’m married it just bumps me a tax bracket with no benefits lol.

Post # 11
Member
640 posts
Busy bee
  • Wedding: April 2015

We actually got a big refund because there’s a big disparity between our incomes… sadly. I make a lot more than Darling Husband, who is a teacher. I like to think that Darling Husband is helping the community and as a result, not making much, so we’re entitled to that tax refund.

Post # 12
Member
4029 posts
Honey bee

ladycirtolthiel:  

We got hit hard our first year of marriage especially because we jumped income brackets after significant raise. Not sure how much you pay, but we still pay about $30,000 a year in taxes. It makes me sad, but hey, you make more, you pay more. This past round we got a whopping $2,500 (highest return we have got back since being married) because of our mortgage interest, student loan interest, 401k contributions and charitable giving allowed us to do an itemized deduction.

My goal is to just not owe, so we have balanced out our witholdings throughout the year to make sure we at least break even. We also increased our 401k contributions to lower our taxable income. Maybe you should look into your withholdings OP. Also, do you own a home? Do you make charitable donations? Do you have a 401k? Those are things that can balance out your return and reduce your tax liability.

Post # 13
Member
3064 posts
Sugar bee
  • Wedding: September 2014

ladycirtolthiel:  Taxes SUCK but in almost ALL cases, its best to file jointly. it stings being in a higher bracket, but unless you have really unique circumstanses ( IE- one of you have really high out of pocket medical expenses) , its best to file jointly.

One of the things we have done to help lessen the amount taxed is increase our contributions to our 401ks to lower our taxable income. Saving for retirement and saving on taxes, woot!

Post # 14
Member
368 posts
Helper bee

ladycirtolthiel:  Did you try filling separately? We make close to the same. I barely brake even but he gets 1-2k back. We make too much and qualify for zero deductions.

Post # 15
Member
3223 posts
Sugar bee
  • Wedding: September 2016

 I’ve never really minded paying taxes, because it means I could be a hell of a lot worse off, financially. 

TheGridMonster:  I cant imagine paying $30k more per year because of getting married, though. That would SUCK. But since I work in non-profits and Fiance works in government, I guess we’ll never have that problem? :-p

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