(Closed) Tax info… INTERESTING

posted 8 years ago in Married Life
Post # 3
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

Yes it is true that you will probably end up paying slightly more if you have similar incomes but if you were to file seperately, more likely than not, you will end up paying a lot more because you lose out on a lot of credits and deductions.  (I am a tax accountant.)  Unfortunately, there isn’t really anything you can do about it and it’s not like taxes are powerful enough for me to not get married!

Post # 4
Bee
916 posts
Busy bee
  • Wedding: December 2010 - Al Cielo / La Laguna

Thanks!  I knew there was a marriage penalty but I never realized it had been so severe.

Post # 5
Member
829 posts
Busy bee
  • Wedding: November 2010

So if my husband makes $60,000 and I make $30,000 is that good or bad for me?

Post # 6
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

@Jizes: You will probably pay less in taxes because of that, but I can’t say for sure without knowing specifics.  The marriage penalty only comes into play if you both have similar incomes and it pushes you into a higher tax bracket.

Post # 7
Member
2681 posts
Sugar bee

Thanks for sharing.  Darling Husband and I have not filed taxes yet but I did find out if I filed as “single” I would owe almost $1200 (no idea why that high when it never has been close before by whatever) but when we file as married we end up getting more than that back!

Post # 8
Member
829 posts
Busy bee
  • Wedding: November 2010

MissAsB Thanks so much!

Post # 9
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

@naangel: Yes, filing as married filing seperately usually is the worse option (you can’t file as single if you are married).

Post # 11
Member
2681 posts
Sugar bee

@MissAsb – I did all the options but I was just curious to see what my taxes would be if we hadnt gotten married last year.  Im just happy to not be owing any money! 🙂

Post # 12
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

@naangel: Yes getting a refund is nice!  We had a lot of stock losses and a rental income loss which helped us to get a refund this year (plus having too much withheld because we were single for half the year)!

Post # 13
Member
5823 posts
Bee Keeper

I got lucky.  My Darling Husband started school this year, so we didn’t get bumped.  On top of that we’re receiving a substantial refund!  We’re going to throw it all into savings.  Better to pretend that we never saw the money, LOL.

Post # 14
Member
27 posts
Newbee
  • Wedding: May 2010

I work at a law firm, and one day at a meeting, I sat with two of the partners at the firm (who are 45-55 years old and make upwards of $2MM a year APIECE) who told me they have been living together for 15+ years but never got married because they don’t want to pay taxes!!  My jaw seriously hit the floor.  I mean, really?  I guess they must have really sat down and calculated it all and figured that they would have had a HUUUUUUUUGE tax “penalty” if they get married, because why the in world would you not marry the love of your life just to make some money (especially when you already have SO MUCH)? 

Oh, and just to head off questions, it’s a man and a woman, so there are no legal impediments to them getting married. 

Post # 15
Hostess
18643 posts
Honey Beekeeper
  • Wedding: June 2009

That’s insane that they are making millions each annually anyway!

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