Marriage Tax Benefit/Penalty
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Bridex100
"I'm Addicted"
Member since 11/05 1798 total posts
Wedding Date:
5/26/2007 7:00 PM
Wed. Location:
Glen Island Harbour Club
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Marriage Tax Benefit/Penalty
Is it better to be married or single for tax purposes???
There are a lot of myths but I am not really sure...
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Posted 3/9/06 5:07 PM 
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MCDO15
You got Served!
Member since 1/04 4741 total posts
Wedding Date:
3/13/2005 5:00 PM
Wed. Location:
Giorgio's at Fox Hill
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Re: Marriage Tax Benefit/Penalty
depends what you are filing...your account or any software you have will be able to do both
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Posted 3/9/06 5:21 PM
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ali120206
Over a year!
Member since 10/05 4386 total posts
Wedding Date:
12/2/2006 2:00 PM
Wed. Location:
Hyatt Windwatch
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Re: Marriage Tax Benefit/Penalty
It depends on the amount of money each of you make as well. My boss explained this to me yesterday. I always thought it was a "penalty" the year you got married but, it's how you fall into a tax bracket and whatnot. It's actually, how much you are taxed on your consolidated income as two people as opposed to how much each of you were taxed on your individual income as one person.
Though once you are married you have to file as married, either jointly or separately.
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Posted 3/9/06 5:23 PM
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Mikeysgirl
"I'm Addicted"
Member since 1/06 1918 total posts
Wedding Date:
4/20/2007 3:30 PM
Wed. Location:
Leonard's
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Re: Marriage Tax Benefit/Penalty
If you file jointly you get to take a bigger tax credit than you would if you both filed separately so that's a plus.
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Posted 3/9/06 9:52 PM
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TheBigDay
Board Fanatic
Member since 9/05 746 total posts
Wedding Date:
9/8/2006 12:00 AM
Wed. Location:
Done
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Re: Marriage Tax Benefit/Penalty
depends on the amount of money you both make... we figured ours out for 06 as if we were married just to see what we'd get.. and we would have gotten about 1000 more back in taxes filing joint... ahhh cant wait to file next yr...
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Posted 3/9/06 11:58 PM
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DjPiLL
Mr. & Mrs. Pill
Member since 4/04 4198 total posts
Wedding Date:
5/28/2005 5:00 PM
Wed. Location:
Swan Club A+
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Re: Marriage Tax Benefit/Penalty
My calculations have me netting more by filing separately.
Definitely compute both scenarios before filing! My difference was close to a grand worth!
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Posted 3/10/06 12:34 AM
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thelilacone
It's almost here!!
Member since 9/05 1266 total posts
Wedding Date:
7/7/2007 1:30 PM
Wed. Location:
Leonards of Great Neck
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Re: Marriage Tax Benefit/Penalty
but once you decide to file jointly, you have to keep filing jointly. There are very specific rules as to who can qualifly for married filing separately. I don't remember them off the top of my head, but it's better to file jointly.
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Posted 3/10/06 9:22 AM
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