We are in the middle of preparing our 2002 taxes and I am curious- have many of you been hit with the 'marriage penalty'. Have you found that your tax refund was much less than if you filed as a single person?
ddunne23
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Member since
Re: married filing jointly
Why did I get married on 12/29????
JustJodi
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Re: married filing jointly
....Who Invited the Taxman to My Wedding?
Uncle Sam thinks that two can live as cheaply as one, and therefore you may not need the extra income created by your happy union. If both of you have income, and your income is substantial, you may pay more tax than if you could file as singles. That's because the standard deduction for married taxpayers is not twice as large as the standard deduction for singles. Also, the tax rates jump into higher brackets for married couples at less than twice the income levels for singles. But enjoy your bliss anyway; you may pay more taxes but some studies show that married people live longer. And not every married couple pays the marriage penalty. In many cases, married couples pay less tax than they would if they were filing as singles.
The Taxing Side of Marriage If you plan to get married soon, compare the amount of tax you'll pay as two single taxpayers with the amount you would pay as a married couple. In some situations, the tax on a joint return is higher than it would be on two separate returns. The closer the spouses' incomes, the larger the marriage penalty. Your tax professional can help in planning to avoid a large difference in your tax situation.
alina
Posted:
Member since
Re: married filing jointly
Wendy, thanks for answering the question, I'll keep it in mind for next year
