Will I get a bigger return if I file married or single?
2006-12-01 06:29:17 · 9 answers · asked by know it all 2 in Business & Finance ➔ Taxes ➔ United States
I am engaged right now and we're thinking of getting married before the year is over.
2006-12-01 06:30:38 · update #1
It can be better to stay single. That way, you benefit from lower rates of tax. Two full-time wages can push you into a higher tax bracket. The Standard Deduction for a married couple filing jointly is exactly twice that of a single person, so no savings there.
Having said that, there really is only one reason to get married. Yes, I'm an incurable romantic, and proud of it.
2006-12-01 07:06:46 · answer #1 · answered by skip 6 · 0⤊ 0⤋
even as the "marriage penalty" has been eradicated or decreased on the decrease brackets, there remains a penalty for marriage at better earning. there is no longer a tax ruin for married persons and some pay better than 2 singles. I actually have by no ability seen something that would want to restrict marriage for tax applications because it commonly ends up in better tax. exciting actuality: there is reference in revenues rulings to a "sham divorce." The time period comes from a case years in the past even as a especially compensated married couple took an annual Christmas vacation to the Bahamas. They received a legal divorce and in view that they were unmarried at 12 months end both filed as unmarried. They remarried each and every January. The tax reductions better than paid for the vacation. the authorities became no longer amused and required them to document as a married couple. The time period "sham divorce" entered the tax code. you could marry for any reason you wish, yet a repetitive divorce for tax causes might want to advance questions.
2016-11-30 00:39:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It can depend on many things. For the most part, I believe the "marriage penalty" has been phased out. But, if one of you has kids, and qualifies as head of household, you might lose a bit.
Could depend on what each of your incomes actually are, if you own houses, etc...
Best to consult a CPA or other tax advisor. Far too many variables in play
2006-12-01 06:33:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Like everyone else has already said, there's not nearly enough info in your question to really answer it. There are way too many variables.
Download the forms and figure your taxes both ways, then decide whether to set the date for December or January.
Good luck.
2006-12-01 18:56:49 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
That question can't be answered without knowing ALL of your financial details - income, assets, expenses, etc.
Sorry, get a copy of TurboTax and run the numbers both ways and find out. It was a wash for my husband and I, so we filed Joint.
2006-12-01 06:37:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes better off in most instances...higher standard deduction....as a non accountant i wouldnt suggest getting married to get a tax break but as an accountant i say yes
2006-12-01 06:37:25 · answer #6 · answered by cookiesmom 7 · 1⤊ 0⤋
with just me and my ex-wife (when we were married)...we usually made out better filing married than single
2006-12-01 06:38:44 · answer #7 · answered by ssg_harris 2 · 1⤊ 0⤋
Being married helps and so do children!!
2006-12-01 06:38:08 · answer #8 · answered by Jody 6 · 1⤊ 0⤋
um, don't
Marriages made for THAT kind of reason end up costing quite a bit - to more than just you two. Do a cost-benefit analysis. See the numbers for yourself.
2006-12-01 06:33:28 · answer #9 · answered by Anonymous · 0⤊ 2⤋