anyone know how much your taxes go down due to marriage?

Question

say your fiance is making 70,000 a year. how much would marriage reduce his taxes?

Answer 1

Here is an example using the most basic generic return numbers:

$70,000 per year minus one personal exemption ($3300) and the single standard deduction ($5000) = $61700 of taxable income. The tax from the single tax table =$11989

$70,000 per year minus two personal exemptions ($6600) and the married standard deduction ($10000) = $53400. The tax from the Married tax table = $9914.

A total difference in that crude (but accurate) example is $2075. But like others have said there are many variables in a tax return.

Answer 2

If you both are working it won't reduce your taxes much at all. In some circumstances, your tax bill can even go UP.

Without knowing ALL of the details of your combined finances, it's not possible to say what the change will be and whether it will be up or down.

Answer 3

In general they don't if you are both working. If only the fiance' is working then he will get a large std deduction and a personal exemption for you. Plus if you have Schedule A deductions to add to his that would be beneficial in possibly reducing taxes.

Answer 4

They don't necessarily go down. The tax rates depend on the total income on a joint return. If you are not working, his taxes should go down some since for tax calculations the income is pretty much split between you.

Answer 5

Too many variables to determine.

Are you working? Do you own a home?

If, for example, he already owns a home and is paying a mortgage and you are not working, the overall tax bill would not go down that much.

Answer 6

by about $3000. if your spouse is not working at all.