If me and my fiance get marrried before the end of the year can we claim as a married couple on our taxes? If so how much, if anything,would we expect extra on our income tax return for the 2007 tax year?
2007-07-21 02:00:03 · 2 answers · asked by watershed_22 1 in Business & Finance ➔ Taxes ➔ United States
If you get married, you will either have to file as married filing jointly or married filing separately. Neither of you will be able to claim single or head of household anymore.
If you don't itemize, the standard deduction will be $10700 this year while the standard deduction for a single filer will be $5350. Therefore, there is no direct tax benefit by filing as a married couple. If there is only one income or a disparity in your and your fiance's income, then there will be a tax benefit.
If you itemize and currently live together, then you will actually pay more in taxes because you will lose one of the standard deductions.
2007-07-21 02:14:50 · answer #1 · answered by Steve 6 · 0⤊ 1⤋
Depending on circumstances, you might or might not save anything on taxes. You already get one exemption and one standard deduction each, and after you are married, if you file a joint return, you'll get two exemptions, and your joint standard deduction is twice as big as a single one - so that part is the same.
If one of you has an income much higher than the other, you might save a little bit. If one or both of you currently gets an Earned Income Credit, you might or might not still get that depending on what your joint income is.
Don't figure on setting your wedding date based on tax savings. There probably won't be any, or at least not very much.
2007-07-21 09:38:15 · answer #2 · answered by Judy 7 · 0⤊ 0⤋