Newlyweds - will we likely have to pay taxes this year?

Question

My fiance and I are getting married in about 3 weeks (Nov. 20). We have no children, do not own a home yet, and are both W-2 employees in the state of Michigan. Is it likely that we will have to pay taxes? And, would there be a difference if we were to just file jointly or file singly, if that's a possibility? If additional information is needed, please ask!

Sorry - Our combined household income for this year will probably be about $65,000 - $70,000 gross. I know we'll have to pay taxes but we are really hoping to get a return :) Especially after years of being single and getting at least some sort of federal return. We might have some breaks - I drive a flexfuel car, for example, and I've been told there is a tiny break for that. We really just want to get an idea of whether we can expect to owe come April or get some sort of federal return. Thanks so much!

Answer 1

Unfortuantely, i would not be optimistic. You have yet to be properly introduced to the marriage tax penalty. Your combined incomes will be in a higher tax bracket, compared to an individual who reports half that amount. Filing seperalty doesn't make a difference either.
I recall reading a news article, where a married couple, both lawyers, filed for divorce at the end of each year, in order to bypass the higher tax bracket. Then of course got legally married again in the new year.

Answer 2

For this year, your total tax between you, filing a joint return, should look a lot like your previous years added together. So if you both got refunds in the past, you probably will this year too.

The tax credit for hybrid cars is only for the year you buy it, and then only on specific models, since some models have expired already. Do don't count on much if anything there.

You can file a joint return or each file as married filing separately. You almost always do better overall filing a joint return - maybe just a few dollars, maybe quite a bit.

Ignore the dire warning above on the "marriage penalty" - that's pretty much a thing of the past. Long past.

Congrats on your upcoming marriage.

Answer 3

If you are married (even on Dec 31), your filing status can only be Married Filing Jointly or Married Filing Separately.

Your taxes don't increase if you file as married than if you were single.

This is from IRS publication 17: Your Federal Income Tax. Tip. If you and your spouse each have income, you may want to figure your tax both on a joint return and on separate returns (using the filing status of married filing separately). Choose the method that gives the two of you the lower combined tax.

Answer 4

Everyone has to pay taxes!
When you marry, you can no longer file as single - its either a joint return or "married filing separately" status. Usually the joint return pays less total tax, but you can easily run the numbers both ways to see.

Answer 5

You never want to file separate unless your spouse owes tons of money in back taxes. It eliminates most of the tax credits that may be availible to you. You don't say what your income is, but if your income is low enough to be eligible for EIC or any other income related credits, filing separately will disqualify you for them.

Answer 6

If one of you earns very little and the other earns most of the income, you may find that your tax bill goes up a bit. If you earn roughly the same, there is unlikely to be much difference to when you were both single.

Congratulations on the upcoming nuptuals!

Answer 7

The statute of barriers on the quicker years could have expired, so if the IRS had no longer filed a lien or healthful, it could be too previous due. they could nevertheless owe for the later years. usually conversing, a guy or woman in a coma would not have sufficient taxable income (with the aid of no activity and huge scientific expenses) for there to be any income tax.