My GF and i are thinking of getting married at dec, one of the reasons is for this tax credit.
We make the same around 50k each. we have no kids, good credit, no past taxes due, we both normally get refunds by ourselves, we both claim single 0. should get file spearate or jointly?
2007-11-21 02:07:40 · 7 answers · asked by Michael T 2 in Business & Finance ➔ Taxes ➔ United States
With only the standard deduction and exemption, a single or MFS person making $50,000 of income is going to pay $6,736 of income tax. So times two, $13,472.
A married couple making $100,000, with the standard deduction and two exemptions, pays exactly the same tax, or $13,472.
So it probably makes no difference if you marry or not this year as far as your taxes are concerned. If one of you itemized and the other didn't, and now you can itemize on a joint return, that could be a tax savings.
2007-11-21 03:42:53 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
What tax credit are you talking about? There isn't a marriage tax credit. Since you both make about the same amount, your taxes in total will end up the same either way if you file a joint return if you get married before the end of the year - filing as married filing separately would cost you extra.
2007-11-21 02:25:39 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
There's no such thing as the "Marriage Tax Credit" so that won't figure into your decision.
And frankly in your tax situation it won't make much difference at all tax-wise since your incomes are nearly identical. You'll most likely pay the same total tax if you remain single as you'll pay either filing Married Filing Jointly or Married Filing Separately.
If you are eligible for any tax credits such as educational credits then you'll do better with a joint return vs separate returns if you're married but it will be a wash if you remain single.
2007-11-21 02:31:33 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 1⤋
Married filing separately in a lot situations is the least desirable filing status to use. Married filing Jointly is the best way for most people. Do it both ways and you will see for yourself. I bet it will be "married filing jointly". Do not forget your state taxes as well.
2007-11-22 00:55:21 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
If you marry in 2007, then you can either file a joint return or each can file as "married filing separately." Usually the joint return results in less total tax but you can easily run the numbers both ways.
2007-11-21 02:14:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
there isn't any person-friendly thank you to handle this. Do you remember once you have been in common college and that one loud youngster saved you from going to recess? How he (one individual) ruined it for anyone? In effect, it relatively is precisely what's happening now. some anyone is having toddlers especially to get the tax credit and then ignore that youngster while it relatively is born. that youngster will become a burden on society and the tax payers. the sole large issue with it is how badly those toddlers above will go through because they are actually no longer helpful to their "being concerned" mum and dad.
2016-12-16 15:14:24 · answer #6 · answered by ? 4 · 0⤊ 0⤋
if you get married by 12/31/2007, file jointly and take advantage of the joint filing rates - you'll save money.
2007-11-21 02:12:51 · answer #7 · answered by Anonymous · 0⤊ 0⤋