My boyfriend and I are having a baby in March and would like to be married beofre our baby is born. We both make about 25,000 a year. I was wondering whether we should wait until after Jan. 1st to get married so we don't have to file a joint tax return or because our incomes are relatively low it would not matter. We are going to get married either way just curious if there is any reason we should wait.
2007-11-27 07:41:03 · 6 answers · asked by CANDACE M 2 in Business & Finance ➔ Taxes ➔ United States
If both have income of $25,000 and claim standard deduction, then it won't make any difference if you file as Single, Married Filing Jointly, or Married Filing Separately.
For Single or Married Filing Separately, the federal tax on $25,000 is $2,046.
For Married Filing Jointly, the federal tax on $50,000 is $4,092.
2007-11-27 20:50:24 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
It won't matter for tax purposes - you might save a few dollars by getting married by the end of the year and filing a joint return, but won't make much difference.
2007-11-27 07:47:07 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I would wait to get married. The tax part isn't going to make that much of a difference, but it will make a difference to the people who want to attend your wedding. This time of year is filled with parties and events, and it's hard to plan around everything. It's better to wait until everything has settled down, so that those that do come to your wedding can focus on you and your husband to be.
Congratulations, and good luck with your soon to be newborn!
2007-11-27 07:57:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In your income bracket, it won't matter if you're both now filing single. If either or both of you qualify to file as head-of-household currently (already have a dependent living with you) then you'd be better tax-wise waiting until next year.
2007-11-27 07:56:01 · answer #4 · answered by Knightly 2 · 0⤊ 0⤋
If either of you had enough deductions (charity, mortgage, very high medical bills) to exceed the standard deduction and thus make it worth claiming them, you would save money filing single for 2007, otherwise you would save just a little filing married for 2007.
2007-11-27 07:51:51 · answer #5 · answered by Frank 5 · 0⤊ 0⤋
The general rule of thumb (there are exceptions) is:
Get married after the 1st of the year. Get divorced before the 1st of the year.
2007-11-27 07:54:00 · answer #6 · answered by Wayne Z 7 · 0⤊ 0⤋