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marriage tax penilty?

Discussion in 'The Okie Corral' started by k594, Mar 5, 2010.

  1. k594

    k594

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    so im getting married in june, will this hurt or help my tax situation?
    im currently paying out the rear in weekly taxes so just curious how this marriage will effect that
     
  2. buckhunter3987

    buckhunter3987

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    What kind of refund do you get when you file. You may be having too much withheld. You have to decide if you want a large withholding and then receive a big refund, or you'd rather have bigger paychecks and small refund/break even/pay when you file.

    Marriage will most likely be a benefit to your tax situation, as you will have a larger standard deduction and also gain her personal exemption. However, this benefit may be offset if she makes a substantial income therefore incurring a higher tax rate.

    Congrats!
     

  3. k594

    k594

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    thanks! yea i have more taken out because im allays worried of having to owe at the end of year.
    someone mentioned i may end up having to pay more after marriage due to the combined income, im hoping thats not the case
     
  4. fwm

    fwm

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    The "marriage penalty" is a matter of tax rates. Each of you will have normal' withholding taken out of your paychecks based on the tax rate for your pay check.

    Unfortunately, when you file, you may find both of you together are in a higher bracket, and end up owing money.

    My wife and I each have 'extra' withheld from our checks, the amount based on or first joint income tax results, and then modified with each pay raise.

    It really is a better deal to be married though, because individual living expenses go way down.
     
  5. Fiery Red XIII

    Fiery Red XIII Adorkable CLM

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    If you both claim 1, either go to zero, have "singles" rates withheld, or put extra withheld like fwm said. My sis and her hubby learned that the hard way, even in SD.

    Red
     
    Last edited: Mar 5, 2010
  6. KDawg0007

    KDawg0007

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    I just got hitched too. My wife and I are looking into if our combined incomes bump us into a bracket that would cost us more than filing as single. If you barely brake into the lower threshold of the next tax bracket combined, think about filing single.
     
  7. Mushinto

    Mushinto Master Member

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    Not enough information.

    Are you marrying a rich woman or a poor blind one with 10 dependants?

    ML
     
  8. wct097

    wct097

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    Helped mine.
     
  9. k594

    k594

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    she has no dependents and her income is less then mine annually

     
  10. SPDMTL

    SPDMTL

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    This is our first year filing as a married couple. We wondered about that as well. We both have filed as zero on our paychecks so they take the most out every year so........ This year being our first together we woked it out in a draft filing "married but separate" and then filing "jointly". Our incomes, deductions and what not were the same this year as last. Filing jointly meant we got about 25% less back. Filing separate but married showed that I got the same amount back but, she OWED that 25% difference. Long story longer----File together, just get LESS back --- File separate owe the difference. Your mileage may vary. This sucks as nothing has changed in the past year other than a marriage certificate. We've owned a house/lived together for 5 years so, I would definately call it a PENALTY
     
  11. k594

    k594

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    my head hurts just thinking about all this, thanks for the input guys