Higher Taxes if I get married?

[hostage]

It is tax time again and I was looking over some tax information. I currently earn more than my g/f that it puts me in the 25% tax bracket, while she is only in the 15% tax bracket. I was looking at the tax bracket information, if we were to get married I found the following:

1) She is put into the 25% tax bracket w/ a total increase of 10% taxes on her income. (jointly filed)
2) I get moved up to the 28% tax bracket w/ a total increase 3% taxes on my income. (filed separately)

If I am correct it is stupid for us to get married, at least in the eyes of Uncle Sam? I have been dating her for 7 1/2 years. Please correct me if I am wrong.

-Hostage

 

[SparkieBoat]

Re: Higher Taxes if I get married?

get married....taxes will be the least of your worries...ROFL.....we all pay entirely too much in taxes..getting ridiculous..my pitch fork is ready to go.

 

[dingbat]

Re: Higher Taxes if I get married?

That is not how it works.

How can you be married and in two different tax brackets when you're incomes are combined and taxed as a whole at the married, filied jointly tax rates?

 

[WIMUSKY]

Re: Higher Taxes if I get married?

"Sorry honey, I would marry you, but it would put us in a higher tax bracket". Now that's love..

 

[MTboatguy]

Re: Higher Taxes if I get married?

Awe the joys of love in the 21st century!

LOL

 

[Red_BOFUS]

Re: Higher Taxes if I get married?

Love can't be counted on a balance sheet. Either the juice is worth the squeeze or it isn?t.

 

[R Socey]

Re: Higher Taxes if I get married?

Make a prenumptial agreement - get married, and make her pay the additional taxes. :redface:

 

[LadyFish]

Re: Higher Taxes if I get married?

Get married, have a couple of "little tax deductions" and foggetaboutit. lol

 

[jkust]

Re: Higher Taxes if I get married?

Ahh yes the marriage penalty. Because the former legislation to lessen the effects was continued recently you likely won't feel the effects depending on your income level. I am just astounded you dated for 7.5 years and she stayed with you. You must be young and she must be patient. We are in the 35% bracket but got married way back in the 15% bracket when the marriage pentalty was much worse and I certainly don't regret it.

 

[hostage]

Re: Higher Taxes if I get married?

So what are the advantages of getting married? I might be a young pup compared to some of you guys, but many people my age aren't getting married. I am already on my g/f health insurance, as in NY state I qualified for it.

-Hostage

 

[Red_BOFUS]

Re: Higher Taxes if I get married?

Advantages of getting married?

Still trying to figure it out 7 years in.

 

[jkust]

Re: Higher Taxes if I get married?

So what are the advantages of getting married? I might be a young pup compared to some of you guys, but many people my age aren't getting married. I am already on my g/f health insurance, as in NY state I qualified for it.

-Hostage

Hostage it is a holy sacriment not meant to be analyzed under a financial lense. I don't know how old you are but I am in my mid 30's on my 14th year of marriage and my wife is two years younger than me. I wouldn't ever think of having kids out of wedlock and so an advantage is we have kids that otherwise we wouldn't have. That's an advantage to me. If you break it down practically sure their are some advantages such as inheritance if you should die and some others. If you are questioning it, I wonder if marriage is for you or if you have the right person in mind.

 

[perchin]

Re: Higher Taxes if I get married?

Yep... I'm also a "DINK"....:facepalm:

D UAL

I NCOME

N O

K IDS

 

[SparkieBoat]

Re: Higher Taxes if I get married?

I support and encourage Marriage. I believe that it is not about the legal benefits/penalties but has more to do with a life long commitment made by solemn vows before God and witnesses...call me old fashioned but my 4 tax deductions are all glad that I am married to their mom, it provides them with a sense of security, stability and strong family connection that I think would be lacking if we just shacked up. I think it does make a difference.

 

[hostage]

Re: Higher Taxes if I get married?

Correct me if I am wrong, but you can always get married religiously, but stay single in the eyes of Uncle Sam.

It also looks like many of you are from the south, where you guys aren't taxed nearly as much as NY State. I live in one of the top 10 highest taxed counties in the US (based off the value of the house). So every time I hear about more taxes more $$ go to the Gov, it makes me upset to say the least. Also living w/o being married in NYS isn't as taboo. I am also not the most religious person.

The question is should you be upset if you are married and paying more in taxes than being single?

 

[SparkieBoat]

Re: Higher Taxes if I get married?

I am upset over being way over taxed along with a very long list of grievances against our Government..Most people up there, in the over taxed north east keep voting for higher taxes..not sure why.

 

[MTboatguy]

Re: Higher Taxes if I get married?

24 years in and I can't say I made the wrong choice in getting married, living together was never an option for me and I am not a real religious type person, but I have always thought, if your committed to another then there is no reason not to make it official, but I am a real old fashion type of person..

 

[korygrandy]

Re: Higher Taxes if I get married?

I will leave my spiritual beliefs out of this but I am also interested in this topic. I think it is important to know about any financial implications whether it be buying a boat or getting married. I am in a similar situation to Hostage where I will be a DINK. I sit next to a co-worker that has been with her partner over 20yrs, and never got married for purposes of tax implications. She is the exception I think but she is also very concious with her money which leads me to believe their may be merit to her reasoning.

 

[SparkieBoat]

Re: Higher Taxes if I get married?

well it is my understanding that the Bush tax cuts evened out the "marriage penalty tax"..but I am no CPA..maybe I will tell my wife I want a divorce so I can get lower taxes..I am sure she will understand...ROFL

 

[perchin]

Re: Higher Taxes if I get married?

well it is my understanding that the Bush tax cuts evened out the "marriage penalty tax"..but I am no CPA..maybe I will tell my wife I want a divorce so I can get lower taxes..I am sure she will understand...ROFL

mmmmmmmkkkkkkkkk

funny, I went from getting a couple k back every year to paying in a couple k every year... and still am so?????????????