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shawnp089 | My fiancee dosnt work we have one kid.Would I be better off for taxes getting married before year-end? |
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T D
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The Standard Deduction for Married Filing Joint is $10,300 and each Personal Exemption is $3,300 x 3 comes right off your income. Income - $20,200 (more if you itemize)
Standard Deduction for Head of Household is $7,550 and you can still take all Personal Exemptions of $3,300 x 3 because you can claim your fiancee as a dependent (if you meet all requirements, which I believe you do if she does not have any income). Income - $17,450 (more if you itemize)
Lets just say you make $40,000 take standard deduction:
Married pay $2,215 in taxes
HOH pay $2,628 in taxes
$413 difference in taxes - worth a rush wedding or not?? |
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RockabillyBanana
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Probably but do you really think that is a good reason to get married? |
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jseah114
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Getting married for tax purposes is not a good reason for getting married. That aside, from a tax standpoint, you would get the benefit of the lower married tax brackets and the higher standard deduction (assuming you do not itemize) if you were married.
As long as you are married on December 31, you can file married for the full year.
And the tax brackets and standard deduction is also higher filing married than if you file head of household. |
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Jaya
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Yes, as your tax status is determined by what it was on the last day of the tax year. So if you get married on Dec 30th then you would be a married person on Dec 31st hence could file jointly and take the deductions for the entire year.
From the IRS website: http://www.irs.gov/publications/p501/ar02.html#d0e1351
Considered married. You are considered married for the whole year if on the last day of your tax year you and your spouse meet any one of the following tests.
You are married and living together as husband and wife.
You are living together in a common law marriage that is recognized in the state where you now live or in the state where the common law marriage began.
You are married and living apart, but not legally separated under a decree of divorce or separate maintenance.
You are separated under an interlocutory (not final) decree of divorce. For purposes of filing a joint return, you are not considered divorced. |
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STEVEN F
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Since you said 'fiancee', I assume you are going to get married anyway. In that case, yes, I believe you will pay less taxes filing as married. If you have lived together the entire year, and your fiance's income in below $3,300, you may be able to claim your fiancee as a dependent. You would still pay at the 'single' rate in this case. Married filing jointly has lower tax rates and a higher standard deduction. |
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missyhardt
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If your fiancee made less than $3000 this year, and you live together, you can claim her as a dependant as well as your child. You will get a better return than if you were married. |
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smartypants909
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Its not necessary, you can file as Head of Household and get the same tax rate as Married. |
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Bat Thumb
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Check the IRS website...I think you have to be married a bit longer than three weeks in order to file as married. |
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