What are the tax implications of getting married?
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What are the tax implications of getting married?
Want to understand the tax implications of getting married.
I make 350k a year, my fiance makes 85k. Would it financially benefit us to
marry and file jointly?
Asked on October 26, 2017 under Family Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
This is a question you need to review with an accountant in detail, bearing in mind all the specifics of your situation. Filing jointly gives you a larger standard deduction and makes certain other deductions easier to take; on the other hand, given the wide disparity in your income, it may result in a net overall higher tax bracket for some of your income, since it appeears it would push the two of you together into the 35% top bracket, while separately, the higher income you describe would have its top bracket at 33% while the lower income's tax bracket would be 25%. (Filing jointly often works better for people with equivalent incomes; filing separately may work better sometimes with widely disparate incomes.) Also, if your fiance has large medical expenses, it may be easier for him/her to qualify to deduct some, since it will easier for him/her to gt over the percentage income (I think 10%) threshhold necessary to deduct. There are other wrinkles, too--this is not a simple question and there is no one-size-fits all answer. Find a good CPA and sit down with him or her to discuss.
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