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Hi, Im planning to get married soon. My fiance and I make

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Hi, I'm planning to get...
Hi, I'm planning to get married soon. My fiance and I make around the same salary (approx. $50,000/annually) and he recently purchased his mother's home this past year, after she passed away. We are wondering if it will be wise for us to get married this year from a tax angle?? Should we file Married but filing Single?? Also, I'm moving from WV to KY in October.
Help!!! Thanks, Trish in Athens, WV :)
Submitted: 8 years ago.Category: Tax
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Answered in 24 minutes by:
10/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello lady bug,

There will be absolutely no difference in the tax that you end up owing for the year, regardless of whether or nor you get married and file a joint return or if you wait until next year to get married and file this year as single.

Just to give you an example here -- if you each have income of $50,000, then if you file as single, after applying your standard deduction and one personal allowance, you would have taxable income of approximately $40,000. Your tax on that will be $6,175.

If you get married and have combined income of $100,000, then your deductions double and you have taxable income of around $80,000. Your tax on that would be $12,350.
So you still end up paying a total of $12,350 between the two of you.

As far as you moving from WV to Kentucky, even your state taxes will not change by much. On your salary range, you are paying roughly 6% tax to WV and when you move to KY, your state tax on the same income would be 5.8%, so there will be very little difference for you in state taxes once you move.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you lady bug


Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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