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Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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Is it better to marry after the first of the yr instead of

Customer Question

Is it better to marry after the first of the yr instead of December for tax filing purposes? Will we be taxed as a married couple for all of 2015-if we marry late in the yr?
What is the best way to file-married but separately or jointly?
Is there a tax break for married couples?
Our combined incomes are about 120,000/yr.
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

Q1: Is it better to marry after the first of the yr instead of December for tax filing purposes?

A1: In my opinion, it doesn't matter. Either way, you will be able to reap the tax benefits of a married couple if you file jointly.

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Q2: Will we be taxed as a married couple for all of 2015-if we marry late in the yr?

A2: Married as of December 31st, you will be considered married for the entire year.

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Q3: What is the best way to file-married but separately or jointly?

A3: Married filing jointly is the most beneficial way to file. However, some people who choose to keep things separate, file separately.

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Q4: Is there a tax break for married couples?

A4: If filing jointly, there is. SEE BELOW:

Generally, filing jointly will give you a bigger refund or less taxes due. When you file separately, your tax rate is higher and you won't be able to claim:

On top of that, if you live in the community property states of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, you have to deal with community property allocations and adjustments, which adds extra work and complexity to your tax preparation chores.

The main reason you'd want to file separately is to protect yourself from inaccurate tax information reported by your spouse, or in cases where your spouse refuses to file a joint return (or refuses to file, period) and you don't want to get in trouble.

REFERENCE SOURCE:

https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separately

Let me know if you require further assistance with this matter.

Customer: replied 1 year ago.
Thanks
we are both 60-2nd marriage for both of us -we have separate properties and just signed a prenup-we have 2 incomes-and he has 20,000 inuity that he cashed that he hasn't paid taxes on yet...does this make a difference in terms of money refunded?
Expert:  Tax.appeal.168 replied 1 year ago.

You are welcome. As far as the age and this being the 2nd marriage, that doesn't affect the refund amount. With a combined income of $120,000, you will be in the 25% tax bracket if you file jointly. Filing separately, if you both earn $60,000, the tax bracket will be 25%, but there is a difference in how the taxes would be figured. In addition, if you live in a community property state, filing separately, you will still need to report 1/2 of the other spouse's income on your respective tax returns. If you want to keep the property income and other things separate, you will need to file married filing separately. At the following link, you can see the different tax brackets.

http://www.irs.com/articles/2015-federal-tax-rates-personal-exemptions-and-standard-deductions

Let me know if you require further assistance.