Anyone here up on tax code changes? Need to know about the marriage penalty

[shiner]

Just wondering if the so called marriage penalty is still an issue. Did some looking and got conflicting info. Getting married soon and we are trying to decide if we should go ahead and do it this year or wait until after the first of the year for tax reasons.

Thanks!

 

[mpitts]

The last I heard you are no longer "penalized" for being married. This was very recent.

My understanding is that this year you will receive the standard deduction x2 for married couples.

 

[shiner]

Originally posted by: mpitts
The last I heard you are no longer "penalized" for being married. This was very recent.

My understanding is that this year you will receive the standard deduction x2 for married couples.

That's what I understood as well. I was doing some looking around today and ran across a couple of sites that said you should still wait until after the first of a year so that you can get as much relief as possible. Neither site explained why they said that though.

 

[woodie1]

Here is a Quote from one of my mags:

"Marriage Penalty Relief- The standard deduction for marrieds goes from $7,950 to $9,500 (twice the single taxpayer deduction). For marrieds only, the 15% tax bracket is expanded to cover more income."

 

[miniMUNCH]

Dude...just get married! So you have to pay a couple hundred bucks extra in taxes.

If someone paid you a 1000 bucks a year to not get married, would you take the money?

I sure wouldn't. Marriage [to the right woman] is great.

 

[Cyberian]

Originally posted by: woodie1
Here is a Quote from one of my mags:

"Marriage Penalty Relief- The standard deduction for marrieds goes from $7,950 to $9,500 (twice the single taxpayer deduction). For marrieds only, the 15% tax bracket is expanded to cover more income."

But would you have to be married all of 2003 to have those rules apply?

 

[shiner]

Originally posted by: Cyberian

Originally posted by: woodie1
Here is a Quote from one of my mags:

"Marriage Penalty Relief- The standard deduction for marrieds goes from $7,950 to $9,500 (twice the single taxpayer deduction). For marrieds only, the 15% tax bracket is expanded to cover more income."

But would you have to be married all of 2003 to have those rules apply?

That's what I'm wondering....

 

[sciencewhiz]

if you were married december 30th, 2003, you could file your 2003 taxes (the ones due april 15, 2004) jointly

 

[Ylen13]

pm member"cpa" he is registered public accountant