How would getting married on December 31st affect my 2008 income taxes? Should I wait until after the new year?
How would getting married on December 31st affect my 2008 income taxes? Should I wait until after the new year?
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May 3rd, 2011 at 6:59 pm
Getting married lowers your tax bill, so do it as soon as you are ready to.
May 3rd, 2011 at 7:23 pm
Hey! I was married on 12/30/89 and my husband and I were able to file jointly and participate in all the benefits available to a married couple, in New York State.Congratulations & Happy New Year!!!
May 3rd, 2011 at 7:37 pm
It will affect it. If you are wobbling on the date, estimate your tax both ways then decide. As a generalization, if one party now itemizes and the other doesn’t you are going to get killed if you marry in 2008. If both itemize or both take standard deduction and your incomes are not grossly different it will make little difference. If one makes a great deal more than the other, it will lower the total.
May 3rd, 2011 at 8:04 pm
It varies based on each of your situations.
The general rule is: Get married after January 1st. Get divorced before January 1st.
May 3rd, 2011 at 8:29 pm
Not enough info to tell. What’s your total income? Your fiance’s? Do either of you have any children you claim who live with you?
Most of the time, but not always, being married lowers your tax bill.
May 3rd, 2011 at 9:03 pm
If you are married:
You can file as married filing jointly (MFJ) or married filing separately. In most cases, it is better to file as MFJ. Read http://taxipay.blogspot.com/2008/02/filing-status-for-married.html